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Gildan Announces Quarterly Financials

(8/5/2014)

Apparel maker Gildan Activewear (asi/56842) announced last week that it increased its revenues by 13% in its recently-completed quarter. The company had revenue of $694 million for the quarter, representing growth of 12.9% compared to the same quarter last year.

In a statement, Gildan said its positive results are from increased sales in each of its businesses. "The growth in sales in the third quarter reflected double-digit sales increases in both operating segments in spite of uncertain economic and market conditions and constraints in production capacity in Branded Apparel," the company said.

Gildan said it increased sales in its fiscal third quarter in its Printwear business by 11.6%, reaching $483 million. Further, the company grew revenues in its Branded Apparel business by 16% to reach $210 million. In its public filing, the company also reiterated its full fiscal 2014 outlook, saying that it expects revenues to total slightly more than $2.4 billion for the full year.

"We have huge momentum in every part of our business," said Glenn Chamandy, president and CEO of Gildan and a member of the Counselor Power 50, on a conference call with analysts last week. "Our Printwear business is continuing to grow with new products, our international business is growing and our retail business obviously has got a huge momentum in all the categories in which we're selling into retail."



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