We recently published a list of These Were Last Week’s 10 Worst Performers. In this article, we are going to take a look at where Hanesbrands Inc. (NYSE:HBI) stands against other last week’s worst performers.

Ten companies posted double-digit declines last week amid a series of dismal earnings performance and outlook guidance that weighed down on investor sentiment, bucking an overall strength of Wall Street’s main indices on a week’s basis.

Over the past five trading days, the Dow Jones registered growth of 0.5 percent, the S&P 500 increased by 1.47 percent, and the tech-heavy Nasdaq rallied by 2.57 percent.

To come up with the list, we only considered the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A factory worker using modern technology to assemble a garment.

Hanesbrands Inc. (NYSE:HBI)

Hanesbrands Inc. (NYSE:HBI) slashed its valuation by 22 percent on Friday, ending at $5.88 apiece versus the $7.54 finish on February 7, as investor sentiment was weighed down by disappointing earnings performance last year coupled with the company’s sudden announcement of a change in leadership.

In its earnings release, Hanesbrands (NYSE:HBI) said it swung to a net loss of $12.88 million in the fourth quarter of 2024, reversing a $77.9 million net income posted in the same period a year ago. Meanwhile, net losses in full-year 2024 skyrocketed by 1,708 percent to $320 million from $17.7 million in 2023.

Revenues for the quarter grew 4.4 percent to $888 million from $850 million year-on-year, but revenues for full-year 2024 dipped by 3.6 percent to $3.507 billion from $3.639 billion in 2023.

On the same day, HBI announced that its CEO, Steve Bratspies, is stepping down from his post by the end of the year, or as soon as a successor is named. He will also exit from the company’s board of directors.

Overall, HBI ranks 5th on our list of last week’s worst performers. While we acknowledge the potential of HBI as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HBI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.