Home / Knowledge / News / Apparel/Garments / Gildan Activewear Q3 FY'13 sales hike 44%
Gildan Activewear Q3 FY'13 sales hike 44%
01
Aug '13
Gildan Activewear Inc. announced its results for its third fiscal quarter ended June 30, 2013.

Earnings were a record for a fiscal quarter, and were at the top end of the guidance range which the Company had most recently updated on May 2, 2013. The Company also further narrowed its earnings guidance for the full fiscal year, and reconfirmed its full year guidance for net sales revenues.

Highlights:

- Third Quarter Adjusted EPS of U.S. $0.95, Up 44% from Q3 2012 and at Top End of Guidance Range

- Strong Retailer Sales to Consumers of New National Gildan Branded Underwear Program

- New Programs Secured for Fiscal 2014 as Supply Chain Partner for Global Athletic and Lifestyle Brands

- 2013 Full Year Adjusted EPS Guidance Further Narrowed to High End of Prior Range

Third Quarter Results

Net earnings were U.S. $115.8 million or U.S. $0.94 per share on a diluted basis for the third fiscal quarter ended June 30, 2013, compared with net earnings of U.S. $78.6 million or U.S. $0.64 per share for the third quarter of fiscal 2012.

Net earnings included after-tax restructuring and acquisition-related costs amounting to U.S. $0.7 million in the third quarter of fiscal 2013 and U.S. $1.6 million in the third quarter of the prior year. Before restructuring and acquisition-related costs, adjusted net earnings for the third quarter of fiscal 2013 were U.S. $116.5 million or U.S. $0.95 per share, up 45.3% and 43.9%, respectively, compared to adjusted net earnings of U.S. $80.2 million or U.S. $0.66 per share in the third quarter of last year.

The Company had previously projected adjusted net earnings of U.S. $0.92-$0.95 per share for the third quarter, when it reported its second quarter results on May 2, 2013. Operating income for both operating segments was in line with forecast.

The benefit of lower than projected promotional discounts in Printwear was essentially offset by lower than forecast Printwear sales volumes due to production capacity constraints which limited the Company’s ability to fully capitalize on seasonal peak demand for activewear during the third quarter.

The growth in the Company’s net earnings compared to the third quarter of last year was due to lower cotton costs, higher unit sales volumes in both operating segments, more favourable branded product-mix in Branded Apparel, increased supply chain and manufacturing efficiencies and lower financial expenses, partially offset by lower net selling prices for Printwear, increased selling, general and administrative expenses and higher income taxes.

On July 31, 2013, the Company announced selling price reductions for certain printwear products, and applied the benefit of these selling price reductions to distributor inventories. The impact of the distributor inventory devaluation discount included in results for the third quarter was approximately U.S. $0.05 per share.

Net sales in the third quarter amounted to U.S. $614.3 million, up 2.3% from U.S. $600.2 million in the third quarter of fiscal 2012. Net sales for the quarter were slightly below the Company’s guidance of approximately U.S. $630 million due to the production capacity constraints which limited the Company’s ability to fully capitalize on seasonal peak demand for activewear in both North American and international printwear markets, partially offset by lower than projected promotional discounts.

Click here to read full results

Gildan Activewear


Must ReadView All

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

NCC applauds House passage of farm legislation

Textiles | On 22nd Jun 2018

NCC applauds House passage of farm legislation

The National Cotton Council (NCC) of the US has welcomed the passage...

Courtesy: Roman Pohorecki from Pexels

Apparel/Garments | On 22nd Jun 2018

UK launches inquiry on sustainability of fashion industry

The Environmental Audit Committee of the UK Parliament has launched...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Hardik Sanghvi

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

Sugandha Bhardwaj

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

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search