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Gildan Activewear(GIL-N)

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Gildan Activewear raises quarterly dividend as it reports fourth-quarter profit, sales down

The Canadian Press - Wed Feb 22, 7:00AM CST

Gildan Activewear Inc. GIL-T raised its dividend as it reported its fourth-quarter profit and sales fell compared with a year earlier in what it called a challenging environment.

The clothing maker says it will now pay a quarterly dividend of 18.6 cents US per share, up from 16.9 cents US.

The increased payout to shareholders comes as the company, which keeps its books in U.S. dollars, says it earned US$83.9-million or 47 cents per diluted share for the quarter ended Jan. 1, down from a profit of US$173.9-million or 89 cents per diluted share a year earlier.

Net sales in the quarter totalled US$720.0-million, down from US$784.3-million in the fourth quarter of 2021.

On an adjusted basis, Gildan says it earned 65 cents per share in its latest quarter, down from an adjusted profit of 76 cents per share a year earlier.

In its outlook for 2023, the company says it expects revenue growth for the full year to be in the low single-digit range, while its adjusted earnings per share are expected to be in line with 2022.