Hanesbrands (HBI) 8-K HanesBrands Announces Strong First-Quarter 2021 Results

Exhibit 99.3

Investor Day

Handout

May 11, 2021

1

Table of Contents

	Page
Financial Tables
Table 1 - Condensed Consolidated Statements of Income - Including European Innerwear Business as Discontinued Operations - As REPORTED	4
Table 2 - Condensed Consolidated Statements of Income - Including European Innerwear Business as Discontinued Operations - As ADJUSTED	5
Table 3 - Reconciliation of Select GAAP Measures to Non-GAAP Measures and Supplemental Financial Information - Including European Innerwear Business as Discontinued Operations	6
Table 4 - Reconciliation of GAAP Outlook to Adjusted Outlook - Q1, Q2 and Full Year 2021	14
Appendix
Table 5 - Reconciliation of Select GAAP Measures to Non-GAAP Measures	16

2

Financial Tables

3

TABLE 1

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Condensed Consolidated Statements of Income - As REPORTED

(in thousands, except per share data)

(Unaudited)

	Quarters Ended												Year Ended			Quarters Ended												Year Ended
	March 30, 2019			June 29, 2019			September 28, 2019			December 28, 2019			December 28, 2019			March 28, 2020			June 27, 2020			September 26, 2020			January 2, 2021			January 2, 2021
Net sales	$	1,449,687		$	1,636,709		$	1,729,308		$	1,610,012		$	6,425,716		$	1,203,070		$	1,543,083		$	1,691,863		$	1,689,145		$	6,127,161
Cost of sales		904,765			1,032,527			1,082,839			976,883			3,997,014			784,902			1,029,221			1,120,392			1,589,946			4,524,461
Gross profit		544,922			604,182			646,469			633,129			2,428,702			418,168			513,862			571,471			99,199			1,602,700
As a % of net sales		37.6	%		36.9	%		37.4	%		39.3	%		37.8	%		34.8	%		33.3	%		33.8	%		5.9	%		26.2	%
Selling, general and administrative expenses		405,314			384,289			385,291			403,123			1,578,017			370,215			311,729			382,384			495,706			1,560,034
As a % of net sales		28.0	%		23.5	%		22.3	%		25.0	%		24.6	%		30.8	%		20.2	%		22.6	%		29.3	%		25.5	%
Operating profit (loss)		139,608			219,893			261,178			230,006			850,685			47,953			202,133			189,087			(396,507	)		42,666
As a % of net sales		9.6	%		13.4	%		15.1	%		14.3	%		13.2	%		4.0	%		13.1	%		11.2	%		(23.5	)%		0.7	%
Other expenses		7,166			7,952			7,772			7,311			30,201			6,101			4,653			4,898			5,003			20,655
Interest expense, net		47,803			46,296			42,272			40,553			176,924			36,027			41,075			43,500			43,636			164,238
Income (loss) from continuing operations before income tax expense		84,639			165,645			211,134			182,142			643,560			5,825			156,405			140,689			(445,146	)		(142,227	)
Income tax expense (benefit)		8,984			15,595			22,129			23,528			70,236			707			19,837			22,464			(152,948	)		(109,940	)
Income (loss) from continuing operations		75,655			150,050			189,005			158,614			573,324			5,118			136,568			118,225			(292,198	)		(32,287	)
Income (loss) from discontinued operations, net of tax		5,433			(495	)		(3,914	)		26,372			27,396			(12,992	)		24,613			(14,947	)		(39,966	)		(43,292	)
Net income (loss)	$	81,088		$	149,555		$	185,091		$	184,986		$	600,720		$	(7,874	)	$	161,181		$	103,278		$	(332,164	)	$	(75,579	)
Earnings (loss) per share - basic:
Continuing operations	$	0.21		$	0.41		$	0.52		$	0.43		$	1.57		$	0.01		$	0.39		$	0.34		$	(0.83	)	$	(0.09	)
Discontinued operations		0.01			0.00			(0.01	)		0.07			0.08			(0.04	)		0.07			(0.04	)		(0.11	)		(0.12	)
Net income (loss)	$	0.22		$	0.41		$	0.51		$	0.51		$	1.65		$	(0.02	)	$	0.46		$	0.29		$	(0.95	)	$	(0.21	)
Earnings (loss) per share - diluted:
Continuing operations	$	0.21		$	0.41		$	0.52		$	0.43		$	1.57		$	0.01		$	0.39		$	0.34		$	(0.83	)	$	(0.09	)
Discontinued operations		0.01			0.00			(0.01	)		0.07			0.07			(0.04	)		0.07			(0.04	)		(0.11	)		(0.12	)
Net income (loss)	$	0.22		$	0.41		$	0.51		$	0.51		$	1.64		$	(0.02	)	$	0.46		$	0.29		$	(0.95	)	$	(0.21	)
Weighted average shares outstanding:
Basic		364,570			364,637			364,743			364,885			364,709			359,017			350,538			350,703			350,807			352,766
Diluted		365,299			365,537			365,597			365,644			365,519			359,436			350,829			351,604			350,807			352,766

4

TABLE 2

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Condensed Consolidated Statements of Income - As ADJUSTED

(in thousands, except per share data)

(Unaudited)

	Quarters Ended												Year Ended			Quarters Ended												Year Ended
	March 30, 20191			June 29, 20191			September 28, 20191			December 28, 20191			December 28, 20191			March 28, 2020			June 27, 2020			September 26, 2020			January 2, 2021			January 2, 2021
Net sales, as adjusted	$	1,355,583		$	1,517,999		$	1,610,610		$	1,522,077		$	6,006,269		$	1,203,070		$	1,543,083		$	1,691,863		$	1,689,145		$	6,127,161
Cost of sales, as adjusted		823,076			936,557			991,123			901,224			3,651,980			763,091			1,010,803			1,072,793			1,007,156			3,853,843
Gross profit, as adjusted		532,507			581,442			619,487			620,853			2,354,289			439,979			532,280			619,070			681,989			2,273,318
As a % of net sales		39.3	%		38.3	%		38.5	%		40.8	%		39.2	%		36.6	%		34.5	%		36.6	%		40.4	%		37.1	%
Selling, general and administrative expenses, as adjusted		392,646			374,577			375,738			392,987			1,535,948			367,702			297,868			377,726			453,160			1,496,456
As a % of net sales		29.0	%		24.7	%		23.3	%		25.8	%		25.6	%		30.6	%		19.3	%		22.3	%		26.8	%		24.4	%
Operating profit, as adjusted		139,861			206,865			243,749			227,866			818,341			72,277			234,412			241,344			228,829			776,862
As a % of net sales		10.3	%		13.6	%		15.1	%		15.0	%		13.6	%		6.0	%		15.2	%		14.3	%		13.5	%		12.7	%
Other expenses		7,166			7,952			7,772			7,311			30,201			6,101			4,653			4,898			5,003			20,655
Interest expense, net		47,803			46,296			42,272			40,553			176,924			36,027			41,075			43,500			43,636			164,238
Income from continuing operations before income tax expense, as adjusted		84,892			152,617			193,705			180,002			611,216			30,149			188,684			192,946			180,190			591,969
Income tax expense, as adjusted		9,019			13,758			19,670			38,319			80,766			4,233			26,532			32,937			31,700			95,402
Income from continuing operations, as adjusted	$	75,873		$	138,859		$	174,035		$	141,683		$	530,450		$	25,916		$	162,152		$	160,009		$	148,490		$	496,567
Earnings per share - basic:
Continuing operations, as adjusted	$	0.21		$	0.38		$	0.48		$	0.39		$	1.45		$	0.07		$	0.46		$	0.46		$	0.42		$	1.41
Earnings per share - diluted:
Continuing operations, as adjusted	$	0.21		$	0.38		$	0.48		$	0.39		$	1.45		$	0.07		$	0.46		$	0.46		$	0.42		$	1.40
Weighted average shares outstanding:
Basic		364,570			364,637			364,743			364,885			364,709			359,017			350,538			350,703			350,807			352,766
Diluted		365,299			365,537			365,597			365,644			365,519			359,436			350,829			351,604			351,933			353,451

¹ Results for the quarters ended March 30, 2019, June 29, 2019, September 28, 2019, December 28, 2019 and year ended December 28, 2019 reflect adjustments for the exited C9 Champion mass program and the DKNY intimate apparel license.

5

TABLE 3

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Reconciliation of Select GAAP Measures to Non-GAAP Measures and Supplemental Financial Information

(in thousands, except per share data)

(Unaudited)

	Quarter Ended March 28, 2020
	Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense		Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	418,168		$	(370,215	)	$	47,953		$	5,825	$	(707	)	$	5,118		$	0.01
As a percentage of net sales		34.8	%		30.8	%		4.0	%
Restructuring and other action-related charges:
Supply chain actions		14,065			—			14,065			14,065		—			14,065			0.04
Program exit costs		7,746			467			8,213			8,213		—			8,213			0.02
Other restructuring costs		—			2,046			2,046			2,046		—			2,046			0.01
Tax effect on actions		—			—			—			—		(3,526	)		(3,526	)		(0.01	)
Total restructuring and other action-related charges		21,811			2,513			24,324			24,324		(3,526	)		20,798			0.06
As adjusted	$	439,979		$	(367,702	)	$	72,277		$	30,149	$	(4,233	)	$	25,916		$	0.07
As a percentage of net sales		36.6	%		30.6	%		6.0	%

	Quarter Ended March 30, 2019
	Net Sales			Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense			Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	1,449,687		$	544,922		$	(405,314	)	$	139,608		$	84,639		$	(8,984	)	$	75,655		$	0.21
Less exited programs2		(94,104	)		(29,888	)		8,965			(20,923	)		(20,923	)		2,950			(17,973	)		(0.05	)
As rebased		1,355,583			515,034			(396,349	)		118,685			63,716			(6,034	)		57,682			0.16
As a percentage of net sales					38.0	%		29.2	%		8.8	%
Restructuring and other action-related charges:
Supply chain actions		—			17,473			—			17,473			17,473			—			17,473			0.05
Other restructuring costs		—			—			3,703			3,703			3,703			—			3,703			0.01
Tax effect on actions		—			—			—			—			—			(2,985	)		(2,985	)		(0.01	)
Total restructuring and other action-related charges		—			17,473			3,703			21,176			21,176			(2,985	)		18,191			0.05
As adjusted	$	1,355,583		$	532,507		$	(392,646	)	$	139,861		$	84,892		$	(9,019	)	$	75,873		$	0.21
As a percentage of net sales					39.3	%		29.0	%		10.3	%

¹  Amounts may not be additive due to rounding.

²  Includes the results for the exited C9 Champion mass program and the DKNY intimate apparel license.

6

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Reconciliation of Select GAAP Measures to Non-GAAP Measures and Supplemental Financial Information

(in thousands, except per share data)

(Unaudited)

	Quarter Ended June 27, 2020
	Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense		Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	513,862		$	(311,729	)	$	202,133		$	156,405	$	(19,837	)	$	136,568		$	0.39
As a percentage of net sales		33.3	%		20.2	%		13.1	%
Restructuring and other action-related charges:
Supply chain actions		2,637			—			2,637			2,637		—			2,637			0.01
Program exit costs		1,285			—			1,285			1,285		—			1,285			0.00
Other restructuring costs		(373	)		4,443			4,070			4,070		—			4,070			0.01
COVID-19 related charges:
Bad debt		—			9,418			9,418			9,418		—			9,418			0.03
Inventory		14,869			—			14,869			14,869		—			14,869			0.04
Tax effect on actions		—			—			—			—		(6,695	)		(6,695	)		(0.02	)
Total restructuring and other action-related charges		18,418			13,861			32,279			32,279		(6,695	)		25,584			0.07
As adjusted	$	532,280		$	(297,868	)	$	234,412		$	188,684	$	(26,532	)	$	162,152		$	0.46
As a percentage of net sales		34.5	%		19.3	%		15.2	%

	Quarter Ended June 29, 2019
	Net Sales			Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense			Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	1,636,709		$	604,182		$	(384,289	)	$	219,893		$	165,645		$	(15,595	)	$	150,050		$	0.41
Less exited programs2		(118,710	)		(35,169	)		9,712			(25,457	)		(25,457	)		3,590			(21,867	)		(0.06	)
As rebased		1,517,999			569,013			(374,577	)		194,436			140,188			(12,005	)		128,183			0.35
As a percentage of net sales					37.5	%		24.7	%		12.8	%
Restructuring and other action-related charges:
Supply chain actions		—			12,429			—			12,429			12,429			—			12,429			0.03
Tax effect on actions		—			—			—			—			—			(1,753	)		(1,753	)		0.00
Total restructuring and other action-related charges		—			12,429			—			12,429			12,429			(1,753	)		10,676			0.03
As adjusted	$	1,517,999		$	581,442		$	(374,577	)	$	206,865		$	152,617		$	(13,758	)	$	138,859		$	0.38
As a percentage of net sales					38.3	%		24.7	%		13.6	%

¹  Amounts may not be additive due to rounding.

²  Includes the results for the exited C9 Champion mass program and the DKNY intimate apparel license.

7

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Reconciliation of Select GAAP Measures to Non-GAAP Measures and Supplemental Financial Information

(in thousands, except per share data)

(Unaudited)

	Quarter Ended September 26, 2020
	Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense		Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	571,471		$	(382,384	)	$	189,087		$	140,689	$	(22,464	)	$	118,225		$	0.34
As a percentage of net sales		33.8	%		22.6	%		11.2	%
Restructuring and other action-related charges:
Supply chain actions		2,098			—			2,098			2,098		—			2,098			0.01
Program exit costs		356			—			356			356		—			356			0.00
Other restructuring costs		(4	)		1,199			1,195			1,195		—			1,195			0.00
COVID-19 related charges:
Supply chain re-startup		45,149			3,459			48,608			48,608		—			48,608			0.14
Discrete tax benefits		—			—			—			—		(3,113	)		(3,113	)		(0.01	)
Tax effect on actions		—			—			—			—		(7,360	)		(7,360	)		(0.02	)
Total restructuring and other action-related charges		47,599			4,658			52,257			52,257		(10,473	)		41,784		$	0.12
As adjusted	$	619,070		$	(377,726	)	$	241,344		$	192,946	$	(32,937	)	$	160,009		$	0.46
As a percentage of net sales		36.6	%		22.3	%		14.3	%

	Quarter Ended September 28, 2019
	Net Sales			Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense			Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	1,729,308		$	646,469		$	(385,291	)	$	261,178		$	211,134		$	(22,129	)	$	189,005		$	0.52
Less exited programs2		(118,698	)		(36,290	)		9,018			(27,272	)		(27,272	)		3,848			(23,424	)		(0.06	)
As rebased		1,610,610			610,179			(376,273	)		233,906			183,862			(18,281	)		165,581			0.45
As a percentage of net sales					37.9	%		23.4	%		14.5	%
Restructuring and other action-related charges:
Supply chain actions		—			9,308			—			9,308			9,308			—			9,308			0.03
Other restructuring costs		—			—			535			535			535			—			535			0.00
Tax effect on actions		—			—			—			—			—			(1,389	)		(1,389	)		0.00
Total restructuring and other action-related charges		—			9,308			535			9,843			9,843			(1,389	)		8,454			0.02
As adjusted	$	1,610,610		$	619,487		$	(375,738	)	$	243,749		$	193,705		$	(19,670	)	$	174,035		$	0.48
As a percentage of net sales					38.5	%		23.3	%		15.1	%

¹  Amounts may not be additive due to rounding.

²  Includes the results for the exited C9 Champion mass program and the DKNY intimate apparel license.

8

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Reconciliation of Select GAAP Measures to Non-GAAP Measures and Supplemental Financial Information

(in thousands, except per share data)

(Unaudited)

	Quarter Ended January 2, 2021
	Gross Profit			Selling, General and Administrative Expenses			Operating Profit (Loss)			Income (Loss) From Continuing Operations Before Income Tax Expense			Income Tax Benefit (Expense)			Income (Loss) From Continuing Operations			Diluted Earnings (Loss) Per Share From Continuing Operations1
As reported	$	99,199		$	(495,706	)	$	(396,507	)	$	(445,146	)	$	152,948		$	(292,198	)	$	(0.83	)
As a percentage of net sales		5.9	%		29.3	%		(23.5	)%
Restructuring and other action-related charges:
Supply chain actions		836			—			836			836			—			836			0.00
Other restructuring costs		(63	)		515			452			452			—			452			0.00
COVID-19 related charges:
Intangibles assets and goodwill		—			25,173			25,173			25,173			—			25,173			0.07
Full Potential plan:
Inventory SKU rationalization		192,704			—			192,704			192,704			—			192,704			0.55
PPE inventory write-off		362,913			—			362,913			362,913			—			362,913			1.03
PPE vendor commitments		26,400			—			26,400			26,400			—			26,400			0.08
Write-off of acquisition tax asset		—			16,858			16,858			16,858			—			16,858			0.05
Discrete tax benefits		—			—			—			—			(66,515	)		(66,515	)		(0.19	)
Tax effect on actions		—			—			—			—			(118,133	)		(118,133	)		(0.34	)
Total restructuring and other action-related charges		582,790			42,546			625,336			625,336			(184,648	)		440,688			1.25
As adjusted	$	681,989		$	(453,160	)	$	228,829		$	180,190		$	(31,700	)	$	148,490		$	0.42
As a percentage of net sales		40.4	%		26.8	%		13.5	%

	Quarter Ended December 28, 2019
	Net Sales			Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense			Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	1,610,012		$	633,129		$	(403,123	)	$	230,006		$	182,142		$	(23,528	)	$	158,614		$	0.43
Less exited programs2		(87,935	)		(30,514	)		9,307			(21,207	)		(21,207	)		1,241			(19,966	)		(0.05	)
As rebased		1,522,077			602,615			(393,816	)		208,799			160,935			(22,287	)		138,648			0.38
As a percentage of net sales					39.6	%		25.9	%		13.7	%
Restructuring and other action-related charges:
Supply chain actions		—			13,622			—			13,622			13,622			—			13,622			0.04
Program exit costs		—			4,616			—			4,616			4,616			—			4,616			0.01
Other restructuring costs		—			—			829			829			829			—			829			0.00
Tax effect on actions		—			—			—			—			—			(16,032	)		(16,032	)		(0.04	)
Total restructuring and other action-related charges		—			18,238			829			19,067			19,067			(16,032	)		3,035			0.01
As adjusted	$	1,522,077		$	620,853		$	(392,987	)	$	227,866		$	180,002		$	(38,319	)	$	141,683		$	0.39
As a percentage of net sales					40.8	%		25.8	%		15.0	%

¹  Amounts may not be additive due to rounding.

²  Includes the results for the exited C9 Champion mass program and the DKNY intimate apparel license.

9

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Reconciliation of Select GAAP Measures to Non-GAAP Measures and Supplemental Financial Information

(in thousands, except per share data)

(Unaudited)

	Year Ended January 2, 2021
	Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income (Loss) From Continuing Operations Before Income Tax Expense			Income Tax Benefit (Expense)			Income (Loss) From Continuing Operations			Diluted Earnings (Loss) Per Share From Continuing Operations1
As reported	$	1,602,700		$	(1,560,034	)	$	42,666		$	(142,227	)	$	109,940		$	(32,287	)	$	(0.09	)
As a percentage of net sales		26.2	%		25.5	%		0.7	%
Restructuring and other action-related charges:
Supply chain actions		19,636			—			19,636			19,636			—			19,636			0.06
Program exit costs		9,387			467			9,854			9,854			—			9,854			0.03
Other restructuring costs		(440	)		8,203			7,763			7,763			—			7,763			0.02
COVID-19 related charges:
Supply chain re-startup		45,149			3,459			48,608			48,608			—			48,608			0.14
Bad debt		—			9,418			9,418			9,418			—			9,418			0.03
Inventory		14,869			—			14,869			14,869			—			14,869			0.04
Intangibles assets and goodwill		—			25,173			25,173			25,173			—			25,173			0.07
Full Potential plan:
Inventory SKU rationalization		192,704			—			192,704			192,704			—			192,704			0.55
PPE inventory write-off		362,913			—			362,913			362,913			—			362,913			1.03
PPE vendor commitments		26,400			—			26,400			26,400			—			26,400			0.07
Write-off of acquisition tax asset		—			16,858			16,858			16,858			—			16,858			0.05
Discrete tax benefits		—			—			—			—			(69,628	)		(69,628	)		(0.20	)
Tax effect on actions		—			—			—			—			(135,714	)		(135,714	)		(0.38	)
Total restructuring and other action-related charges		670,618			63,578			734,196			734,196			(205,342	)		528,854			1.50
As adjusted	$	2,273,318		$	(1,496,456	)	$	776,862		$	591,969		$	(95,402	)	$	496,567		$	1.40
As a percentage of net sales		37.1	%		24.4	%		12.7	%

	Year Ended December 28, 2019
	Net Sales			Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense			Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	6,425,716		$	2,428,702		$	(1,578,017	)	$	850,685		$	643,560		$	(70,236	)	$	573,324		$	1.57
Less exited programs2		(419,447	)		(131,861	)		37,002			(94,859	)		(94,859	)		11,629			(83,230	)		(0.23	)
As rebased		6,006,269			2,296,841			(1,541,015	)		755,826			548,701			(58,607	)		490,094			1.34
As a percentage of net sales					38.2	%		25.7	%		12.6	%
Restructuring and other action-related charges:
Supply chain actions		—			52,832			—			52,832			52,832			—			52,832			0.14
Program exit costs		—			4,616			—			4,616			4,616			—			4,616			0.01
Other restructuring costs		—			—			5,067			5,067			5,067			—			5,067			0.01
Tax effect on actions		—			—			—			—			—			(22,159	)		(22,159	)		(0.06	)
Total restructuring and other action-related charges		—			57,448			5,067			62,515			62,515			(22,159	)		40,356			0.11
As adjusted	$	6,006,269		$	2,354,289		$	(1,535,948	)	$	818,341		$	611,216		$	(80,766	)	$	530,450		$	1.45
As a percentage of net sales					39.2	%		25.6	%		13.6	%

¹  Amounts may not be additive due to rounding.

²  Includes the results for the exited C9 Champion mass program and the DKNY intimate apparel license.

10

HANESBRANDS INC.

Reconciliation of Select GAAP Measures to Non-GAAP Measures and Supplemental Financial Information

(in thousands, except per share data)

(Unaudited)

The key components from discontinued operations related to the European Innerwear business are as follows:

	Quarters Ended												Year Ended			Quarters Ended												Year Ended
	March 30, 2019			June 29, 2019			September 28, 2019			December 28, 2019			December 28, 2019			March 28, 2020			June 27, 2020			September 26, 2020			January 2, 2021			January 2, 2021
Net sales	$	155,351		$	138,044		$	150,143		$	155,010		$	598,548		$	127,671		$	205,591		$	125,913		$	139,147		$	598,322
Operating profit (loss), as calculated under GAAP	$	10,036		$	9,707		$	5,893		$	13,409		$	39,045		$	(13,823	)	$	39,403		$	(14,516	)	$	(47,229	)	$	(36,165	)
Restructuring and other action-related charges		197			180			94			500			971			4,875			31,017			312			35,387			71,591
Operating profit (loss), as adjusted	$	10,233		$	9,887		$	5,987		$	13,909		$	40,016		$	(8,948	)	$	70,420		$	(14,204	)	$	(11,842	)	$	35,426
Income (loss) from discontinued operations, net of tax, as reported	$	5,433		$	(495	)	$	(3,914	)	$	26,372		$	27,396		$	(12,992	)	$	24,613		$	(14,947	)	$	(39,966	)	$	(43,292	)
Restructuring and other action-related charges		197			180			94			500			971			4,875			31,017			312			35,387			71,591
Tax effect on actions		(28	)		(25	)		(13	)		(277	)		(343	)		(708	)		(5,720	)		1,736			(8,978	)		(13,670	)
Income (loss) from discontinued operations, net of tax, as adjusted	$	5,602		$	(340	)	$	(3,833	)	$	26,595		$	28,024		$	(8,825	)	$	49,910		$	(12,899	)	$	(13,557	)	$	14,629
Diluted earnings (loss) per share from discontinued operations, as reported1	$	0.01		$	0.00		$	(0.01	)	$	0.07		$	0.07		$	(0.04	)	$	0.07		$	(0.04	)	$	(0.11	)	$	(0.12	)
Restructuring and other action-related charges		0.00		$	0.00			0.00			0.00			0.00			0.01			0.07			0.01			0.08			0.16
Diluted earnings (loss) per share from discontinued operations, as adjusted	$	0.02		$	0.00		$	(0.01	)	$	0.07		$	0.08		$	(0.02	)	$	0.14		$	(0.04	)	$	(0.04	)	$	0.04

¹  Amounts may not be additive due to rounding.

11

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Supplemental Financial Information - As REPORTED

(in thousands)

(Unaudited)

	Quarters Ended												Year Ended
	March 28, 2020			June 27, 2020			September 26, 2020			January 2, 2021			January 2, 2021
Segment net sales:
Innerwear	$	422,402		$	1,094,814		$	792,600		$	668,193		$	2,978,009
Activewear		288,000			168,379			324,921			403,113			1,184,413
International		428,230			251,285			506,203			525,714			1,711,432
Other		64,438			28,605			68,139			92,125			253,307
Total net sales	$	1,203,070		$	1,543,083		$	1,691,863		$	1,689,145		$	6,127,161
Segment operating profit (loss):
Innerwear	$	81,551		$	304,524		$	172,000		$	160,848		$	718,923
Activewear		8,108			(5,751	)		29,568			35,718			67,643
International		50,745			5,162			101,029			92,782			249,718
Other		(3,393	)		(11,929	)		3,059			2,123			(10,140	)
General corporate expenses/other		(64,734	)		(57,594	)		(64,312	)		(62,642	)		(249,282	)
Total operating profit before restructuring and other action-related charges		72,277			234,412			241,344			228,829			776,862
Restructuring and other action-related charges		(24,324	)		(32,279	)		(52,257	)		(625,336	)		(734,196	)
Total operating profit (loss)	$	47,953		$	202,133		$	189,087		$	(396,507	)	$	42,666

	Quarters Ended												Year Ended
	March 30, 2019			June 29, 2019			September 28, 2019			December 28, 2019			December 28, 2019
Segment net sales:
Innerwear	$	475,945		$	678,604		$	578,453		$	569,630		$	2,302,632
Activewear		405,340			448,277			548,117			452,970			1,854,704
International		490,829			430,819			513,382			495,798			1,930,828
Other		77,573			79,009			89,356			91,614			337,552
Total net sales	$	1,449,687		$	1,636,709		$	1,729,308		$	1,610,012		$	6,425,716
Segment operating profit:
Innerwear	$	104,626		$	149,530		$	121,467		$	140,368		$	515,991
Activewear		43,593			68,779			97,314			71,633			281,319
International		84,776			66,490			94,908			85,148			331,322
Other		2,435			7,994			12,898			10,112			33,439
General corporate expenses/other		(74,646	)		(60,471	)		(55,566	)		(58,188	)		(248,871	)
Total operating profit before restructuring and other action related charges		160,784			232,322			271,021			249,073			913,200
Restructuring and other action-related charges		(21,176	)		(12,429	)		(9,843	)		(19,067	)		(62,515	)
Total operating profit	$	139,608		$	219,893		$	261,178		$	230,006		$	850,685

12

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Supplemental Financial Information - As ADJUSTED

(in thousands)

(Unaudited)

	Quarters Ended												Year Ended
	March 28, 2020			June 27, 2020			September 26, 2020			January 2, 2021			January 2, 2021
Segment net sales:
Innerwear	$	422,402		$	1,094,814		$	792,600		$	668,193		$	2,978,009
Activewear		288,000			168,379			324,921			403,113			1,184,413
International		428,230			251,285			506,203			525,714			1,711,432
Other		64,438			28,605			68,139			92,125			253,307
Total net sales	$	1,203,070		$	1,543,083		$	1,691,863		$	1,689,145		$	6,127,161
Segment operating profit (loss):
Innerwear	$	81,551		$	304,524		$	172,000		$	160,848		$	718,923
Activewear		8,108			(5,751	)		29,568			35,718			67,643
International		50,745			5,162			101,029			92,782			249,718
Other		(3,393	)		(11,929	)		3,059			2,123			(10,140	)
General corporate expenses/other		(64,734	)		(57,594	)		(64,312	)		(62,642	)		(249,282	)
Total operating profit, as adjusted	$	72,277		$	234,412		$	241,344		$	228,829		$	776,862
	Quarters Ended												Year Ended
	March 30, 20191			June 29, 20191			September 28, 20191			December 28, 20191			December 28, 20191
Segment net sales:
Innerwear	$	466,414		$	657,477		$	562,285		$	558,302		$	2,244,478
Activewear		320,767			350,694			445,587			376,363			1,493,411
International		490,829			430,819			513,382			495,798			1,930,828
Other		77,573			79,009			89,356			91,614			337,552
Total net sales, as adjusted	$	1,355,583		$	1,517,999		$	1,610,610		$	1,522,077		$	6,006,269
Segment operating profit:
Innerwear	$	103,126		$	146,997		$	117,771		$	137,945		$	505,839
Activewear		24,170			45,855			73,738			52,849			196,612
International		84,776			66,490			94,908			85,148			331,322
Other		2,435			7,994			12,898			10,112			33,439
General corporate expenses/other		(74,646	)		(60,471	)		(55,566	)		(58,188	)		(248,871	)
Total operating profit, as adjusted	$	139,861		$	206,865		$	243,749		$	227,866		$	818,341

¹ Results for the quarters ended March 30, 2019, June 29, 2019, September 28, 2019, December 28, 2019 and year ended December 28, 2019 reflect adjustments for the exited C9 Champion mass program and the DKNY intimate apparel license.

13

TABLE 4

HANESBRANDS INC.

Supplemental Financial Information

Reconciliation of GAAP Outlook to Adjusted Outlook

(in millions, except per share data)

(Unaudited)

First Quarter 2021	HBI Continuing Operations - Adjusted		European Innerwear - Adjusted1			HBI Adjusted incl. European Innerwear2		Company Guidance Adjusted3	Charges - Continuing Operations			European Innerwear - Discontinued Operations			HBI GAAP			Company Guidance - GAAP
Net sales	$	1,508	$	125		$	1,633	$1,485 to $1,515	$	—		$	(125	)	$	1,508		$1,485 to $1,515
Operating profit (loss)	$	210	$	(7	)	$	203	$150 to $160	$	(19	)	$	7		$	190		$140 to $150
Diluted earnings (loss) per share	$	0.39	$	(0.02	)	$	0.37	$0.24 to $0.27	$	(0.02	)	$	(1.11	)	$	(0.75	)	$0.24 to $0.27

¹  Includes elimination of intercompany supply chain sales to the European Innerwear business of $ 11 million included in net sales from continuing operations.

²  Comparable to February 9, 2021 guidance and May 10, 2021 consensus estimates.

³  Provided February 9, 2021, first quarter 2021 only.

	Quarter Ended	Year Ended
	July 3, 2021	January 1, 2022
Operating profit outlook, as calculated under GAAP	$179 to $189	$730 to $760
Restructuring and other action-related charges	$21	$85
Operating profit outlook, as adjusted	$200 to $210	$815 to $845
Diluted earnings per share from continuing operations, as calculated under GAAP1	$0.32 to $0.35	$1.33 to $1.41
Restructuring and other action-related charges	$0.05	$0.18
Diluted earnings per share from continuing operations, as adjusted	$0.37 to $0.40	$1.51 to $1.59

¹ The company expects approximately 352 million diluted weighted average shares outstanding for the quarter ended July 3, 2021 and approximately 353 million diluted weighted average shares outstanding for the year ended January 1, 2022.

14

Appendix

15

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Supplemental Financial Information

Reconciliation of Select GAAP Measures to Non-GAAP Measures

(in thousands, except per share data)

(Unaudited)

TABLE 5

The following table presents a reconciliation of International reported net sales on a constant currency basis for the quarter ended April 3, 2021 and a comparison to prior year:

	Quarter Ended April 3, 2021						Quarter Ended March 28, 2020		% Change, As Reported			% Change, Constant Currency
	As Reported		Impact from Foreign Currency1		Constant Currency
As reported under GAAP:
International segment net sales	$	506,261	$	43,073	$	463,188	$	428,230		18.2	%		8.2	%

The following tables present a reconciliation of reported results to adjusted results for the quarters ended April 3, 2021 and March 28, 2020:

	Quarter Ended April 3, 2021
	Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense		Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	602,681		$	(412,559	)	$	190,122		$	143,101	$	(14,697	)	$	128,404		$	0.37
As a percentage of net sales		40.0	%		27.4	%		12.6	%
Restructuring and other action-related charges:
Full Potential Plan:
Professional services		—			11,706			11,706			11,706		—			11,706			0.03
Impairment of intangible assets		—			7,302			7,302			7,302		—			7,302			0.02
Other		2,807			(2,422	)		385			385		—			385			—
Discrete tax benefit		—			—			—			—		(7,295	)		(7,295	)		(0.02	)
Tax effect on actions		—			—			—			—		(4,007	)		(4,007	)		(0.01	)
Total restructuring and other action-related charges		2,807			16,586			19,393			19,393		(11,302	)		8,091			0.02
As adjusted	$	605,488		$	(395,973	)	$	209,515		$	162,494	$	(25,999	)	$	136,495		$	0.39
As a percentage of net sales		40.2	%		26.3	%		13.9	%
	Quarter Ended March 28, 2020
	Gross Profit			Selling, General and Administrative Expenses			Operating Profit			Income From Continuing Operations Before Income Tax Expense		Income Tax Expense			Income From Continuing Operations			Diluted Earnings Per Share From Continuing Operations1
As reported	$	418,168		$	(370,215	)	$	47,953		$	5,825	$	(707	)	$	5,118		$	0.01
As a percentage of net sales		34.8	%		30.8	%		4.0	%
Restructuring and other action-related charges:
Supply chain actions		14,065			—			14,065			14,065		—			14,065			0.04
Program exit costs		7,746			467			8,213			8,213		—			8,213			0.02
Other restructuring costs		—			2,046			2,046			2,046		—			2,046			0.01
Tax effect on actions		—			—			—			—		(3,526	)		(3,526	)		(0.01	)
Total restructuring and other action-related charges		21,811			2,513			24,324			24,324		(3,526	)		20,798			0.06
As adjusted	$	439,979		$	(367,702	)	$	72,277		$	30,149	$	(4,233	)	$	25,916		$	0.07
As a percentage of net sales		36.6	%		30.6	%		6.0	%

¹  Amounts may not be additive due to rounding.

16

HANESBRANDS INC.

Including European Innerwear Business as Discontinued Operations

Supplemental Financial Information

Reconciliation of Select GAAP Measures to Non-GAAP Measures

(in thousands, except per share data)

(Unaudited)

	Years Ended
	January 2, 20211			January 1, 20221,2
Free cash flow:
Net cash from operating activities	$	448,469		$	525,000
Capital expenditures		(53,735	)		(140,000	)
Free cash flow	$	394,734		$	385,000

¹  Free cash flow includes the results from continuing and discontinued operations.

² Represents the 2021 outlook for free cash flow.

Hanesbrands is unable to reconcile projections of financial performance beyond 2021 without unreasonable efforts, because the company cannot predict, with a reasonable degree of certainty, the type and extent of certain items that would be expected to impact these figures in 2022 and beyond, such as net sales, operating profit, tax rates and action related charges.

17