Home / Knowledge / News / Apparel/Garments / Sales soar 15.9% at Gildan Activewear in Q1FY16
Sales soar 15.9% at Gildan Activewear in Q1FY16
18
May '15
Driven by Printwear and Branded Apparel sales, consolidated net sales at clothing retailer Gildan Activewear soared 15.9 per cent year over year in the first fiscal quarter ended April 5, 2015.

Consolidated net sales in the first quarter of fiscal 2016 amounted to $636.2 million, up 15.9 per cent from $548.8 million in the corresponding quarter of the prior fiscal.

“This reflects a sales increase of approximately 14 per cent in Printwear sales and around 20 per cent in Branded Apparel, both up from a year ago periods,” a Gildan press release said.

“Consolidated net sales in the quarter were in line with the Company’s guidance of net sales in excess of $630 million,” the apparel retailer added.

Gildan reported net earnings of $56.0 million or $0.23 per share on a diluted basis for the three months ended April 5, 2015 as against $79.2 million or $0.32 per share in the same quarter of last fiscal.

Before reflecting minor restructuring and acquisition-related costs, Gildan reported adjusted net earnings of $57.5 million or $0.24 per share for the period under review.

For the same period of the previous fiscal, it recorded adjusted net earnings of $79.2 million or $0.32 per share.

Gildan also added that adjusted EPS for the quarter were as projected in its guidance issued on February 4, 2015 of adjusted EPS of $0.23–0.24 on a post-split basis.

Gildan informed that during the three-month period ended March 31, 2015; Gildan brand was No. 3 in men’s underwear and had a market share of 7.3 per cent, according to the NPD Group’s Retail Tracking Service.

The retailer attributed low operating margins to consumption of high-cost opening inventories, which included the impact of transitional manufacturing costs and higher cotton costs.

For the 12 months ending January 3, 2016, Gildan narrowed its guidance range for adjusted diluted EPS to $1.50–1.55 compared with its initial guidance of $1.50–1.57.

This according to Gildan, reflects the impact of the further devaluation of international currencies relative to the US dollar.

The Company continues to project consolidated net sales slightly in excess of $2.65 billion. Operating margins in Printwear are also projected to be negatively impacted by further weakening of global currencies.

Branded Apparel segment sales growth is projected to continue to be strong in the second quarter of calendar 2015 and operating margins in Branded Apparel are projected to improve.

The Company expects to resume its trajectory of EPS growth in the second half of the calendar year, when it begins to benefit from manufacturing cost savings from its yarn-spinning investments. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Pan Brothers

Apparel/Garments | On 30th May 2017

Pan Brothers to set up 2 new garment factories

PT Pan Brothers Tbk plans to increase its production capacity by...

Apparel/Garments | On 30th May 2017

Levy uniform rate of GST on yarn & fibre: SIGA

The South Indian Garment Association (SIGA) has urged Union finance...

Textiles | On 30th May 2017

ExxonMobil, SABIC sign deal for next phase of US project

Affiliates of Exxon Mobil Corporation and Saudi Basic Industries...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Eric Scholler
Groz-Beckert

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

Mark Paterson
Technical Absorbents Ltd

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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