Hanesbrands sold a whopping $752 million worth of face masks and medical gowns amid the COVID-19 pandemic, far exceeding sales of underwear. 'We find it very complementary to what we already do,” the CEO said.
Hanesbrands Inc. reported Thursday a surprise second-quarter profit and a big sales beat, as it sold a whopping $752 million worth of face masks and medical gowns amid the COVID-19 pandemic, far exceeding sales of underwear.
Total net sales fell 1.3% to $1.74 billion, but that was well above the FactSet consensus of $1.17 billion, boosted by $752.2 million in sales of personal protective equipment, such as face masks and medical gowns. The PPE sales were predominantly part of government contracts, some of which came late in the quarter.
In the post-earnings conference call with analysts, Evercore ISI’s Omar Saad asked whether the pivot to manufacturing PPE was a difficult one, and whether it would be easy to switch back as traditional innerwear sales ramp back up. Chief Executive Gerald Evans answered, according to a FactSet transcript:
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