Gildan Activewear sales soar internationally
today Feb 22, 2019
Montreal-based apparel manufacturer Gildan Activewear announced a 5.7 percent increase in full-year net sales on Thursday, driven by a jump in international sales.
The company’s net sales totaled $2,908.6 million in 2018. This reflected a 13.6 percent increase in activewear sales reaching $2,321.4 million, which was partly offset by a 17 percent decline in the hosiery and underwear category.
Operating income totalled $437.4 million, up from $423.9 million, while net earnings for 2018 were down at $350.8 million.
Meanwhile, net sales for the fourth quarter ended December 30, 2018 were up 13.6 percent at $742.7 million. The increase was driven by a 22.3 percent increase in activewear sales of $569.3 million, which was again offset by the hosiery and underwear category by 7.9 percent.
Net earnings totaled $59.6 million or $0.29 per share during the quarter.
The owner of American Apparel since 2017, Gildan expanded American Apparel's presence online during the year when it launched its e-commerce business last spring.
The reach comes as the company is seeing an increase in sales abroad. Though net sales continue to be the highest in the United States, international sales jumped the most compared to last year up 26.9 percent.
In fact, international sales surpassed those in Canada, which fell 7.9 percent during the year.
Looking ahead for 2019, adjusted diluted EPS in the first half of the year is projected to be down compared to the first half of 2018, and higher in the second half of 2019 over the same period in the prior year.
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