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HanesBrands Shares Crumble 9 Percent on Lower Sales Guidance

7/31/15 5:12 PM EDT
Shares of apparel company HanesBrands (HBI) was the worst performing stock in the S&P 500 Friday, wrapping up the session with a loss of 9 percent on the heels of mixed second quarter earnings. The stocks is TheStreet's Move of the Day. Earnings per share of $0.50 matched Wall Street's estimates and was 16 percent higher than last year. But revenue of $1.52 billion missed expectations of $1.56 billion, but represents a 13 percent rise over the past year. For the quarter, innerwear revenue fell 1 percent, while activewear saw a boost of 19 percent. Sales overseas rose amid the the company's August 2014 takeover of DBApparel. Shares were also lower on the heels of lower guidance. Hanes now forecasts sales just shy of $5.9 billion for 2015. That's down from a range of $5.9 to $5.95 billion, reported during its first quarter report. Shares dropped about 11 percent from their high on April 23. TheStreet's Scott Gamm reports from New York.
Stocks in this video: HBI
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