Canada-based branded apparel supplier, Gildan Activewear has witnessed an increase of 12.9 per cent in its net earnings to US $ 63.2 million in the first quarter of the current fiscal, ended April 3, 2016, as against US $ 56 million in the same period last year. The company attributes surge in earnings to cost savings in production because of its continuous investments in vertical manufacturing, including its yarn spinning initiative, and lower input and raw material costs.

However, Gildan noted a drop of 6.7 per cent in net sales in the reporting quarter to US $ 593.3 million versus US $ 636.2 million in the corresponding period last fiscal. Its adjusted net earnings zoomed 20 per cent to US $ 69 million as against US $ 57.5 million in the prior quarter. Diluted earnings per share stood at US $ 0.26 in the period under review as compared to US $ 0.23 in the previous quarter.

Also Read – Gildan bags Distintivo ESR 2016 Award

For the full-year, the company expects net sales in excess of US $ 2.6 billion. It also predicts that printwear sales will be around US $ 1.6 billion, while branded apparel sales are likely to go beyond US $ 1 billion.

Post a Comment