Hanesbrands reports first-quarter 2020 financial results

Hanesbrands reports first-quarter 2020 financial results.q1 sales $1.32 billion versus refinitiv ibes estimate of $1.31 billion.sees fy 2020 sales more than $300 million.q1 adjusted loss per share $0.02.q1 gaap earnings per share $0.20.q1 earnings per share estimate $0.14 -- refinitiv ibes data.actions taken to assure cash preservation and balance sheet flexibility and liquidity.in last two weeks of quarter, experienced an unprecedented drop in sales & profit.hanesbrands - estimates late-quarter impact of pandemic reduced revenue by about $181 million.ramping up production to launch a cotton face mask business.temporary pay reductions and furloughs.intends to secure approximately $500 million in debt financing.expects foreign currency exchange rates to reduce net sales and operating profit in 2020.
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