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Gildan Activewear Q3 net earnings rise 25.5%, boosts guidance

Aug '06
T-shirt maker Gildan Activewear Inc has announced its financial results for its fiscal quarter ended July 2, 2006, and updated its earnings guidance for fiscal year 2006.

Gildan reported record third quarter net earnings of US $42.8 million and diluted EPS of US $0.71, up respectively 25.5% and 24.6% from $34.1 million and $0.57 per share in the third quarter of fiscal 2005.

Sales in the third quarter amounted to a record $233.9 million, up 17.6% from $198.9 million in the third quarter of last year. The increase in sales revenues reflected a 15.6% increase in unit sales volumes and the impact of a higher-valued product-mix, partially offset by an approximate 2.5% reduction in unit selling prices compared to last year.

Sales for the nine months ended July 2, 2006 were $538.0 million, up 13.7% from the corresponding period of last year, due to an increase of 14.8% in unit sales volumes, partially offset by lower selling prices.

Net earnings for the first nine months amounted to $90.0 million, or $1.49 per share, up respectively 39.3% and 38.0% from adjusted net earnings of $64.6 million or $1.08 per share in the first nine months of fiscal 2005, excluding the special charge of $7.8 million after tax, or $0.13 per share, incurred in the second quarter of fiscal 2005 for the closure and relocation of the company's Canadian yarn- spinning operations.

The increase in net earnings and EPS compared to fiscal 2005 was due to continuing unit volume growth and higher gross margins, partially offset by increased selling, general and administrative and depreciation expenses. Net earnings and diluted EPS increased by 58.4% and 56.8% respectively, after taking account of the special charge in the results for fiscal 2005.

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