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Sales surge 25.9% at Gildan Activewear in Q2 FY'12

May '12
Gildan Activewear Inc. announced its financial results for the second quarter of its 2012 fiscal year, and reconfirmed its prior earnings guidance for the full fiscal year.

Second Quarter Results
Gildan reported net earnings of U.S. $26.9 million or U.S. $0.22 per share on a diluted basis for its second fiscal quarter ended April 1, 2012, compared with net earnings of U.S. $61.7 million or U.S. $0.50 per share in the second quarter of fiscal 2011.

Before restructuring and acquisition-related costs, adjusted net earnings for the second quarter of fiscal 2012 were U.S. $27.8 million or U.S. $0.23 per share, compared to U.S. $64.6 million or U.S. $0.53 per share in the second quarter of last year. The Company had previously projected net earnings of approximately U.S. $0.20 per share for the second quarter, when it reported its first quarter results on February 8, 2012.

The decline in the Company's results compared to last year was due to significantly higher cotton costs, which negatively impacted EPS in the second quarter by close to U.S. $0.70 compared to the second quarter of last year.

The impact of higher cotton and other input costs and higher income taxes compared to last year were partially offset by higher printwear sales volumes, the benefit of selling price increases to U.S. retail customers which were implemented in the fourth quarter of fiscal 2011, improved manufacturing efficiencies and the accretive impact of the acquisition of Gold Toe Moretz.

Net sales in the second quarter amounted to U.S. $482.6 million, up 25.9% from U.S. $383.2 million in the second quarter of fiscal 2011, and essentially in line with its forecast of close to U.S. $500 million. Sales for the Printwear segment amounted to U.S. $360.9 million, up 11.5% from fiscal 2011, and sales for the Branded Apparel segment were U.S. $121.6 million, up 104.2% from the second quarter of last year.

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Gildan Activewear Inc

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