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 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 HanesBrands CEO Steve 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.