EX-99.3 4 hbi-20240629xex993.htm EX-99.3 Document

Exhibit 99.3
image_01a.jpg




Supplemental Information

Historical Financial Results

Revised to Present the Global Champion and U.S.-Based Outlet Store Businesses as Discontinued Operations



1st Quarter of 2022 - 1st Quarter of 2024





August 8, 2024

1


Table of Contents

In the second quarter of 2024, the Company reached the decision to exit the global Champion and U.S.-based outlet store businesses and began to separately report the results of the global Champion and U.S.-based outlet store businesses as discontinued operations. The historical financial information included herein for 2022, 2023 and the first quarter of 2024 has been revised to present the results of the global Champion and U.S.-based outlet store businesses as discontinued operations for all periods presented.
In addition, the Company realigned its reportable segments in the second quarter of 2024 and has applied this change to all periods presented. The Company’s operations are now managed and reported in two operating segments, each of which is a reportable segment for financial reporting purposes: U.S. and International. Other consists of the Company’s U.S. Sheer Hosiery business which was sold on September 29, 2023 and certain sales from its supply chain to the European Innerwear business which was sold on March 5, 2022.

Page
Financial Tables
Table 1-A - Condensed Consolidated Statements of Operations, As REPORTED3
Table 1-B - Condensed Consolidated Statements of Operations - Continuing Operations, As ADJUSTED 4
Table 2-A - Reconciliation of Select GAAP Measures to Non-GAAP Measures - Continuing Operations 5
Table 2-B - Reconciliation of Select GAAP Measures to Non-GAAP Measures - Discontinued Operations (Global Champion and U.S.-Based Outlet Store Businesses)
10
Table 3 - Supplemental Financial Information by Business Segment - Continuing Operations11
Table 4 - Impact of Foreign Currency and Organic Constant Currency - Continuing Operations (first quarter of 2024)12

2


TABLE 1-A - As reported under GAAP

HANESBRANDS INC.
Condensed Consolidated Statements of Operations - As REPORTED
Revised to Present the Global Champion and U.S.-Based Outlet Store Businesses as Discontinued Operations
(in thousands, except per share data)
(Unaudited)
 
 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Net sales$993,063 $1,063,529 $997,335 $933,965 $3,987,892 $884,030 $1,035,004 $961,294 $879,026 $3,759,354 $778,213 
Cost of sales634,652 672,437 660,108 619,400 2,586,597 601,651 678,211 611,513 523,845 2,415,220 468,898 
Gross profit358,411 391,092 337,227 314,565 1,401,295 282,379 356,793 349,781 355,181 1,344,134 309,315 
As a % of net sales36.1 %36.8 %33.8 %33.7 %35.1 %31.9 %34.5 %36.4 %40.4 %35.8 %39.7 %
Selling, general and administrative expenses268,009 281,378 278,663 297,830 1,125,880 256,835 286,860 268,751 257,210 1,069,656 270,207 
As a % of net sales27.0 %26.5 %27.9 %31.9 %28.2 %29.1 %27.7 %28.0 %29.3 %28.5 %34.7 %
Operating profit90,402 109,714 58,564 16,735 275,415 25,544 69,933 81,030 97,971 274,478 39,108 
As a % of net sales9.1 %10.3 %5.9 %1.8 %6.9 %2.9 %6.8 %8.4 %11.1 %7.3 %5.0 %
Other expenses934 1,851 2,907 3,546 9,238 14,738 7,239 9,079 7,270 38,326 9,229 
Interest expense, net28,737 29,194 34,438 39,361 131,730 45,220 58,718 56,648 53,707 214,293 50,606 
Income (loss) from continuing operations before income taxes60,731 78,669 21,219 (26,172)134,447 (34,414)3,976 15,303 36,994 21,859 (20,727)
Income tax expense (benefit)(2,509)1,862 448,426 447,782 16,180 12,826 21,280 (64,196)(13,910)9,883 
Income (loss) from continuing operations63,240 76,807 21,216 (474,598)(313,335)(50,594)(8,850)(5,977)101,190 35,769 (30,610)
Income (loss) from discontinued operations, net of tax55,462 15,294 58,885 56,490 186,131 16,190 (13,614)(32,822)(23,249)(53,495)(8,512)
Net income (loss)$118,702 $92,101 $80,101 $(418,108)$(127,204)$(34,404)$(22,464)$(38,799)$77,941 $(17,726)$(39,122)
Earnings (loss) per share - basic:
Continuing operations$0.18 $0.22 $0.06 $(1.36)$(0.90)$(0.14)$(0.03)$(0.02)$0.29 $0.10 $(0.09)
Discontinued operations0.16 0.04 0.17 0.16 0.53 0.05 (0.04)(0.09)(0.07)(0.15)(0.02)
Net income (loss)$0.34 $0.26 $0.23 $(1.19)$(0.36)$(0.10)$(0.06)$(0.11)$0.22 $(0.05)$(0.11)
Earnings (loss) per share - diluted:
Continuing operations$0.18 $0.22 $0.06 $(1.36)$(0.90)$(0.14)$(0.03)$(0.02)$0.29 $0.10 $(0.09)
Discontinued operations0.16 0.04 0.17 0.16 0.53 0.05 (0.04)(0.09)(0.07)(0.15)(0.02)
Net income (loss)$0.34 $0.26 $0.23 $(1.19)$(0.36)$(0.10)$(0.06)$(0.11)$0.22 $(0.05)$(0.11)
Weighted average shares outstanding:
Basic350,251 349,772 349,884 349,974 349,970 350,435 350,501 350,667 350,765 350,592 351,576 
Diluted351,453 350,303 350,316 349,974 349,970 350,435 350,501 350,667 351,566 351,057 351,576 




3



TABLE 1-B - Continuing Operations, As Adjusted

HANESBRANDS INC.
Condensed Consolidated Statements of Operations - As ADJUSTED
Revised to Present the Global Champion and U.S.-Based Outlet Store Businesses as Discontinued Operations
(in thousands, except per share data)
(Unaudited)

 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Net sales$993,063 $1,063,529 $997,335 $933,965 $3,987,892 $884,030 $1,035,004 $961,294 $879,026 $3,759,354 $778,213 
Cost of sales, as adjusted633,896 671,905 649,892 617,259 2,572,952 600,135 677,975 609,984 524,973 2,413,067 468,695 
Gross profit, as adjusted359,167 391,624 347,443 316,706 1,414,940 283,895 357,029 351,310 354,053 1,346,287 309,518 
As a % of net sales36.2 %36.8 %34.8 %33.9 %35.5 %32.1 %34.5 %36.5 %40.3 %35.8 %39.8 %
Selling, general and administrative expenses, as adjusted263,997 275,547 265,453 279,886 1,084,883 255,342 270,401 267,570 255,697 1,049,010 255,441 
As a % of net sales26.6 %25.9 %26.6 %30.0 %27.2 %28.9 %26.1 %27.8 %29.1 %27.9 %32.8 %
Operating profit, as adjusted95,170 116,077 81,990 36,820 330,057 28,553 86,628 83,740 98,356 297,277 54,077 
As a % of net sales9.6 %10.9 %8.2 %3.9 %8.3 %3.2 %8.4 %8.7 %11.2 %7.9 %6.9 %
Other expenses, as adjusted934 1,851 2,907 3,546 9,238 6,388 7,239 9,079 7,270 29,976 9,229 
Interest expense, net, as adjusted28,737 29,194 34,438 39,361 131,730 46,474 58,718 56,648 53,707 215,547 50,606 
Income (loss) from continuing operations before income taxes, as adjusted65,499 85,032 44,645 (6,087)189,089 (24,309)20,671 18,013 37,379 51,754 (5,758)
Income tax expense (benefit), as adjusted(1,704)2,939 3,568 29,213 34,016 16,180 12,826 25,543 16,663 71,212 9,883 
Income (loss) from continuing operations, as adjusted$67,203 $82,093 $41,077 $(35,300)$155,073 $(40,489)$7,845 $(7,530)$20,716 $(19,458)$(15,641)
Earnings (loss) per share - basic:
Continuing operations, as adjusted$0.19 $0.23 $0.12 $(0.10)$0.44 $(0.12)$0.02 $(0.02)$0.06 $(0.06)$(0.04)
Earnings (loss) per share - diluted:
Continuing operations, as adjusted$0.19 $0.23 $0.12 $(0.10)$0.44 $(0.12)$0.02 $(0.02)$0.06 $(0.06)$(0.04)
Weighted average shares outstanding:
Basic350,251 349,772 349,884 349,974 349,970 350,435 350,501 350,667 350,765 350,592 351,576 
Diluted351,453 350,303 350,316 349,974 350,606 350,435 350,631 350,667 351,566 350,592 351,576 

4


TABLE 2-A - Continuing Operations, Reconciliation of Non-GAAP Measures

HANESBRANDS INC.
Reconciliation of Select GAAP Measures to Non-GAAP Measures
Revised to Present the Global Champion and U.S.-Based Outlet Store Businesses as Discontinued Operations
(in thousands, except per share data)
(Unaudited)

The following tables present a reconciliation of the results of continuing operations as reported under GAAP to the results of continuing operations as adjusted by quarter for 2022, 2023 and the first quarter of 2024. The results of continuing operations exclude the results of the global Champion and U.S.-based outlet store businesses, which have been reclassified to discontinued operations for all periods presented. The Company has chosen to present the following non-GAAP measures to investors to enable additional analyses of past, present and future operating performance and as a supplemental means of evaluating continuing operations absent the effect of restructuring and other actions that are deemed to be material stand-alone initiatives apart from the Company’s core operations. While these costs are not expected to continue for any individual transaction on an ongoing basis, similar types of costs, expenses and charges have occurred in prior periods and may recur in future periods depending upon future business plans and circumstances.

Restructuring and other action-related charges in 2022, 2023 and the first quarter of 2024 include the following:
Supply chain restructuring and consolidationRepresents charges related to supply chain segmentation to restructure and position the Company’s distribution and manufacturing network to align with its demand trends, simplify operations and improve efficiencies.
Headcount actions and related severance
Represents charges related to operating model initiatives primarily headcount actions and related severance charges and adjustments related to restructuring activities.
TechnologyRepresents technology charges related to the implementation of the Company’s technology modernization initiative which includes a global enterprise resource planning platform.
Professional services
Represents professional fees, primarily including consulting and advisory services, related to restructuring activities.
Gain/loss on sale of business and classification of assets held for saleRepresents the gain/loss associated with the sale of the Company’s U.S. Sheer Hosiery business and adjustments to the related valuation allowance prior to the sale, primarily from the changes in carrying value due to changes in working capital.
Loss on extinguishment of debtRepresents charges related to the redemption of the Company’s 4.625% Senior Notes and 3.5% Senior Notes in the first quarter of 2023.
Gain on final settlement of cross currency swap contractsPrimarily represents the remaining gain related to cross-currency swap contracts previously designated as cash flow hedges in accumulated other comprehensive loss which was released into earnings as the Company unwound the cross-currency swap contracts in connection with the redemption of the 3.5% Senior Notes at the time of settlement in the first quarter of 2023.
Discrete tax expense/benefit
Represents an adjustment to non-cash reserves established at December 30, 2023 and December 31, 2022 related to deferred taxes established for Swiss statutory impairments, which are not indicative of the Company’s core business operations.
Tax effect on actions
Represents the applicable effective tax rate on the restructuring and other action-related charges based on the jurisdiction of where the charges were incurred.

 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Gross profit, as reported under GAAP$358,411 $391,092 $337,227 $314,565 $1,401,295 $282,379 $356,793 $349,781 $355,181 $1,344,134 $309,315 
As a % of net sales
36.1 %36.8 %33.8 %33.7 %35.1 %31.9 %34.5 %36.4 %40.4 %35.8 %39.7 %
Restructuring and other action-related charges:
Supply chain restructuring and consolidation1,020 269 10,412 2,644 14,345 1,516 236 660 (1,284)1,128 167 
Headcount actions and related severance(265)265 (196)(516)(712)— — 869 156 1,025 36 
Other(2)— 13 12 — — — — — — 
Gross profit, as adjusted
$359,167 $391,624 $347,443 $316,706 $1,414,940 $283,895 $357,029 $351,310 $354,053 $1,346,287 $309,518 
As a % of net sales
36.2 %36.8 %34.8 %33.9 %35.5 %32.1 %34.5 %36.5 %40.3 %35.8 %39.8 %


5


 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Selling, general and administrative expenses, as reported under GAAP$268,009 $281,378 $278,663 $297,830 $1,125,880 $256,835 $286,860 $268,751 $257,210 $1,069,656 $270,207 
As a % of net sales
27.0 %26.5 %27.9 %31.9 %28.2 %29.1 %27.7 %28.0 %29.3 %28.5 %34.7 %
Restructuring and other action-related charges:
Supply chain restructuring and consolidation— — — — — — — — — — (1,940)
Headcount actions and related severance1,665 (560)(159)(8,633)(7,687)871 (2,760)(1,662)(573)(4,124)(12,151)
Technology(4,459)(1,971)(2,622)(2,870)(11,922)(4,221)(2,881)(588)(657)(8,347)(181)
Professional services(7,908)(7,086)(6,020)(2,980)(23,994)(40)(3,608)(165)(6)(3,819)(490)
Gain (loss) on sale of business and classification of assets held for sale6,528 4,340 (4,310)(3,023)3,535 2,139 (7,338)1,558 — (3,641)— 
Other162 (554)(99)(438)(929)(242)128 (324)(277)(715)(4)
Selling, general and administrative expenses, as adjusted
$263,997 $275,547 $265,453 $279,886 $1,084,883 $255,342 $270,401 $267,570 $255,697 $1,049,010 $255,441 
As a % of net sales
26.6 %25.9 %26.6 %30.0 %27.2 %28.9 %26.1 %27.8 %29.1 %27.9 %32.8 %


 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Operating profit, as reported under GAAP$90,402 $109,714 $58,564 $16,735 $275,415 $25,544 $69,933 $81,030 $97,971 $274,478 $39,108 
As a % of net sales
9.1 %10.3 %5.9 %1.8 %6.9 %2.9 %6.8 %8.4 %11.1 %7.3 %5.0 %
Restructuring and other action-related charges:
Supply chain restructuring and consolidation1,020 269 10,412 2,644 14,345 1,516 236 660 (1,284)1,128 2,107 
Headcount actions and related severance(1,930)825 (37)8,117 6,975 (871)2,760 2,531 729 5,149 12,187 
Technology4,459 1,971 2,622 2,870 11,922 4,221 2,881 588 657 8,347 181 
Professional services7,908 7,086 6,020 2,980 23,994 40 3,608 165 3,819 490 
(Gain) loss on sale of business and classification of assets held for sale(6,528)(4,340)4,310 3,023 (3,535)(2,139)7,338 (1,558)— 3,641 — 
Other(161)552 99 451 941 242 (128)324 277 715 
Operating profit, as adjusted
$95,170 $116,077 $81,990 $36,820 $330,057 $28,553 $86,628 $83,740 $98,356 $297,277 $54,077 
As a % of net sales
9.6 %10.9 %8.2 %3.9 %8.3 %3.2 %8.4 %8.7 %11.2 %7.9 %6.9 %


6


 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Interest expense, net and other expenses, as reported under GAAP$29,671 $31,045 $37,345 $42,907 $140,968 $59,958 $65,957 $65,727 $60,977 $252,619 $59,835 
Restructuring and other action-related charges:
Loss on extinguishment of debt— — — — — (8,466)— — — (8,466)— 
Gain on final settlement of cross currency swaps— — — — — 1,370 — — — 1,370 — 
Interest expense, net and other expenses, as adjusted$29,671 $31,045 $37,345 $42,907 $140,968 $52,862 $65,957 $65,727 $60,977 $245,523 $59,835 


 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Income (loss) from continuing operations before income taxes, as reported under GAAP$60,731 $78,669 $21,219 $(26,172)$134,447 $(34,414)$3,976 $15,303 $36,994 $21,859 $(20,727)
Restructuring and other action-related charges:
Supply chain restructuring and consolidation1,020 269 10,412 2,644 14,345 1,516 236 660 (1,284)1,128 2,107 
Headcount actions and related severance(1,930)825 (37)8,117 6,975 (871)2,760 2,531 729 5,149 12,187 
Technology4,459 1,971 2,622 2,870 11,922 4,221 2,881 588 657 8,347 181 
Professional services7,908 7,086 6,020 2,980 23,994 40 3,608 165 3,819 490 
(Gain) loss on sale of business and classification of assets held for sale(6,528)(4,340)4,310 3,023 (3,535)(2,139)7,338 (1,558)— 3,641 — 
Other(161)552 99 451 941 242 (128)324 277 715 
Loss on extinguishment of debt— — — — — 8,466 — — — 8,466 — 
Gain on final settlement of cross currency swaps— — — — — (1,370)— — — (1,370)— 
Income (loss) from continuing operations before income taxes, as adjusted$65,499 $85,032 $44,645 $(6,087)$189,089 $(24,309)$20,671 $18,013 $37,379 $51,754 $(5,758)


7


 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Income tax expense (benefit), as reported under GAAP$(2,509)$1,862 $3 $448,426 $447,782 $16,180 $12,826 $21,280 $(64,196)$(13,910)$9,883 
Restructuring and other action-related charges:
Discrete tax (expense) benefit— — — (422,918)(422,918)— — 4,263 80,859 85,122 — 
Tax effect on actions
805 1,077 3,565 3,705 9,152 — — — — — — 
Total included in income tax (expense) benefit805 1,077 3,565 (419,213)(413,766)— — 4,263 80,859 85,122 — 
Income tax expense (benefit), as adjusted$(1,704)$2,939 $3,568 $29,213 $34,016 $16,180 $12,826 $25,543 $16,663 $71,212 $9,883 


 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Income (loss) from continuing operations, as reported under GAAP$63,240 $76,807 $21,216 $(474,598)$(313,335)$(50,594)$(8,850)$(5,977)$101,190 $35,769 $(30,610)
Restructuring and other action-related charges:
Supply chain restructuring and consolidation1,020 269 10,412 2,644 14,345 1,516 236 660 (1,284)1,128 2,107 
Headcount actions and related severance(1,930)825 (37)8,117 6,975 (871)2,760 2,531 729 5,149 12,187 
Technology4,459 1,971 2,622 2,870 11,922 4,221 2,881 588 657 8,347 181 
Professional services7,908 7,086 6,020 2,980 23,994 40 3,608 165 3,819 490 
(Gain) loss on sale of business and classification of assets held for sale(6,528)(4,340)4,310 3,023 (3,535)(2,139)7,338 (1,558)— 3,641 — 
Other(161)552 99 451 941 242 (128)324 277 715 
Loss on extinguishment of debt— — — — — 8,466 — — — 8,466 — 
Gain on final settlement of cross currency swaps— — — — — (1,370)— — — (1,370)— 
Discrete tax expense (benefit)— — — 422,918 422,918 — — (4,263)(80,859)(85,122)— 
Tax effect on actions(805)(1,077)(3,565)(3,705)(9,152)— — — — — — 
Income (loss) from continuing operations, as adjusted$67,203 $82,093 $41,077 $(35,300)$155,073 $(40,489)$7,845 $(7,530)$20,716 $(19,458)$(15,641)


8


 
Quarters Ended1
Year
Ended1
Quarters Ended1
Year
Ended1
Quarter Ended1
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Diluted earnings (loss) per share from continuing operations, as reported under GAAP$0.18 $0.22 $0.06 $(1.36)$(0.90)$(0.14)$(0.03)$(0.02)$0.29 $0.10 $(0.09)
Restructuring and other action-related charges:
Supply chain restructuring and consolidation0.00 0.00 0.03 0.01 0.04 0.00 0.00 0.00 0.00 0.00 0.01 
Headcount actions and related severance(0.01)0.00 0.00 0.02 0.02 0.00 0.01 0.01 0.00 0.01 0.03 
Technology0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.00 0.00 0.02 0.00 
Professional services0.02 0.02 0.02 0.01 0.07 0.00 0.01 0.00 0.00 0.01 0.00 
(Gain) loss on sale of business and classification of assets held for sale(0.02)(0.01)0.01 0.01 (0.01)(0.01)0.02 0.00 — 0.01 — 
Other0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Loss on extinguishment of debt— — — — — 0.02 — — — 0.02 — 
Gain on final settlement of cross currency swaps— — — — — 0.00 — — — 0.00 — 
Discrete tax expense (benefit)— — — 1.21 1.21 — — (0.01)(0.23)(0.24)— 
Tax effect on actions0.00 0.00 (0.01)(0.01)(0.03)— — — — — — 
Diluted earnings (loss) per share from continuing operations, as adjusted
$0.19 $0.23 $0.12 $(0.10)$0.44 $(0.12)$0.02 $(0.02)$0.06 $(0.06)$(0.04)

1Amounts may not be additive due to rounding.

















9



TABLE 2-B - Discontinued Operations, Reconciliation of Select Non-GAAP Measures

HANESBRANDS INC.
Reconciliation of Select GAAP Measures to Non-GAAP Measures
Discontinued Operations
(in thousands, except per share data)
(Unaudited)

The key components from discontinued operations related to the Global Champion and U.S.-Based Outlet Store Businesses are as follows:

 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
 Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Net sales$583,093 $449,938 $673,406 $539,321 $2,245,758 $505,380 $403,976 $550,012 $417,801 $1,877,169 $377,988 
Operating profit (loss), as reported under GAAP$80,110 $37,540 $82,880 $43,600 $244,130 $31,775 $(529)$(15,068)$(1,874)$14,304 $12,998 
Restructuring and other action-related charges34 17 3,025 2,140 5,216 3,112 1,366 74,361 14,266 93,105 16,752 
Operating profit, as adjusted$80,144 $37,557 $85,905 $45,740 $249,346 $34,887 $837 $59,293 $12,392 $107,409 $29,750 
Income (loss) from discontinued operations, net of tax, as reported under GAAP$50,937 $15,854 $58,885 $56,490 $182,166 $16,190 $(13,614)$(32,822)$(23,249)$(53,495)$(8,512)
Restructuring and other action-related charges34 17 3,025 2,140 5,216 3,112 1,366 74,361 14,266 93,105 16,752 
Tax effect on actions(11)(8)(928)947 — — — — — — — 
Income (loss) from discontinued operations, net of tax, as adjusted$50,960 $15,863 $60,982 $59,577 $187,382 $19,302 $(12,248)$41,539 $(8,983)$39,610 $8,240 
Diluted earnings (loss) per share from discontinued operations, as reported under GAAP1
$0.14 $0.05 $0.17 $0.16 $0.52 $0.05 $(0.04)$(0.09)$(0.07)$(0.15)$(0.02)
Restructuring and other action-related charges1
0.00 $0.00 0.01 0.01 0.01 0.01 0.00 0.21 0.04 0.27 0.05 
Diluted earnings (loss) per share from discontinued operations, as adjusted1
$0.14 $0.05 $0.17 $0.17 $0.53 $0.06 $(0.03)$0.12 $(0.03)$0.11 $0.02 
Weighted average shares outstanding:
Basic350,251 349,772 349,884 349,974 349,970 350,435 350,501 350,667 350,765 350,592 351,576 
Diluted351,453 350,303 350,316 350,353 350,606 350,827 350,501 351,204 350,765 351,057 352,381 

1 Amounts may not be additive due to rounding.
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TABLE 3 - Continuing Operations, Segments

HANESBRANDS INC.
Supplemental Financial Information By Business Segment
Revised to Present the Global Champion and U.S.-Based Outlet Store Businesses as Discontinued Operations
(in thousands)
(Unaudited)

 Quarters EndedYear
Ended
Quarters EndedYear
Ended
Quarter Ended
Apr. 2,
2022
Jul. 2,
2022
Oct. 1,
2022
Dec. 31,
2022
Dec. 31,
2022
Apr. 1,
2023
Jul. 1,
2023
Sep. 30,
2023
Dec. 30,
2023
Dec. 30,
2023
Mar. 30,
2024
Segment net sales:
U.S.$643,597 $748,925 $697,601 $602,052 $2,692,175 $599,884 $751,049 $684,990 $600,733 $2,636,656 $543,891 
International280,900 284,697 268,232 301,795 1,135,624 256,339 264,406 255,784 276,506 1,053,035 233,549 
Other68,566 29,907 31,502 30,118 160,093 27,807 19,549 20,520 1,787 69,663 773 
Total net sales$993,063 $1,063,529 $997,335 $933,965 $3,987,892 $884,030 $1,035,004 $961,294 $879,026 $3,759,354 $778,213 
Segment operating profit:
U.S.$105,827 $143,091 $105,032 $48,747 $402,697 $66,607 $125,154 $105,579 $106,933 $404,273 $98,263 
International42,696 34,354 31,395 44,013 152,458 22,544 21,701 24,570 48,234 117,049 20,498 
Other7,282 5,598 2,169 6,725 21,774 1,509 (1,721)342 (1,319)(1,189)681 
General corporate expenses/other(60,635)(66,966)(56,606)(62,665)(246,872)(62,107)(58,506)(46,751)(55,492)(222,856)(65,365)
Total operating profit before restructuring and other action-related charges95,170 116,077 81,990 36,820 330,057 28,553 86,628 83,740 98,356 297,277 54,077 
Restructuring and other action-related charges(4,768)(6,363)(23,426)(20,085)(54,642)(3,009)(16,695)(2,710)(385)(22,799)(14,969)
Total operating profit$90,402 $109,714 $58,564 $16,735 $275,415 $25,544 $69,933 $81,030 $97,971 $274,478 $39,108 

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TABLE 4 - Continuing Operations, Constant and Organic Currency

HANESBRANDS INC.
Impact of Foreign Currency and Organic Constant Currency
Revised to Present the Global Champion and U.S.-Based Outlet Store Businesses as Discontinued Operations
(in thousands, except per share data)
(Unaudited)

The following table presents a reconciliation of reported results from continuing operations on a constant currency basis for the quarter ended March 30, 2024 and a comparison to prior year:

Quarter Ended March 30, 2024
As Reported
Impact from Foreign Currency1
Constant Currency
Quarter Ended
April 1, 2023
% Change,
As Reported
% Change,
Constant Currency
As reported under GAAP:
Net sales$778,213 $(15,364)$793,577 $884,030 (12.0)%(10.2)%
Gross profit309,315 (9,270)318,585 282,379 9.5 12.8 
Operating profit39,108 (3,090)42,198 25,544 53.1 65.2 
Diluted loss per share from continuing operations3
$(0.09)$(0.01)$(0.08)$(0.14)(35.7)%(42.9)%
As adjusted:2
Net sales$778,213 $(15,364)$793,577 $884,030 (12.0)%(10.2)%
Gross profit309,518 (9,270)318,788 283,895 9.0 12.3 
Operating profit54,077 (3,090)57,167 28,553 89.4 100.2 
Diluted loss per share from continuing operations3
$(0.04)$(0.01)$(0.04)$(0.12)(66.7)%(66.7)%

1Effect of the change in foreign currency exchange rates year-over-year. Calculated by applying prior period exchange rates to the current year financial results.
2
Results for the quarters ended March 30, 2024 and April 1, 2023 reflect adjustments for restructuring and other action-related charges. See "Reconciliation of Select GAAP Measures to Non-GAAP Measures" in Table 2-A.
3Amounts may not be additive due to rounding.

The following table presents a reconciliation of reported results from continuing operations on an organic constant currency basis for the quarter ended March 30, 2024 and a comparison to prior year:

Quarter Ended March 30, 2024
Quarter Ended April 1, 2023
As Reported
Impact from Foreign Currency1
Less U.S. Hosiery Divestiture2
Organic Constant CurrencyAs Reported
Less U.S. Hosiery Divestiture2
Organic% Change,
As Reported
% Change,
Organic Constant Currency
Net sales$778,213 $(15,364)$— $793,577 $884,030 $19,585 $864,445 (12.0)%(8.2)%

1Effect of the change in foreign currency exchange rates year-over-year. Calculated by applying prior period exchange rates to the current year financial results.
2The Company sold its U.S. Sheer Hosiery business on September 29, 2023.

12