Skip to main content

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.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

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
Gildan Activewear Inc

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe