Gildan Activewear Reports Q4 Results
Gildan Activewear, Montreal, recently announced results for its fourth quarter and full fiscal year ended Oct. 5, 2014. The company also announced that it will be transitioning to a new fiscal year-end in 2015. As a result of this transition, the company's new year-end will be the Sunday closest to Dec. 31, rather than the first Sunday following Sept. 28. As a consequence of the change, Gildan has initiated guidance for the three-month period ending Jan. 4, 2015 and for the 12-month period ending Jan. 3, 2016.
Net sales for the company's fourth quarter were $666.0 million, up 6.4 percent from $626.2 million in the fourth quarter of fiscal 2013. Net earnings in the fourth quarter of fiscal 2014 were $122.7 million, or $1.00 per share on a diluted basis, compared with net earnings of $96.8 million or $0.79 per share for the fourth quarter of fiscal 2013. There were essentially no adjustments to net earnings in the fourth quarter of fiscal 2014.
In Gildan's branded apparel segment, net sales were $230.2 million, up 13.8 percent from $202.2 million in the fourth quarter of last year. In its printwear segment, net sales were $435.8 million, up 2.8 percent from $423.9 million for the same period in fiscal 2013. Gildan plans to significantly lower base selling prices for print wear and reduce and simplify its discount structure in that segment.