American City Business Journals
‘Cyber event’ cost HanesBrands $100 million, company says
Thanks in part to the disruptions caused by a ransomware attack, HanesBrands of Winston-Salem reported a 14% decrease in net operational sales in its second quarter Thursday, but also said net sales over the previous two years were up 75% when personal protective equipment was excluded. The cyber event, as the company termed the attack discovered May 24, limited the ability to fulfill customer orders for about three weeks and cost an estimated $100 million in net sales, $35 million in adjusted operating profit, and 8 cents in adjusted earnings per share, with the effects consistent across the business. Gross profit of $572 million declined 16% on the year, and gross margin was 37.8%, down from 38.9% a year earlier.
