8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 31, 2008

Hanesbrands Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-32891	20-3552316
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1000 East Hanes Mill Road Winston-Salem, NC		27105 (Zip Code)
(Address of principal executive offices)

Registrant’s telephone number, including area code: (336) 519-4400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Item 2.02. Results of Operations and Financial Condition
Item 7.01. Regulation FD Disclosure
Item 9.01. Financial Statements and Exhibits

Item 2.02. Results of Operations and Financial Condition

     On January 31, 2008, Hanesbrands Inc. (“Hanesbrands”) issued a press release announcing its financial results for the fourth quarter and year ended December 29, 2007. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. Exhibit 99.1 is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall Exhibit 99.1 be deemed incorporated by reference in any filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

     Exhibit 99.1 contains disclosures about operating profit excluding actions, net income excluding actions, diluted earnings per share excluding actions and EBITDA, which are considered non-GAAP performance measures, that Hanesbrands has chosen to provide to investors to enable them to perform additional analyses of past, present and future operating performance and as a supplemental means of evaluating Hanesbrands’ operations. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP or other pro forma measures used by other companies.

Item 7.01. Regulation FD Disclosure

     Exhibit 99.1 to this Current Report on Form 8-K includes forward-looking financial information that is expected to be discussed on the previously announced conference call with investors and analysts to be held by us at 10:00 a.m., Eastern time, today (January 31, 2008). The call may be accessed on the home page of the Hanesbrands corporate Web site, www.hanesbrands.com. Replays of the call will be available in the investors section of the Hanesbrands corporate Web site and via telephone. The telephone playback will be available from approximately noon, Eastern time, on January 31, 2008, until midnight, Eastern time, on February 7, 2008. The replay will be available by calling toll-free (800) 642-1687, or by toll call at (706) 645-9291. The replay pass code is 29092926. Exhibit 99.1 is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

     Exhibit 99.1 Press release dated January 31, 2008

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

January 31, 2008	HANESBRANDS INC.
	By:	/s/ E. Lee Wyatt Jr.
		E. Lee Wyatt Jr.
		Executive Vice President,     Chief Financial Officer

Exhibits

99.1 Press release dated January 31, 2008

EX-99.1

Hanesbrands Inc
1000 East Hanes Mill Road
Winston-Salem, NC 27105
(336) 519-4400

news release

FOR IMMEDIATE RELEASE

News Media, contact:	Matt Hall, (336) 519-3386
Analysts and Investors, contact:	Brian Lantz, (336) 519-7130

HANESBRANDS INC. REPORTS FOURTH-QUARTER 2007 RESULTS

WINSTON-SALEM, N.C. (Jan. 31, 2008) — Hanesbrands Inc. (NYSE: HBI), a leading marketer of innerwear, outerwear and hosiery apparel, today reported results for the 2007 fourth quarter.

Diluted earnings per share in the fourth quarter increased to $0.52 from $0.25. Non-GAAP diluted earnings per share, which exclude actions, increased by 31 percent in the quarter to $0.38 as a result of increased sales and cost-reduction initiatives. (See non-GAAP description below.)

Total net sales in the quarter increased by 2.4 percent to $1.16 billion.

“We capped a successful first year, in which we exceeded our financial goals, with solid performance in the fourth quarter in a tough consumer climate,” said Hanesbrands Chief Executive Officer Richard A. Noll. “And, as we have done all year, we continued to generate strong cash flow, using it to reduce long-term debt by an additional $50 million in the quarter.”

Noteworthy Financial Highlights

Selected highlights for the fourth quarter and fiscal year ended Dec. 29, 2007, include:

•	Total net sales in the quarter increased by 2.4 percent to $1.16 billion — the fourth consecutive quarter of sales growth. By sequential quarter, sales in the fiscal year grew by 0.7 percent, 0.2 percent, 3.1 percent and 2.4 percent. Total net sales for the full fiscal year increased by $71 million, or 1.6 percent, to $4.47 billion.
	“One of our strategies is to invest in our largest and strongest brands with innovative key items supported by great media,” Noll said. “This strategy is delivering results.”

Hanesbrands Inc. Reports Fourth-Quarter 2007 Results — Page 2

For the quarter and the full year, Hanes, Champion and Bali brand sales increased. The Champion brand has recorded double-digit sales growth for three consecutive years. For the full year, sales to each of the company’s top three customers increased.

•	Diluted earnings per share in the quarter were $0.52, up from $0.25 a year ago, while diluted EPS for the year was $1.30 versus $2.16 a year ago. The full-year decline reflected increased interest expense as a result of the company’s independent structure, higher restructuring costs and a higher tax rate.
	Non-GAAP diluted EPS increased by 31 percent in the quarter to $0.38 from $0.29 a year ago. The increase was primarily a result of increased sales and operating profit and lower interest expense.
•	Operating profit in the quarter, based on generally accepted accounting principles, increased to $125.9 million, from $96.2 million a year ago. For the year, operating profit increased to $388.6 million compared with $366.2 million a year ago.
	Non-GAAP operating profit increased by 6.6 percent in the quarter and 3.3 percent in the year, to $101.8 million and $432.0 million, respectively. The company’s non-GAAP operating profit margin, a measure the company uses to better assess underlying performance because it excludes actions, was 9.7 percent for the year, compared with 9.5 percent last year.
	“We achieved operating profit growth and improved our margins during a year of significant change,” Noll said. “We exceeded our goal to offset our stand-alone company costs and selected increased investment in our business with cost savings from consolidation and moving supply chain operations to lower cost countries.”
•	Hanesbrands used its continued strong cash flow from operations to prepay long-term debt in the quarter by $50 million. Cash flow from operations for the year increased by 28 percent to $359 million. In fiscal 2007, Hanesbrands repaid $178 million of long-term debt, repurchased $44 million in company stock and voluntarily contributed $48 million to its qualified pension plans.
	Since Hanesbrands spun off in September 2006, the company has reduced long-term debt by $285 million and voluntarily contributed $96 million to its qualified pension plans.

(Operating profit excluding actions and diluted EPS excluding actions are non-GAAP measures used to better assess underlying business performance because they exclude the effect of unusual actions that are not directly related to operations. The unusual actions in the quarter and full year were plant closings and reorganization, gain on curtailment of postretirement benefits, amortization of gain on postretirement benefits, separation of pension plan assets and liabilities, nonrecurring spinoff and related charges, other expenses, and the tax effect on these items. See Table 4A and 4B for details and reconciliation with reported operating results.)

Hanesbrands Inc. Reports Fourth-Quarter 2007 Results — Page 3

Other Highlights

As part of continued investment in brands and marketing, the Champion brand launched its “How You Play” advertising campaign on Nov. 7, the first campaign for the brand since 2003. On Oct. 31, Hanesbrands announced a 10-year strategic alliance with The Walt Disney Company that includes basic apparel exclusivity for the Hanes and Champion brands, product co-branding, attraction sponsorships and other brand visibility and signage at Disney properties. The alliance included the naming rights for the stadium at Disney’s Wide World of Sports Complex, now known as Champion Stadium.

As part of its global supply chain strategy, Hanesbrands acquired in December the Inversiones Bonaventure S.A. de C.V. hosiery sewing operation in Las Lourdes, El Salvador. The 900-employee Bonaventure plant had been a contract sewing supplier for Hanesbrands for 12 years.

“We are very pleased with our performance in our first year of independence,” Noll said. “We delivered sales growth, margin expansion and continued strong cash generation. This puts us in good position as we seek to achieve our long-term growth goals for sales, operating profit and earnings per share.

“This would not have been possible without the significant efforts of our worldwide workforce to manage change, embrace our improvement strategies and focus on our competitiveness. I appreciate all of their efforts and commitment to our success.”

Hanesbrands Policy on Guidance

Hanesbrands follows a policy of not providing quarterly or annual EPS guidance. The company plans to communicate appropriately to provide investors with an understanding of long-term goals, the trends associated with its business and current financial performance.

Webcast Conference Call

Hanesbrands will host a live Internet webcast of its quarterly investor conference call at 10 a.m. EST today. The broadcast may be accessed on the home page of the Hanesbrands corporate Web site, www.hanesbrands.com. The call is expected to conclude by 11 a.m.

An archived replay of the conference call webcast will be available in the investors section of the Hanesbrands Web site. A telephone playback will be available from approximately noon EST today until midnight on Feb. 7, 2008. The replay will be available by calling toll-free (800) 642-1687, or by toll call at (706) 645-9291. The replay pass code is 29092926.

Cautionary Statement Concerning Forward-Looking Statements

Statements in this press release that are not statements of historical fact are forward-looking statements, including those regarding our launch as an independent company and the benefits expected from that launch, our long-term goals, and trends associated with our business. These forward-looking statements are made only as of the date of this press

Hanesbrands Inc. Reports Fourth-Quarter 2007 Results — Page 4

release and are based on our current intent, beliefs, plans and expectations. They involve risks and uncertainties that could cause actual future results, performance or developments to differ materially from those described in or implied by such forward-looking statements. These risks and uncertainties include the following: our ability to migrate our production and manufacturing operations to lower-cost countries around the world; our ability to effectively implement other components of our business strategy; costs and adverse publicity from violations of labor or environmental laws by us or our suppliers; our ability to successfully manage adverse changes in social, political, economic, legal and other conditions affecting our foreign operations; retailer consolidation and other changes in the apparel essentials industry; our ability to keep pace with changing consumer preferences; loss of or reduction in sales to, or financial difficulties experienced by, any of our top customers; fluctuations in the price or availability of cotton or labor; our substantial debt and debt-service requirements that restrict our operating and financial flexibility and impose significant interest and financing costs; and other risks identified from time to time in our most recent Securities and Exchange Commission reports, including the 2006 Annual Report on Form 10-K, 2007 quarterly reports on Form 10-Q and current reports on Form 8-K, registration statements, press releases and other communications. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Hanesbrands Inc.

Hanesbrands Inc. is a leading marketer of innerwear, outerwear and hosiery apparel under strong consumer brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra. The company designs, manufactures, sources and sells T-shirts, bras, panties, men’s underwear, children’s underwear, socks, hosiery, casualwear and activewear. Hanesbrands has approximately 50,000 employees in more than 25 countries. More information may be found on the company’s Web site at www.hanesbrands.com.

# # #

TABLE 1

HANESBRANDS INC.
Condensed Consolidated Statements of Income
(Amounts in thousands, except per-share amounts)
(Unaudited)

	Quarter Ended									Year Ended
	December 29,			December 30,						December 29,			December 30,
	2007			2006			% Change			2007			2006			% Change
Net sales:
Innerwear	$	639,788		$	644,685					$	2,556,906		$	2,574,967
Outerwear		325,262			297,978						1,221,845			1,154,107
Hosiery		76,983			87,359						266,198			278,253
International		118,779			104,603						421,898			400,167
Other		10,291			8,585						56,920			44,670
Total segment net sales		1,171,103			1,143,210						4,523,767			4,452,164
Less: Intersegment		11,973			11,705						49,230			48,698
Total net sales		1,159,130			1,131,505			2.4	%		4,474,537			4,403,466			1.6	%
Cost of sales		799,275			776,782						3,033,627			2,960,759
Gross profit		359,855			354,723			1.4	%		1,440,910			1,442,707			-0.1	%
As a % of net sales		31.0	%		31.3	%					32.2	%		32.8	%
Selling, general and administrative expenses		266,937			285,043						1,040,754			1,093,436
As a % of net sales		23.0	%		25.2	%					23.3	%		24.8	%
Gain on curtailment of postretirement benefits		(32,144	)		(28,467	)					(32,144	)		(28,467	)
Restructuring		(802	)		1,965						43,731			11,516
Operating profit		125,864			96,182			30.9	%		388,569			366,222			6.1	%
As a % of net sales		10.9	%		8.5	%					8.7	%		8.3	%
Other expenses		3,795			7,401						5,235			7,401
Interest expense, net		46,991			53,184						199,208			79,621
Income before income tax expense		75,078			35,597						184,126			279,200
Income tax expense		25,285			11,803						57,999			71,184
Net income	$	49,793		$	23,794			109.3	%	$	126,127		$	208,016			-39.4	%
Earnings per share:
Basic	$	0.52		$	0.25					$	1.31		$	2.16
Diluted	$	0.52		$	0.25					$	1.30		$	2.16
Weighted average shares outstanding:
Basic		95,381			96,309						95,936			96,309
Diluted		96,650			96,620						96,741			96,390

TABLE 2

HANESBRANDS INC.
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)

	December 29, 2007		December 30, 2006
Assets
Cash and cash equivalents	$	174,236	$	155,973
Trade accounts receivable		575,069		488,629
Inventories		1,117,052		1,216,501
Other current assets		227,977		210,077
Total current assets		2,094,334		2,071,180
Property, net		534,286		556,866
Intangible assets and goodwill		461,691		418,706
Other noncurrent assets		349,172		388,868
Total assets	$	3,439,483	$	3,435,620
Liabilities
Accounts payable and accrued liabilities	$	669,405	$	587,542
Other current liabilities		19,577		23,639
Total current liabilities		688,982		611,181
Long-term debt		2,315,250		2,484,000
Other noncurrent liabilities		146,347		271,168
Total liabilities		3,150,579		3,366,349
Equity		288,904		69,271
Total liabilities and equity	$	3,439,483	$	3,435,620

TABLE 3

HANESBRANDS INC.
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)

	Year Ended
	December 29, 2007			December 30, 2006
Operating activities:
Net income	$	126,127		$	208,016
Depreciation and amortization		131,676			133,161
Changes in assets and liabilities, net, and other		101,237			(60,964	)
Net cash from operating activities		359,040			280,213
Investing Activities:
Purchases of property and equipment, net, and other		(101,085	)		(81,102	)
Financing Activities:
Transactions with parent companies and other		(243,379	)		(555,876	)
Effect of changes in foreign currency exchange rates on cash		3,687			2,106
Increase (decrease) in cash and cash equivalents		18,263			(354,659	)
Cash and cash equivalents at beginning of year		155,973			510,632
Cash and cash equivalents at end of year	$	174,236		$	155,973

TABLE 4

HANESBRANDS INC.
Supplemental Financial Information
(Dollars in thousands, except per-share amounts)
(Unaudited)

Reconciliation of Reported Operating
Results with Certain Information Excluding
Actions

	Quarter Ended						Year Ended
	December 29,			December 30,			December 29,			December 30,
	2007			2006			2007			2006
A. Operating profit excluding actions
Operating profit as reported	$	125,864		$	96,182		$	388,569		$	366,222
Plant closings and reorganization		7,457			18,771			83,183			32,715
Gain on curtailment of postretirement benefits		(32,144	)		(28,467	)		(32,144	)		(28,467	)
Amortization of gain on postretirement benefits included in SG&A		(1,341	)		—			(7,377	)		—
Separation of pension plan assets and liabilities included in SG&A		1,409			—			(3,408	)		—
Spinoff and related charges included in SG&A		509			8,977			3,209			47,887
Operating profit excluding actions	$	101,754		$	95,463		$	432,032		$	418,357
Percentage of net sales		8.8	%		8.4	%		9.7	%		9.5	%
B. Net income excluding actions
Net income as reported	$	49,793		$	23,794		$	126,127		$	208,016
Plant closings and reorganization		7,457			18,771			83,183			32,715
Gain on curtailment of postretirement benefits		(32,144	)		(28,467	)		(32,144	)		(28,467	)
Amortization of gain on postretirement benefits included in SG&A		(1,341	)		—			(7,377	)		—
Separation of pension plan assets and liabilities included in SG&A		1,409			—			(3,408	)		—
Spinoff and related charges included in SG&A		509			8,977			3,209			47,887
Other expenses (Losses on early extinguishment of debt)		3,795			7,401			5,235			7,401
Tax effect on plant closings and reorganization, gain on curtailment, amortization of gain, separation of pension plan assets and liabilities, spinoff and related charges, and other expenses		6,842			(2,216	)		(15,340	)		(15,179	)
Net income excluding actions	$	36,320		$	28,260		$	159,485		$	252,373
Diluted earnings per share excluding actions	$	0.38		$	0.29		$	1.65		$	2.62
C. Supply chain actions
Plant closings and reorganization
-Accelerated depreciation included in Cost of sales	$	7,616		$	16,806		$	36,912		$	21,199
-Accelerated depreciation included in SG&A		643			—			2,540			—
-Restructuring		(802	)		1,965			43,731			11,516
Total	$	7,457		$	18,771		$	83,183		$	32,715
Noncash amount	$	9,398		$	16,806		$	38,970		$	17,318
D. EBITDA
Net income	$	49,793		$	23,794		$	126,127		$	208,016
Interest expense, net		46,991			53,184			199,208			79,621
Income tax expense		25,285			11,803			57,999			71,184
Depreciation and amortization		31,755			43,839			131,676			133,161
Total EBITDA	$	153,824		$	132,620		$	515,010		$	491,982