Home / Knowledge / News / Apparel/Garments / Gildan Activewear Q2 FY'13 sales up 8.4%
Gildan Activewear Q2 FY'13 sales up 8.4%
03
May '13
Gildan Activewear Inc. announced record results for the second quarter of a fiscal year, which were in excess of the guidance range which it had previously provided, in spite of challenging market conditions and the impact of unseasonal weather conditions in both operating segments.

The Company also updated its earnings guidance for fiscal 2013 which it had initiated on November 29, 2012 and reconfirmed on February 6, 2013, and provided guidance for sales and earnings for the third quarter of fiscal 2013.

Second Quarter Results

Net earnings were U.S. $72.3 million or U.S. $0.59 per share on a diluted basis for the second fiscal quarter ended March 31, 2013, compared with net earnings of U.S. $26.9 million or U.S. $0.22 per share in the second quarter of fiscal 2012.

Results for the second quarter of fiscal 2013 include restructuring and acquisition-related costs amounting to U.S. $0.4 million after tax. Before the restructuring and acquisition-related costs, adjusted net earnings for the second quarter of fiscal 2013 were U.S. $72.7 million or U.S. $0.59 per share, compared to adjusted net earnings of U.S. $27.8 million or U.S. $0.23 per share in the second quarter of last year.

The Company had previously projected adjusted net earnings of U.S. $0.54-$0.57 per share for the second quarter, when it reported its first quarter results on February 6, 2013.

Results were more favourable than projected due to lower than forecast promotional discounting in Printwear, partially offset by lower than forecast unit sales volumes, which the Company believes was largely due to cooler seasonal weather conditions in the second quarter, and a charge of U.S. $0.02 per share to provide for the cost of discontinuing certain Anvil product-lines in order to re-focus the brand on contemporary ring-spun products, which had not been reflected in the Company’s earnings guidance.

The growth in the Company’s net earnings compared to the second quarter of last year was due to the benefit of significantly lower cotton costs together with higher unit sales volumes in both operating segments, and more favourable product-mix for Branded Apparel, partially offset by lower selling prices for Printwear, including the U.S. $0.04 per share impact of a distributor inventory devaluation discount in the quarter, higher manufacturing costs, the charge for the discontinuation of Anvil product-lines, higher selling, general and administrative expenses and higher income taxes.

Net sales in the second quarter amounted to U.S. $523.0 million, up 8.4% from U.S. $482.6 million in the second quarter of fiscal 2012. The Company had projected sales for the second quarter of approximately U.S. $520 million. Sales for the Printwear segment amounted to U.S. $368.0 million, up 2.0% from U.S. $360.9 million in the second quarter of fiscal 2012, and sales for the Branded Apparel segment were U.S. $155.0 million, up 27.4% from U.S. $121.7 million in the second quarter of last year.


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search