Gildan Activewear saw sales in the fourth quarter increase 33.3% to $145.6 million from $109.2 million in the fourth quarter of fiscal 2003. The increase was attributed to a 20.4% increase in unit shipments coupled with higher selling prices and more favorable product-mix.
GIL said T-Shirt unit sales increased 17.8% in Q4 versus industry growth of 1.6%, netting a 50 basis point improvement in market share to 30.1%, based on S.T.A.R.S. market share data. Sport shirts unit sales increased 19.9% versus 2.3% growth for the industry, netting a 260 basis point gain in market share to 23.3%. Fleece unit sales increased 19.2% versus a 13.0% industry increase. GIL said Fleece market share rose 40 basis points to 17.3%.
Net earnings were up 18.3% to $16.8 million, or 56 cents per diluted share, for the fourth quarter, compared to $14.2 million, or 48 cents per diluted share, in the year-ago period.
The resignation of former chairman and co-CEO H. Greg Chamandy cost the company 11 cents per share. Excluding charges associated with his departure and the impact of the weaker U.S. dollar, Q4 diluted EPS was 69 cents per share, or up 43.8% from last year, beating previous guidance of 55 cents to 60 cents per share.
