Home / Knowledge / News / Apparel/Garments / Clothing marketer Gildan posts record EPS in Q4FY14
Clothing marketer Gildan posts record EPS in Q4FY14
11
Dec '14
Clothing marketer, Gildan Activewear said it posted record earnings per share performance for the fourth fiscal quarter ended October 5, 2014 for any fiscal quarter in its history.

Net earnings in the fourth quarter of fiscal 2014 were US$ 122.7 million or $1.00 per share on a diluted basis as against $96.8 million or $0.79 per share for the fourth quarter of fiscal 2013.

While adjusted net earnings were $122.8 million or $1.00 per share for the reporting quarter compared with adjusted net earnings of $102.0 million or $0.83 per share in the year ago quarter.

Fourth fiscal quarter of 2014 adjusted EPS is before reflecting restructuring and acquisition-related costs and a charge for unwinding interest rate swaps in the fourth quarter of the previous year.

Driven by higher sales in both operating segments, including the impact of the acquisition of Doris, combined with lower income tax and financial expenses, Gildan said, it posted record earnings.

Net sales in the quarter under review amounted to $666.0 million, up 6.4 per cent from $626.2 million in the fourth quarter of fiscal 2013.

The growth in sales came from increased sales of branded underwear and activewear in Branded Apparel, higher Printwear sales and the impact of the acquisition of Doris.

Consolidated gross margins in the fourth quarter of fiscal 2014 were 28.8 per cent, up from 28.3 per cent in the fourth quarter last year.

“The improvement in consolidated gross margins was primarily due to more favourable product-mix in both operating segments, higher net selling prices in Printwear impact of Doris acquisition,” Gildan said.

SG&A expenses in the fourth quarter of 2014 were $72.2 million, compared with $69.7 million in the same quarter of previous year, rising mainly due to the acquisition of Doris.

SG&A expenses excluding the impact of the Doris acquisition were slightly down compared to last year mainly due to lower variable compensation expenses, partially offset by higher advertising expenses.

Excluding the impact of Doris, SG&A expenses as a percentage of sales in the fourth quarter of fiscal 2014 were down to 10.5 per cent compared to 11.1 per cent a year ago.

During the reporting quarter, Gildan generated $112.5 million of free cash flow, after financing capital expenditures of $73.3 million.

For fiscal 2014, the apparel marketer utilized $23.7 million of cash after financing working capital increases and capital expenditures of $292.7 million.

As a result of lower than forecast shipments in Branded Apparel in the fourth quarter, inventory levels at the end of the fourth quarter were approximately $50 million higher than planned.

Gildan ended the fiscal year with cash and cash equivalents of $65.2 million and outstanding bank indebtedness of $157.0 million.

In addition, the Company announced a 20 per cent increase in the amount of its quarterly dividend and the initiation of a normal course issuer bid to repurchase shares. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Urs Stalder
Sanitized AG

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Sanjukta Dutta
Sanjukta's Studio

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

July 2017

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

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

Yes No

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

Yes No

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


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



X