Q3FY17 net sales at Gildan Activewear rises 6%

07 Nov '16

1 min read

Net sales for the three months to October 2, 2016 at Gildan Activewear rose to $715.0 million, up 6 per cent year on year. Of this, net sales in the Printwear segment grew 4.9 per cent and 8.2 per cent in the Branded Apparel segment. Organic sales growth was driven by increased shelf space and new program shipments for the Branded Apparel business.

In the third quarter of fiscal 2017, consolidated gross margin was 30.4 per cent, down 100 basis points as against the prior fiscal's third quarter, benefitting from lower raw material and other input costs.

Net earnings for the quarter under review reached $114.4 million or $0.49 per diluted share compared with net earnings of $123.1 million or $0.50 per share for the earlier fiscal's same quarter.

Gildan reported adjusted net earnings of $116.4 million, or $0.50 per diluted share on a diluted basis for the third quarter of fiscal 2017, after excluding after-tax restructuring and acquisition-related costs of $2.0 million, down from adjusted net earnings of $126.4 million, or $0.52 per diluted share in the third quarter of fiscal 2016. (AR)

Fibre2Fashion News Desk – India

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