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Q2FY17 net earnings slip 4.7% at Gildan Activewear
30
Jul '16
Courtesy: Gildan
Courtesy: Gildan
Net earnings for the three months ended July 3, 2016 slipped 4.72 per cent to $94.7 million or $0.40 per share on a diluted basis at Canadian apparel marketer Gildan Activwear.

This compares with net earnings of $99.4 million or $0.41 per share for the three months ended July 5, 2015.

The company reported adjusted net earnings of $96.4 million, or $0.41 per share on a diluted basis for the second quarter of fiscal 2016-17, down from $102.6 million, or $0.42 per share in the prior fiscal's same quarter.

Consolidated net sales in the reporting quarter totaled to $688.9 million, down 3.5 per cent year on year reflecting sales decreases of 1.4 per cent in the Printwear segment and 7.9 per cent in Branded Apparel segments.

According to the apparel marketer, the decline in sales was due to anticipated unfavourable impacts from its decision to exit certain non-core retailer private label programs and lower net selling prices.

It also included, the impact of distributor inventory destocking, together with the negative impact of foreign currency exchange related to a stronger US dollar compared to last fiscal.

These factors more than offset the benefit of positive sell-through in US and international printwear markets and the impact on sales of approximately $19.5 million from the acquisition of Alstyle.

Consolidated gross margins in the second quarter of 2016-17 increased to 27.4 per cent, up 70 bps, driven by increase in gross margins, primarily due to lower raw material and other input costs.

Adjusted operating margins reached 15.3 per cent in the quarter under review vis-à-vis 15.5 per cent in the same period last fiscal due to the 20 bps dilutive impact of the Alstyle segment. (AR)

Fibre2fashion News Desk - India

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