Home / Knowledge / News / Apparel/Garments / Gildan Activewear Q4 FY'14 revenues rise 11.5%
Gildan Activewear Q4 FY'14 revenues rise 11.5%
22
Nov '13
Gildan Activewear Inc. announced its results for its fourth fiscal quarter and full fiscal year ended September 29, 2013. Adjusted net earnings of U.S. $0.83 per share were a record for the fourth quarter of a fiscal year and at the high end of the guidance range which the Company had provided on August 1, 2013.

Highlights:

- Fourth Quarter Adjusted EPS of U.S. $0.83 at High End of Prior Guidance

- Adjusted EPS Guidance for Fiscal 2014 Initiated at U.S. $3.00-$3.10

- Announcement of Further New Branded Retail Programs and Brand License

- Capital Expenditures of U.S. $300-$350 Million Projected for Fiscal 2014, Including New Yarn-Spinning Facilities and Initial Investment in New Textile Facility

- Capital Investments in Major Cost Reduction Projects Expected to Generate Savings Starting in Fiscal 2015

The Company also provided initial guidance for fiscal 2014 adjusted EPS of U.S. $3.00-$3.10, on projected sales revenues of approximately U.S. $2.35 billion, and is projecting capital expenditures of U.S. $300-$350 million in fiscal 2014. The Company was pleased to announce a 20% increase in the amount of its quarterly dividend.

Fourth Quarter Results

Net earnings were U.S. $96.8 million or U.S. $0.79 per share on a diluted basis for the fourth fiscal quarter ended September 29, 2013, compared with net earnings of U.S. $89.0 million or U.S. $0.73 per share for the fourth quarter of fiscal 2012. Net earnings for the fourth quarter of fiscal 2013 included a U.S. $4.7 million after-tax charge for the cost of unwinding interest rate swaps and U.S. $0.5 million after-tax restructuring and acquisition-related costs.

Net earnings for the fourth quarter of fiscal 2012 included after-tax restructuring and acquisition related costs amounting to U.S. $5.9 million. Before reflecting these items in both years, adjusted net earnings for the fourth quarter of fiscal 2013 were U.S. $102.0 million or U.S. $0.83 per share, up 7.5% and 6.4% respectively compared to adjusted net earnings of U.S. $94.9 million or U.S. $0.78 per share in the fourth quarter of the previous year.

The growth in earnings and EPS in the fourth quarter compared to last year was due to strong growth in sales revenues in the Company’s operating segments and lower cotton costs, partially offset by higher selling, general and administrative expenses and higher income taxes. Adjusted net earnings before income taxes in the quarter increased by 12.2% compared to the fourth quarter of fiscal 2012.

Net sales in the fourth quarter amounted to U.S. $626.2 million, up 11.5% from U.S. $561.7 million in the fourth quarter of fiscal 2012. The Company had projected that net sales for the quarter would be in excess of U.S. $600 million.

Net sales for the Printwear segment amounted to U.S. $423.9 million, up 12.5% from U.S. $376.8 million in the fourth quarter of fiscal 2012. Unit sales volumes in creased by 18.7% from the fourth quarter of last year due to increased shipments in the U.S. printwear market, the non-recurrence of inventory destocking which occurred in the U.S. distributor channel in the fourth quarter of fiscal 2012 and a 37% increase in international sales volumes. The positive impact on net sales of higher unit sales volumes was partially offset by lower net selling prices compared to the fourth quarter of last year.

Click here to read full results

Gildan Activewear


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Jurgen Gauger
Spreadshirt

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

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Paolo Ocleppo
Sandvik Hyperion

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

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


April 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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
7.8%
Skip
9.7%

Total Votes: 103


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