CANADA: Gildan returns to profit in Q1
- Q1 net profit US$35.3m, versus $46.1m loss last year
- Net sales up 38.5% to $420.8m
- Slight increase to FY revenue outlook
Apparel business Gildan Activewear returned to profitability in its first quarter of fiscal 2013, boosted by lower discounting and its recent Anvil acquisition.
Gains from lower cotton costs and improved market conditions for printwear, however, were partially offset by the cost of repairs to the company’s hurricane-damaged textile facility in the Dominican Republic.
Printwear sales in the three months to 30 December soared by 65.6%, while branded apparel revenues were up 13%, Gildan said.
The company forecast full-year net sales revenues would slightly exceed its previous guidance of $2.1bn, thanks to better than expected printwear revenues.
However, it maintained its adjusted earnings guidance of $2.60-2.70 per diluted share.
Lower cotton costs, higher unit sales volumes, a more favourable branded product-mix, and increased supply chain and manufacturing efficiencies helped T-shirt and sock maker Gildan Activewear to a 47....
Canadian manufacturer Gildan Activewear is to acquire the assets of apparel printing firm New Buffalo Shirt Factory and its operating affiliate in Honduras for US$7m....
- Why fast fashion isn't a case of one size fits all
- Why Inditex is "clear winner" in fast fashion
- Sir Philip Green blamed for the collapse of BHS
- Brexit blow to global apparel industry confidence
- TPP tariff phase-out guides Vietnam sourcing plans
- VF Corp cuts guidance as Q2 profit plunges 70%
- Vietnam mulls wage freeze to boost competitiveness
- US Q2 in brief - Carter's, Wolverine Worldwide
- Teijin launches polyester hook-and-loop fastener
- Ethiopia opens flagship textile and apparel park
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Southeast Asia & Central America strategic sourcing reviews package deal
- World Textile and Apparel Trade and Production Trends: the EU - June 2016
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis