CANADA: High Cotton Prices Unstitch Gildan's Profit
Higher cotton costs and weaker market demand ate into first-quarter profit at Fruit of the Loom rival Gildan Activewear Inc.
The Montreal-based clothing maker said it earned C$2.8 million ($1.8 million), or 10 Canadian cents a share, in the quarter ended 30 December, down from C$7.7 million, or 26 Canadian cents a share, in the year-earlier period.
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