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Gildan Activewear Inc. says its net income decreased 8.5 per cent to US$99.7 million despite sales reaching a second-quarter record high.

The Montreal-based clothing manufacturer, which reports in U.S. dollars, says it earned 49 cents per diluted share, down from 51 cents per share or $109-million a year earlier.

Excluding restructuring and acquisition-related costs, adjusted net profits rose 3.1 per cent to $115-million or 56 cents per share. That compared with $111.5-million or 52 cents per share in the second quarter of 2018.

Revenues for the period ended June 30 were $801.6-million, up 4.9 per cent from $764.2-million in the prior year. Shirt sales were positive and underwear sales were up more than 50 per cent following the launch of a new private label program with its largest mass retail customer. However, sock sales were down partly the result of the ending of a dollar store program.

Gildan was expected to record 55 cents per share in adjusted profits on $792-million in revenues, according to financial markets data firm Refinitiv.

The company reaffirmed its sales guidance for about a five per cent increase for the year and says its full-year adjusted EPS will come in at $1.95 to $2.00, the higher end of its previously announced range.

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Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 27/05/24 0:19pm EDT.

SymbolName% changeLast
GIL-T
Gildan Activewear Inc
+0.64%51.74

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