Gildan Activewear reported Q3 sales jumped 24.7% to $291.6 million from
$233.9 million a year ago. The increase was due to $30.5 million of
sock sales pursuant to the acquisition of Kentucky Derby Hosiery and an
11.6% increase in unit sales volumes for activewear, partially offset
by a 0.5% reduction in unit selling prices for activewear.
On a conference call, Gildan's management said excluding the impact of
socks, unit sales increased by 11.6% in the quarter due to higher
market share in all product categories in the U.S. screenprint channel,
3% growth in overall industry demand in the channel during the June
quarter and 38% unit growth in activewear shipments in international
markets outside North America.
Net earnings came to $52.4 million, or 43 cents a share, after
recording a restructuring charge in the quarter of $4.6 million, or 4
cents a share. Before charges, net earnings rose 33.2% to $57 million
or 47 cents, from $42.8 million, or 35 cents, a year ago
