Exhibit 99.3
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
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.
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| Financial Tables | | | |
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| Table 1-A - Condensed Consolidated Statements of Operations, As REPORTED | | 3 | |
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| Table 1-B - Condensed Consolidated Statements of Operations - Continuing Operations, As ADJUSTED | | 4 | |
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| Table 2-A - Reconciliation of Select GAAP Measures to Non-GAAP Measures - Continuing Operations | | 5 | |
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Table 2-B - Reconciliation of Select GAAP Measures to Non-GAAP Measures - Discontinued Operations (Global Champion and U.S.-Based Outlet Store Businesses) | | 10 | |
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| Table 3 - Supplemental Financial Information by Business Segment - Continuing Operations | | 11 | |
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| Table 4 - Impact of Foreign Currency and Organic Constant Currency - Continuing Operations (first quarter of 2024) | | 12 | |
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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 Ended | | Year
Ended | | Quarters Ended | | Year
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 | 634,652 | | | 672,437 | | | 660,108 | | | 619,400 | | | 2,586,597 | | | 601,651 | | | 678,211 | | | 611,513 | | | 523,845 | | | 2,415,220 | | | 468,898 | |
| Gross profit | 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 | % |
| Selling, general and administrative expenses | 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 | % |
| Operating profit | 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 | % |
| Other expenses | 934 | | | 1,851 | | | 2,907 | | | 3,546 | | | 9,238 | | | 14,738 | | | 7,239 | | | 9,079 | | | 7,270 | | | 38,326 | | | 9,229 | |
| Interest expense, net | 28,737 | | | 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 taxes | 60,731 | | | 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 | | | 3 | | | 448,426 | | | 447,782 | | | 16,180 | | | 12,826 | | | 21,280 | | | (64,196) | | | (13,910) | | | 9,883 | |
| Income (loss) from continuing operations | 63,240 | | | 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 tax | 55,462 | | | 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) | |
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| 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 operations | 0.16 | | | 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) | |
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| 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 operations | 0.16 | | | 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) | |
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| Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | | | |
| Basic | 350,251 | | | 349,772 | | | 349,884 | | | 349,974 | | | 349,970 | | | 350,435 | | | 350,501 | | | 350,667 | | | 350,765 | | | 350,592 | | | 351,576 | |
| Diluted | 351,453 | | | 350,303 | | | 350,316 | | | 349,974 | | | 349,970 | | | 350,435 | | | 350,501 | | | 350,667 | | | 351,566 | | | 351,057 | | | 351,576 | |
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)
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| | Quarters Ended | | Year
Ended | | Quarters Ended | | Year
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 adjusted | 633,896 | | | 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 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 | % |
| 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 | % |
| 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 | % |
| Other expenses, as adjusted | 934 | | | 1,851 | | | 2,907 | | | 3,546 | | | 9,238 | | | 6,388 | | | 7,239 | | | 9,079 | | | 7,270 | | | 29,976 | | | 9,229 | |
| Interest expense, net, as adjusted | 28,737 | | | 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 adjusted | 65,499 | | | 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) | |
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| 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) | |
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| 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) | |
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| Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | | | |
| Basic | 350,251 | | | 349,772 | | | 349,884 | | | 349,974 | | | 349,970 | | | 350,435 | | | 350,501 | | | 350,667 | | | 350,765 | | | 350,592 | | | 351,576 | |
| Diluted | 351,453 | | | 350,303 | | | 350,316 | | | 349,974 | | | 350,606 | | | 350,435 | | | 350,631 | | | 350,667 | | | 351,566 | | | 350,592 | | | 351,576 | |
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)
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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: |
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| Supply chain restructuring and consolidation | Represents 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. |
| Technology | Represents 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 sale | Represents 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 debt | Represents 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 contracts | Primarily 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. |
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| | Quarters Ended | | Year
Ended | | Quarters Ended | | Year
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 consolidation | 1,020 | | | 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 | 1 | | | (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 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Quarters Ended | | Year
Ended | | Quarters Ended | | Year
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 severance | 1,665 | | | (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 sale | 6,528 | | | 4,340 | | | (4,310) | | | (3,023) | | | 3,535 | | | 2,139 | | | (7,338) | | | 1,558 | | | — | | | (3,641) | | | — | |
| Other | 162 | | | (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 | % |
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| | Quarters Ended | | Year
Ended | | Quarters Ended | | Year
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 consolidation | 1,020 | | | 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 | |
| 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 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 | | | 4 | |
| 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 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Quarters Ended | | Year
Ended | | Quarters Ended | | Year
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 Ended | | Year
Ended | | Quarters Ended | | Year
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 consolidation | 1,020 | | | 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 | |
| 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 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 | | | 4 | |
| 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Quarters Ended | | Year
Ended | | Quarters Ended | | Year
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) benefit | 805 | | | 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 Ended | | Year
Ended | | Quarters Ended | | Year
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 consolidation | 1,020 | | | 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 | |
| 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 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 | | | 4 | |
| 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 consolidation | 0.00 | | | 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 | |
| Technology | 0.01 | | | 0.01 | | | 0.01 | | | 0.01 | | | 0.03 | | | 0.01 | | | 0.01 | | | 0.00 | | | 0.00 | | | 0.02 | | | 0.00 | |
| Professional services | 0.02 | | | 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 | | | — | |
| Other | 0.00 | | | 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 actions | 0.00 | | | 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) | |
| | | | | |
| 1 | Amounts may not be additive due to rounding. |
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 Ended | | Year
Ended | | Quarters Ended | | Year
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 charges | 34 | | | 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 charges | 34 | | | 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: | | | | | | | | | | | | | | | | | | | | | |
| Basic | 350,251 | | | 349,772 | | | 349,884 | | | 349,974 | | | 349,970 | | | 350,435 | | | 350,501 | | | 350,667 | | | 350,765 | | | 350,592 | | | 351,576 | |
| Diluted | 351,453 | | | 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.
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 Ended | | Year
Ended | | Quarters Ended | | Year
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 | |
| International | 280,900 | | | 284,697 | | | 268,232 | | | 301,795 | | | 1,135,624 | | | 256,339 | | | 264,406 | | | 255,784 | | | 276,506 | | | 1,053,035 | | | 233,549 | |
| Other | 68,566 | | | 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 | |
| International | 42,696 | | | 34,354 | | | 31,395 | | | 44,013 | | | 152,458 | | | 22,544 | | | 21,701 | | | 24,570 | | | 48,234 | | | 117,049 | | | 20,498 | |
| Other | 7,282 | | | 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 charges | 95,170 | | | 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 | |
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 profit | 309,315 | | | (9,270) | | | 318,585 | | | 282,379 | | | 9.5 | | | 12.8 | |
| Operating profit | 39,108 | | | (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 profit | 309,518 | | | (9,270) | | | 318,788 | | | 283,895 | | | 9.0 | | | 12.3 | |
| Operating profit | 54,077 | | | (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) | % |
| | | | | |
| 1 | Effect 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. |
| 3 | Amounts 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 Currency | | As 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) | % |
| | | | | |
| 1 | Effect 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 | The Company sold its U.S. Sheer Hosiery business on September 29, 2023. |
