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Gildan Activewear has reported record results for the third quarter of 2021, with sales volumes now above pre-pandemic levels.
Glenn J. Chamandy, Gildan president and CEO, said: Our record performance for the third quarter was driven by the improved economics of our business, underpinned by our Back to Basics model, the operational excellence of our team and the ongoing recovery in demand, which drove sales volumes which are now above pre-pandemic levels.
“Further, I feel confident that our team will continue to navigate through the tight supply chain environment, manage inflationary pressures and deliver results for our shareholders as we continue to move forward.”
Gildan generated sales of $802 million for the quarter, up 33% over the prior and 8% above the third quarter of 2019. Activewear sales reached $656 million, up 44% on the third quarter of 2020.
A gross profit of $282 million was achieved during the quarter.
Gildan reports that recovery from the pandemic continues to progress well in North America driving positive POS trends compared to pre-COVID 2019 levels. Further, while supply chain tightness in certain areas and rising inflationary pressure are creating headwinds across the industry, Gildan believes its relative positioning is strong given its vertically-integrated manufacturing platform. This combined with recent pricing actions implemented in the fourth quarter this year, gives Gildan confidence that it is well positioned to manage through current inflationary pressures and to continue to be in a position to deliver on its operating margin target. More importantly, as Gildan’s focus shifts to a capacity, innovation and ESG-driven, sustainable growth strategy, it gives Gildan confidence that it is well placed to capitalise on market share opportunities and create long term value for its shareholders.
