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Gildan Activewear reports lower earnings, rising sales in third quarter

Gildan Activewear reports lower earnings, rising sales in third quarter | iNFOnews.ca
Gildan Activewear Inc. president and CEO Glenn Chamandy poses for a photograph following the apparel manufacturer's annual meeting Thursday, February 5, 2015 in Montreal. THE CANADIAN PRESS/Paul Chiasson

MONTREAL – Gildan Activewear Inc. says it earned US$127.4 million in the third quarter, down 16.7 per cent from US$153 million a year earlier.

The Montreal-based company says net sales rose 2.3 per cent to US$869.9 million, up from US$850 million during the same quarter last year.

Diluted earnings per share were 73 cents US for the quarter, down from 84 cents US last year.

President and CEO Glenn Chamandy says the company’s third-quarter performance was in line with its expectations.

The company says it continues to expect its revenues will grow in the fourth quarter compared with last year.

Gildan shares were up almost 10 per cent in midday trading after the results.

This report by The Canadian Press was first published Nov. 2, 2023.

Companies in this story: (TSX:GIL)

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