Gildan gross sales rise in third quarter as earnings fall virtually 19 per cent

Writer of the article:

The Canadian Press

MONTREAL — Gildan Activewear Inc. says it earned US$153 million or 84 cents per diluted share in its third quarter, down 18.7 per cent from the identical time final 12 months.

The Montreal-based clothes maker, which reviews in U.S. {dollars}, reported its web gross sales have been up six per cent in its newest quarter, at $850 million in contrast with $801.6 million a 12 months earlier.

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Gildan says its gross sales development was offset by decrease gross and adjusted margins in comparison with final 12 months, because of larger uncooked materials and different manufacturing prices and a web insurance coverage achieve in 2021.

The corporate’s year-to-date gross sales are up 17.9 per cent in contrast with the identical interval in 2021, whereas its year-to-date earnings are up 5.6 per cent.

The corporate says activewear gross sales, which make up the majority of general gross sales, have been up 13 per cent, whereas hosiery and underwear have been down 25 per cent.

Gildan says the rise in activewear gross sales was because of larger web promoting costs, partly offset by decrease gross sales volumes amid weakened retail demand.

This report by The Canadian Press was first revealed Nov. 3, 2022.

Corporations on this story: (TSX:GIL)

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