Net sales for the third quarter came in at $870 million, up 2% over the prior year.
Activewear sales were essentially flat during the quarter, while Hosiery and underwear sales were up 16%.
Gross profit was $239 million, or 27.5% of sales, down $13 million and 220 basis points, respectively, versus the prior year.
SG&A expenses were flat year over year, at 9.5% of sales.
Operating income was $155 million, or 17.8% of sales, and adjusted operating income was $157 million, or 18.1% of sales, down respectively 270 and 190 basis points compared to the prior year.
GAAP diluted EPS and adjusted diluted EPS for the quarter were $0.73 and $0.74, respectively, both down from $0.84 in the prior year.
Cash flows from operating activities in the third quarter totaled $305 million versus $66 million in the prior year.
Free cash flow was $265 million, compared to the use of $7 million of free cash flow in the prior year period.
Year-to-date Operating Results
Net sales for the nine months ended October 1, 2023, were $2,413 million, down 4% over the same period last year.
Activewear sales were down 7%, while Hosiery and underwear sales were up 10%.
Gross profit was $644 million, down $114 million versus the prior year.
SG&A expenses were $242 million, $11 million below prior year levels.
Operating income was $466 million, or 19.3% of sales.
Adjusted operating income was $398 million, or 16.5% of sales, down $105 million, or 350 basis points year over year.
GAAP diluted EPS and adjusted diluted EPS for the first nine months were $2.14 and $1.82 respectively, both down from GAAP diluted EPS and adjusted diluted EPS of $2.46, in the prior year.
