Gildan Activewear Reports 2017 Earnings, Management Changes
Gildan Activewear, Montreal, announced its results for the fourth quarter and the year in a press release. The company also announced an "organizational realignment and related executive management changes."
The press release stated that both full-year sales and earnings for 2017 increased. Last year's net earnings reached $362.3 million, surpassing 2016's $346.6 million. Gildan finished the year with sales growth of 11.2 percent in the fourth quarter, which the company attributes to strong growth in its printwear division, which saw a sales increase of 27.6 percent. Sales in the branded apparel segment declined by 9.2 percent.
In terms of the organizational restructuring and management changes, Gildan announced that it combined its printwear and branded apparel business into a single structure, effective on Jan. 1, 2018. Michael R. Hoffman, who was previously the president of printwear, has taken over the consolidated division. In addition, Eric Lehman, president of the company's branded apparel division, will leave the company effective June 30.
“The combination of the two operating businesses is intended to drive a leaner and more streamlined organization, which is expected to provide operational efficiencies as the company leverages a common infrastructure to maximize the growth potential of its brands,” Gildan said in a statement. “Anticipated cost savings in 2018 will be initially reinvested in distribution and e-commerce activities.”
For more information on Gildan Activewear, visit www.gildan.com.