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Gildan Activewear updates EPS guidance for 2007 fiscal year

08
Dec '06
Gildan Activewear Inc announced its financial results for its fourth quarter and fiscal year ended October 1, 2006, and updated its earnings guidance for fiscal year 2007.

Gildan reported fourth quarter net earnings of U.S. $16.8 million and diluted EPS of U.S. $0.28, after recording restructuring and other charges in the quarter totaling U.S. $20.0 million after-tax or U.S. $0.33 per share.

The restructuring and other charges comprised U.S. $0.31 per share for the restructuring of the Company's Canadian manufacturing facilities, which was announced on September 27, 2006, and U.S. $0.02 per share to reflect the variable component of Gildan's contractual obligations towards its former Chairman and Co-Chief Executive Officer.

Sales in the fourth quarter amounted to U.S. $235.2 million, a record for any fiscal quarter, and up 30.2% from U.S. $180.7 million in the fourth quarter of last year. The increase in sales revenues was due to U.S. $30.0 million of sock sales resulting from the acquisition of Kentucky Derby Hosiery, which was effective from July 6, 2006, a 13.7% increase in unit sales volumes for activewear and the impact of a higher-valued activewear product-mix, partially offset by a close to 3% reduction in unit selling prices for activewear compared to last year.

Sales for fiscal 2006 totaled U.S. $773.2 million, up 18.2% from fiscal 2005, due primarily to an increase of 14.5% in activewear unit sales volumes and U.S. $30.0 million of sock sales resulting from the Kentucky Derby Hosiery acquisition, partially offset by lower selling prices.


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