Russell (RML) 8-K Amendment to Rights Agreement

EXHIBIT 99.2

For Immediate Release:	Contact:	K. Roger Holliday (Financial)
		(678) 742-8181
		Nancy Young (Media) (678) 742-8118

RUSSELL EXCEEDS CONSENSUS EPS ESTIMATES

ON RECORD FIRST QUARTER SALES

Reaffirms Sales and Earnings Guidance for 2005

ATLANTA, GA (April 28, 2005) – Russell Corporation (NYSE: RML) today reported fiscal 2005 first quarter net sales of $313.2 million, a 24% increase over the comparable period last year, that also sets a new sales record for the first quarter. The Company reported first quarter earnings of $2.2 million, or $.07 per diluted share, versus earnings of $0.5 million, or $.02 per diluted share, in first quarter 2004.

Sales for the quarter ended April 3, 2005, reflect a 3% increase in the Company’s ongoing businesses, in addition to $54 million of incremental sales for acquisitions owned for less than a year. Excluding the impact of the revenue associated with the Major League Baseball contract, which expired in 2004, company-wide organic sales were up 5% over a year ago.

In addition to a strong showing by Brooks, with sales up more than 30% over their 2004 first quarter, sales increases were led by JERZEES, with particular strength in the artwear channel.

“We are pleased that Brooks has made such a significant contribution and exceeded our expectations for the quarter,” said Jack Ward, chairman and CEO. “We also were extremely pleased to have sales growth from our core businesses in addition to our acquisitions,” said Ward. “Organic gains in the quarter were led by JERZEES with activewear sales increases in the artwear channel in the mid teens. JERZEES also experienced nearly double digit growth in mass retail.”

Gross profit was $85.9 million, or a 27.4% gross margin, for the 2005 first quarter versus a gross profit of $64.6 million, or a 25.7% gross margin, in the prior year. Lower manufacturing costs and contributions from acquisitions positively impacted gross profit during the quarter.

Selling, general and administrative expenses (“SG&A”) for the 2005 first quarter were $73.5 million, or 23.5 % of net sales, versus last year’s $56.5 million, or 22.4% of net sales in the comparable period last year. SG&A increased primarily due to the higher relative

SG&A expenses associated with recent acquisitions. The first quarter of 2005 includes approximately $.02 cents per share in extra expenses associated with the compliance and testing of Sarbanes-Oxley 404.

Outlook

“With our solid start to the year, we are reaffirming our 2005 fiscal year guidance for sales and earnings. We continue to expect sales to be in the range of $1.50 billion to $1.52 billion versus $1.298 billion last year,” said Ward. “Additionally, we are reaffirming our quarterly ongoing earnings guidance issued earlier this year.”

“We continue to see positive results from our expansion in all three categories of the sporting goods business: sports apparel, sporting goods equipment and performance footwear,” added Ward.

“As we continue to develop new opportunities and expand programs within our core brands, we believe our strategy to maximize our presence in the sporting goods industry will drive continued sales and earnings increases beyond 2005. Our current sales outlook remains positive due to these efforts, and we are confident that expected synergies from our acquisitions will lead to improved levels of profitability longer term,” Ward added.

Conference Call Information

Management will have a conference call today, April 28, 2005, at 8:30 a.m. Eastern Time to discuss the first quarter results. The call may be accessed at (877) 264 -7865 (domestically), and (706) 634-4917 (internationally), using conference call ID number 5418817. The call will also be simultaneously web cast via the Investor Relations homepage of the Company’s website atwww.russellcorp.com. A replay of the call will be available through the website for 30 days. In addition, you can register through the above referenced website if you would like to receive press releases, conference call reminders and other notices.

About Russell Corporation

Russell Corporation is a leading branded athletic and sporting goods company marketing athletic apparel, uniforms, footwear and equipment for a wide variety of sports, outdoor and fitness activities. The Company’s major brands includeRussell Athletic^®, JERZEES^®, Spalding^®, Brooks^®, Huffy Sports^®, Bike^®, Moving Comfort^®, andMossy Oak^®. The Company’s common stock is listed on the New York Stock Exchange under the symbol RML and its web site address ishttp://www.russellcorp.com.

Forward Looking Statement

This Press Release includes “forward-looking” statements (as defined by the Private Securities Litigation Reform Act of 1995 (the “Act”)) that describe our beliefs concerning future business conditions, prospects, growth opportunities, and the outlook for the Company based upon currently available information. Wherever possible, we have identified these statements by words such as “anticipate”, “believe”, “intend”, “expect”, “continue”, “could”, “may”, “plan”, “project”, “predict”, “will” and similar

expressions. We include such statements because we believe it is important to communicate our future expectations to our shareholders, and we therefore make such statements in reliance upon the safe harbor provisions of the Act. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any projections of sales and quarterly earnings. These forward-looking statements are based upon assumptions that we believe are reasonable. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: (a) our mix of products sold; (b) our strategy for developing new business opportunities and expanded business programs; (c) risks related to the Brooks, Huffy Sports and American Athletic acquisitions, our ability to realize synergies associated with those acquisitions, and our overall acquisition strategy; and (d) other risk factors listed in our reports filed with the Securities and Exchange Commission from time to time. We undertake no obligation to revise the forward-looking statements included in this Press Release to reflect any future events or circumstances. Our actual results, performance or achievements could differ materially from the results expressed or implied by any forward-looking statements contained in this Press Release.

- Tables to follow -

RUSSELL CORPORATION

Consolidated Statements of Income

(Amounts in Thousands Except Share and Per Share Amounts)

	13 Weeks Ended 4/03/05			13 Weeks Ended 4/04/04
Net sales	$	313,242		$	251,793
Cost of goods sold		227,351			187,160
Gross profit		85,891			64,633
Selling, general and administrative expenses		73,517			56,478
Other (income) expense - net		(546	)		138
Operating income		12,920			8,017
Interest expense, net		8,889			7,187
Non-controlling interests		674			—
Income before income taxes		3,357			830
Provision for income taxes		1,175			299
Net income	$	2,182		$	531
Weighted-average common shares outstanding:
Basic		32,856,924			32,546,574
Diluted		33,195,681			32,834,510
Net income per common share:
Basic	$	0.07		$	0.02
Diluted	$	0.07		$	0.02

RUSSELL CORPORATION

Consolidated Balance Sheets

(Amounts in Thousands Except Share and Per Share Amounts)

	4/03/05			1/01/05			4/04/04
ASSETS
Current assets:
Cash	$	29,209		$	29,816		$	35,225
Accounts receivable, net		241,179			212,063			178,415
Inventories		445,825			411,701			380,972
Prepaid expenses and other current assets		19,608			17,737			16,732
Income tax receivable		14,252			6,101			15,337
Total current assets		750,073			677,418			626,681
Property, plant & equipment, net		322,461			322,890			323,172
Other assets		252,260			253,801			129,880
Total assets	$	1,324,794		$	1,254,109		$	1,079,733
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	92,353		$	94,642		$	71,204
Accrued expenses		83,904			95,780			73,544
Deferred income taxes		14,223			4,054			5,562
Short-term debt		20,359			18,190			8,942
Current maturities of long-term debt		6,990			6,938			6,850
Total current liabilities		217,829			219,604			166,102
Long-term debt, less current maturities		438,901			372,921			319,294
Deferred liabilities:
Income taxes		19,359			20,286			6,609
Pension and other		66,500			64,351			58,943
Non-controlling interests		14,742			14,096			12,075
Commitments and contingencies		—			—			—
Stockholders’ equity:
Common stock, par value $.01 per share; authorized 150,000,000 shares, issued 41,419,958 shares		414			414			414
Paid-in capital		40,206			40,716			38,552
Retained earnings		756,671			755,799			712,310
Treasury stock, at cost		(198,169	)		(201,171	)		(206,802	)
Accumulated other comprehensive loss		(31,659	)		(32,907	)		(27,764	)
Total stockholders’ equity		567,463			562,851			516,710
Total liabilities & stockholders’ equity	$	1,324,794		$	1,254,109		$	1,079,733

RUSSELL CORPORATION

Consolidated Statements of Cash Flows

(Amounts in Thousands)

	April 3, 2005			April 4, 2004
Operating Activities:
Net income	$	2,182		$	531
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation		12,501			11,442
Amortization		934			298
Earnings of non-controlling interests		(674	)		—
Provision for deferred income taxes		8,178			—
Other		2,903			71
Changes in operating assets & liabilities:
Trade accounts receivable		(33,862	)		(1,275	)
Inventories		(35,048	)		(31,078	)
Prepaid expenses and other current assets		(1,918	)		(139	)
Other assets		167			3,855
Accounts payable and accrued expenses		(11,175	)		(9,279	)
Income taxes		(8,079	)		(798	)
Pension and other deferred liabilities		2,149			(922	)
Net cash used in operating activities		(61,742	)		(27,294	)
Investing Activities:
Purchases of property, plant & equipment		(12,002	)		(3,241	)
Proceeds from the sale of property, plant & equipment and other assets		114			502
Net cash refund from (paid for) acquisitions, joint ventures and other		3,903			(1,965	)
Other		300			1,319
Net cash used in investing activities		(7,685	)		(3,385	)
Financing Activities:
Borrowings on credit facility and other – net		64,610			37,645
Borrowings on short-term debt		3,863			992
Dividends on common stock		(1,311	)		(1,301	)
Treasury stock re-issued		1,653			679
Cost of common stock for treasury		(8	)		(17	)
Net cash provided by financing activities		68,807			37,998
Effect of exchange rate changes on cash		13			(69	)
Net (decrease) increase in cash		(607	)		7,250
Increase in cash from consolidating Frontier Yarns, LLC		—			7,859
Cash balance at beginning of period		29,816			20,116
Cash balance at end of period	$	29,209		$	35,225