Skip to main content
Canada’s most-awarded newsroom for a reason
Enjoy unlimited digital access
per week
for 24 weeks
Canada’s most-awarded newsroom for a reason
per week
for 24 weeks
// //

Gildan Activewear Inc TSX: GIL-T

Today's Change
Real-Time Last Update TSX Last Sale

More stories below advertisement

Gildan reports record -Q3 results as sales surpass pre-pandemic levels in 2019

Canadian Press - Thu Nov 4, 2021
Gildan Activewear Inc. president and CEO Glenn Chamandy poses for a photograph following the apparel manufacturer's annual meeting Thursday, February 5, 2015 in Montreal. THE CANADIAN PRESS/Paul Chiasson

MONTREAL — Gildan Activewear Inc. has stitched record-high profits in its latest quarter on strong sales growth that even surpassed 2019 levels.

The Montreal-based maker of T-shirts, underwear and socks, which reports in U.S. dollars, says it earned US$188.3 million or a record 95 cents per diluted share in the third quarter.

That's up from US$56.3 million or 28 cents per share a year earlier and 51 per cent above pre-pandemic levels in the third quarter of 2019.

Excluding one-time items, adjusted profits were US$159.4 million or 80 cents per share, up from US$59.2 million or 30 cents per share in the third quarter of 2020.

Revenues for the three months ended Oct. 3 were US$801.6 million, up 33 per cent from US$602.3 million and eight per cent higher than in 2019.

Gildan was expected to report 57 cents per share in adjusted profits on US$717.1 million in revenues, according to financial data firm Refinitiv.

“Our record performance for the third quarter was driven by the improved economics of our business, underpinned by our Back to Basics model, the operational excellence of our team and the ongoing recovery in demand, which drove sales volumes which are now above pre-pandemic levels,” stated CEO Glenn Chamandy.

“Further, I feel confident that our team will continue to navigate through the tight supply chain environment, manage inflationary pressures and deliver results for our shareholders as we continue to move forward.”

This report by The Canadian Press was first published Nov. 4, 2021.

Companies in this story: (TSX:GIL)

More stories below advertisement

All market data (will open in new tab) is provided by Barchart Solutions. Copyright © 2022.

Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. For exchange delays and terms of use, please read disclaimer (will open in new tab).

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies