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.