Hanesbrands has raised its revenue targets for 2024. The company expects to surpass the $8 billion revenue mark by this year, from prior goal of $7.4 billion. It expects sales at Champion brand to reach $3.4 billion for the same time period. In addition, it expects to have a cumulative three-year free cash flow of about $1.6 billion by 2024.

Hanesbrands’ revenues from activewear segment continue to increase year-over-year despite the pandemic. As per a Woman’s Wear Daily report, its total activewear sales increased 11.4 percent, or $46 million, during the quarter, year-over-year. For the full year, activewear sales rose nearly 42 per cent to nearly $1.7 billion. The firm logged more than $60 million for the quarter, or $77 million for the year. Hanesbrands’ global sales of innerwear remained roughly flat in the last three months but continued to be dominated on the strength if men’s, women’s and children’s divisions, as well as socks. Its, overall innerwear sales fell in 2021, compared with prior year, on account of HanesBrands’ decision to exit the PPE category early last year.

Steve Bratspies, CEO says, the company is implementing a three-year, $600 million stock repurchase program based on its confidence in future growth. It also plans to sell its US Sheer Hosiery business for an undisclosed amount. The transaction is part of the group’s continued efforts to focus on areas of the business with the greatest growth potential.