S&P changes Hanesbrands view to negative

S&P said it changed the outlook for Hanesbrands Inc. to negative from stable and affirmed the company’s BB rating.

“Store closures and a drop in consumer spending on nonessential items will hurt Hanesbrands's sales and margins. In response to the Covid-19 pandemic, Hanesbrands temporarily closed about 1,200 of its retail locations in the U.S., Europe and Australia,” the agency said in a press release.

The negative outlook indicates the risk of the stores staying closed for a prolonged period because of the pandemic, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.