Hanesbrands Reaffirms 2013 Guidance in Conjunction with Presentation at Goldman Sachs Global Retailing Conference

  Hanesbrands Reaffirms 2013 Guidance in Conjunction with Presentation at
  Goldman Sachs Global Retailing Conference

Company also Updates Progress of Maidenform Brands Acquisition; Company
Expects the Acquisition to Close by Oct. 8, 2013, Contingent Upon Maidenform
Stockholder Approval

Goldman Sachs Global Retailing Conference 2013

Business Wire

WINSTON-SALEM, N.C. -- September 10, 2013

HanesBrands (NYSE:HBI), a leading marketer of everyday basic apparel under
world-class brands, today announced that it is reaffirming its 2013 financial
guidance in conjunction with investor meetings and a presentation and webcast
Wednesday, Sept. 11, 2013, at the Goldman Sachs Global Retailing Conference.

Hanes reaffirmed its full-year 2013 guidance for sales of approximately $4.55
billion; operating profit of $550 million to $575 million; EPS of $3.50 to
$3.65; and free cash flow of $450 million to $550 million. The company’s
guidance does not reflect any potential contributions or impact from the
acquisition of Maidenform Brands, Inc., which is expected to close in the
fourth quarter.

“We continue to track to our expectations for significant margin expansion in
2013 with strong year-over-year growth for operating profit, EPS and cash
flow,” Hanes Chairman and Chief Executive Officer Richard A. Noll said.
“Back-to-school sales started softer than desired, as many retailers have
announced, but we saw sell-through trends for our products improve in late
August and early September. Our Innovate-to-Elevate platforms continue to
succeed and are driving margin expansion.”

Noll and company Chief Financial Officer Richard D. Moss will meet with
investors and make a presentation on Wednesday at the Goldman Sachs conference
in New York City. The presentation, which will consist of five to 10 minutes
of company remarks followed by a Goldman Sachs-moderated question-and-answer
session, will be webcast live from 1:30 to 2:10 p.m. and will be accessible
via the Hanes corporate website, www.hanes.com/investors.

The company anticipates taking questions at the conference regarding the
progress of its proposed acquisition of Maidenform Brands (NYSE:MFB). Hanes
announced July 24, 2013, that it had entered into a definitive agreement to
acquire Maidenform Brands for $23.50 per share in an all-cash transaction
valued at approximately $575 million on an enterprise-value basis.

The acquisition is expected to close by Tuesday, Oct. 8, 2013, pending
approval by Maidenform stockholders voting at a special meeting on Thursday,
Oct. 3, 2013, and satisfaction of other customary closing conditions.

The acquisition has already received regulatory clearance. Maidenform
announced Aug. 28, 2013, that it had been notified by the Premerger
Notification Office of the Federal Trade Commission of the early termination
of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976.

As previously communicated, Hanes expects the acquisition to be accretive to
earnings per share in the first 12 months after closing and is projected to
deliver full benefits within three years of more than $500 million in
incremental annual sales, $0.60 in EPS, $80 million of operating profit, and
$65 million of free cash flow.

“The acquisition of Maidenform would add to our momentum and true earnings
power of our business,” Noll said. “A reasonable goal for 2014 EPS is in the
low $4 range, including a potential 10- to 15-cent contribution from
Maidenform.”

Note on Non-GAAP Terms and Definitions

Free cash flow is not a generally accepted accounting principle measure.

Free cash flow is defined as net cash from operating activities less net
capital expenditures. Free cash flow may not be representative of the amount
of residual cash flow that is available to the company for discretionary
expenditures since it may not include deductions for mandatory debt-service
requirements and other nondiscretionary expenditures. The company believes,
however, that free cash flow is a useful measure of the cash-generating
ability of the business relative to capital expenditures and financial
performance. For 2013 guidance, net cash provided by operating activities is
expected to be approximately $500 million to $600 million and net capital
expenditures are expected to be approximately $50 million, resulting in
expectations for non-GAAP free cash flow of approximately $450 million to $550
million.

Hanes has chosen to provide this measure to investors to enable additional
analyses of past, present and future operating performance and as a
supplemental means of evaluating company operations. 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.

Cautionary Statement Concerning Forward-Looking Statements

This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements include all statements that
do not relate solely to historical or current facts, and can generally be
identified by the use of words such as “may,” “believe,” “will,” “expect,”
“project,” “estimate,” “intend,” “anticipate,” “plan,” “continue” or similar
expressions. In particular, among others, statements about 2013 guidance and
the HanesBrands acquisition of Maidenform (the “acquisition”), including the
expected impact on HanesBrands’ sales, earnings, operating profit and free
cash flow, the anticipated funding of the acquisition and the expected timing
for closing the acquisition are forward-looking statements. Forward-looking
statements inherently involve many risks and uncertainties that could cause
actual results to differ materially from those projected in these statements.
Where, in any forward-looking statement, we express an expectation or belief
as to future results or events, such expectation or belief is based on the
current plans and expectations of our management, expressed in good faith.
However, there can be no assurance that the expectation or belief will result
or will be achieved or accomplished, and actual results may differ materially
from those contemplated by the forward-looking statements. A number of
important factors could cause actual results to differ materially from those
contemplated by the forward-looking statements, including, but not limited to
our ability to achieve expected synergies and successfully complete the
integration of Maidenform, events that could give rise to a termination of the
merger agreement or failure to receive necessary approvals or funding for the
acquisition, the outcome of any litigation related to the acquisition, and the
level of expenses and other charges related to the acquisition and the funding
thereof. For further information regarding the risks associated with
HanesBrands’ and Maidenform’s businesses, please refer to their respective
filings with the SEC and the proxy statement and other materials that have
been filed with the SEC by Maidenform in connection with the acquisition.
There can be no assurance that the acquisition will be completed, or if it is
completed, that it will close within the anticipated time period or that the
expected benefits of the acquisition will be realized. We believe these
forward-looking statements are reasonable; however, undue reliance should not
be placed on any forward-looking statements, which are based on current
expectations. All forward-looking statements speak only as of the date hereof.
We undertake no obligation to update or revise forward-looking statements that
may be made to reflect events or circumstances that arise after the date made
or to reflect the occurrence of unanticipated events, other than as required
by law.

Additional Information and Where to Find It

In connection with the acquisition, Maidenform has filed a definitive proxy
statement with the U.S. Securities and Exchange Commission (the “SEC”).
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND
OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT MAIDENFORM AND THE ACQUISITION. Investors and
security holders may obtain free copies of these documents and other documents
filed with the SEC at the SEC’s web site at www.sec.gov. In addition, the
documents filed by Maidenform with the SEC may be obtained free of charge by
contacting Maidenform’s investor relations department by telephone at (732)
621-2300 or via email at ir@maidenform.com. Maidenform’s filings with the SEC
are also available for free on its website at ir.maidenform.com.

Participants in the Solicitation

Maidenform and its officers and directors and HanesBrands and its officers and
directors may be deemed to be participants in the solicitation of proxies from
Maidenform stockholders with respect to the acquisition. Information about
Maidenform’s officers and directors and their ownership of Maidenform common
shares is set forth in the definitive proxy statement filed with the SEC on
Aug. 27, 2013, for the special meeting of Maidenform stockholders to be held
on Oct. 3, 2013, in connection with the acquisition. Information about
HanesBrands’ officers and directors is set forth in the proxy statement for
HanesBrands’ 2013 Annual Meeting of Stockholders, which was filed with the SEC
on Feb. 21, 2013. Investors and security holders may obtain more detailed
information regarding the direct and indirect interests of the participants in
the solicitation of proxies in connection with the acquisition by reading the
definitive proxy statement regarding the acquisition that Maidenform filed
with the SEC on Aug. 27, 2013, and other relevant documents regarding the
merger.

HanesBrands

HanesBrands is a socially responsible leading marketer of everyday basic
apparel under some of the world’s strongest apparel brands, including Hanes,
Champion, Playtex, Bali, JMS/Just My Size, barely there, Wonderbra and Gear
for Sports. The company sells T-shirts, bras, panties, men’s underwear,
children’s underwear, socks, hosiery, and activewear produced in the company’s
low-cost global supply chain. Ranked No. 512 on the Fortune 1000 list, Hanes
has approximately 51,500 employees in more than 25 countries and takes pride
in its strong reputation for ethical business practices. Hanes is a U.S.
Environmental Protection Agency Energy Star 2013 and 2012 Sustained Excellence
Award winner and 2010 and 2011 Partner of the Year. The company ranks No. 141
on Newsweek magazine’s list of Top 500 greenest U.S. companies. More
information about the company and its corporate social responsibility
initiatives, including environmental, social compliance and community
improvement achievements, may be found on the Hanes corporate website at
www.HanesBrands.com.

Contact:

HanesBrands
News Media:
Matt Hall, 336-519-3386
or
Analysts and Investors:
T.C. Robillard, 336-519-2115
 
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