Gildan Activewear Reports Record Q1 Earnings
Gildan Activewear, Montreal, reported its first quarter sales and earnings on Tuesday, February 8. Despite increased cotton prices, the T-shirt and activewear manufacturer's earnings were $35.9 million, up from last year's earnings of $29.2 for the same period.
In an earning's call held on Tuesday, Laurence Sellyn, executive vice president and chief financial and administrative officer for Gildan Activewear, said, "We are pleased to announce today a fourth successive quarter of record results. Sales and earnings were both records for the first quarter of the fiscal year."
Although earnings were higher than expected for their lowest-revenue quarter, growth was hampered by the increasing price of cotton, a 9.3 percent decline in the sale of socks, and costs associated with a new distribution center in Charleston, S.C, according to a press release issued by the company.