HanesBrands Updates Fourth Quarter 2022 Financial Outlook; Announces Departure Of Chief Financial Officer Michael Dastugue And Refinancing Plans

WINSTON-SALEM, N.C. — January 12, 2023 — HanesBrands Inc., a global supplier of iconic apparel brands, today announced that it expects to report fourth-quarter 2022 net sales slightly above the top end of its outlook range and adjusted operating profit at the midpoint of the range. The company also announced that it will hold its regular fourth-quarter investor conference call at 8:30 a.m. EST Thursday, February 2, 2023.

“We are pleased we delivered fourth quarter net sales and adjusted operating profit that were above or in-line with our outlook given the dynamic macro environment, including ending 2022 with inventory units below last year’s level,” said Steve Bratspies, CEO HanesBrands. “Our Full Potential plan is progressing, and we have a clear financial strategy that we will continue to execute, including plans to refinance upcoming maturities as well as increase cost savings.”

The company also announced that its CFO, Michael Dastugue, has resigned effective February 28, 2023 for family reasons. Scott Lewis, the company’s chief accounting officer and controller will become interim chief financial officer until a successor for Dastugue is named. The company has initiated a comprehensive search to fill the CFO role with the support of a leading executive search firm. Dastugue will continue to serve the company in a financial consultancy position through the second quarter of 2023. The company noted that Dastugue’s departure is not the result of any disagreement with the company on any matter relating to the company’s operations, policies, or practices.

“On behalf of our board, our management team and the entire HanesBrands family, I would like to express our sincere thanks to Michael for his leadership and significant contributions to our company,” Bratspies said. “Michael has been a great partner to me personally. I value his friendship, and I respect his request to spend more time with his family.

“We are very fortunate to have a strong financial team at HanesBrands, and I am pleased to have Scott Lewis step back into the Interim CFO position — a role he held and performed extremely well prior to Michael joining the company. With Scott and our entire financial organization in place, we believe we are well positioned to take the appropriate amount of time to select the best candidate for the CFO position.”

Dastugue said: “I would like to thank Steve and the Board for selecting me for the CFO role. I have sincerely enjoyed working with the entire HanesBrands team, and I’m truly appreciative of the organization for understanding my desire to spend more time with my family. I am confident that the company will continue to aggressively execute the Full Potential plan, and I wish everyone at the company great success in the coming years.”

Posted: January 13, 2023

Source: HanesBrands Inc.