HanesBrands (asi/59528), a multinational apparel maker whose products circulate in the promotional products market and other channels, reported Feb. 13 that its total annual sales and earnings for 2024 declined compared to 2023.

The publicly traded firm reported that total global sales across all business channels declined 3.6% year over year to $3.507 billion. HanesBrands said it experienced a loss of $320.43 million in 2024. That equated to a loss of $0.91 per share.

From a top-line perspective, things were brighter in the fourth quarter: HanesBrands increased sales by 4.5% in the fourth quarter of 2024 compared to Q4 2023, with this year’s tally reaching nearly $888.5 million. Still, the vertically integrated producer of apparel basics experienced a loss of $12.8 million in 2024’s fourth quarter, which translated to a loss of $0.04 per share.

HanesBrands also announced that it has launched a search for a new chief executive officer. Current CEO Steve Bratspies plans to leave the company by the end of 2025 or sooner upon the appointment of a successor. He’ll also be stepping down as a member of the board of directors. The board said it has hired executive search firm Spencer Stuart to help find the next CEO.

“Leading HanesBrands over the past five years has been an honor,” said Bratspies.

Board Chairman Bill Simon stated: “Having reached a positive and important inflection point in executing our strategy and looking ahead to the next leg of the company’s journey, the board, in concurrence with Steve, has decided that now is the right time to initiate a search for our next CEO … We deeply appreciate the transformative leadership Steve has demonstrated throughout his tenure as CEO to make HanesBrands a new and better company. Steve led HanesBrands through a turbulent period in our industry.”

Indeed, HanesBrands has had a rough run of financial results in recent years, but the company has been working to engineer a turnaround – an effort that has included streamlining and simplifying its business. Such initiatives have included last year’s high-profile sale of the Champion brand to Authentic Brands Group.

“We enter 2025 as a new company,” said Bratspies. “We are a more simplified, focused business with a powerful asset base and significant competitive advantages.”

Even so, HanesBrands cautioned that it’s facing approximately $60 million in projected headwinds due to changes in foreign currency exchange rates in 2025. For the full year, the firm is projecting total company sales to be up slightly or down, with the forecast sales range being $3.47 billion to $3.52 billion.