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Hanesbrands Announces Growth Strategy, Reports Fourth Quarter Loss

PAUL GARBER/WFDD

Winston-Salem-based Hanesbrands has unveiled a new strategy for growth, and pandemic protective gear is not part of the plan.

The strategy puts a stronger focus on the Championship brand, seeks growth from the youth market for its Innerwear division, and builds the company's e-commerce presence.

Hanesbrands made an early pivot to mask production in the first weeks of the pandemic, which helped lead to second-quarter growth. 

Now the company says PPE is not part of its long-term plans and is writing off $400 million of its remaining inventory.

The company, which makes underwear, T-shirts and socks, reported a fourth-quarter loss of $332 million, after reporting a profit in the same period a year earlier.

For the year, Hanesbrands reported a loss of $75 million. The stock has climbed 11% in the last 12 months.

For the most up-to-date information on coronavirus in North Carolina, visit our Live Updates blog here. WFDD wants to hear your stories — connect with us and let us know what you're experiencing.

Paul Garber is a Winston-Salem native and an award-winning reporter who began his journalism career with an internship at The High Point Enterprise in 1993. He has previously worked at The Augusta (Ga.) Chronicle, The St. Louis Post-Dispatch, The News and Record of Greensboro and the Winston-Salem Journal, where he was the newspaper's first full-time multimedia reporter. He won the statewide Media and the Law award in 2000 and has also been recognized for his business, investigative and multimedia reporting. Paul earned a BA from Wake Forest University and has a Master's of Liberal Arts degree from Johns Hopkins University and a Master's of Journalism and Mass Communication from the University of North Carolina at Chapel Hill. He lives in Lewisville.

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