Underwear maker Hanesbrands cut its fourth quarter revenue guidance by $15 million and operating profit outlook by about $5 million, specifically because of Sears Holdings’ bankruptcy. The company owns Sears and Kmart.
Hanesbrands also set aside $14 million for what it expects to lose as a creditor of Sears. The company said Sears and Kmart accounted for only about 1% of its sales – it still expects fourth quarter sales of $1.7 billion.
Hanesbrands sells underwear and lingerie under the Hanes, Champion and Maidenform brands.