Gildan reports record third quarter results

Gildan has announced record third quarter sales of $850 million, which is up 6% on the same period in 2021.

Glenn J. Chamandy, Gildan’s president and CEO, said: “The strength of our activewear business, driven by North American imprintables sales, together with the benefits from
our vertically-integrated manufacturing model, allowed us to deliver another strong quarter.

“These results are a testament to the progress we are making under the Gildan Sustainable Growth strategy, which we remain fully focused on as we continue to drive to deliver on our three-year targets.”

Activewear sales consisted of $742 million, up 13% on last year. This was due to higher net selling prices, partly offset by lower sales volumes, as increased unit sales to North American distributors were more than offset by lower unit sales of activewear stemming from demand weaknesses in retail and international markets.

Net sales for the nine months ended October 2, were $2,520 million, up 18% over the same period last year, reflecting an increase of 25% in activewear sales.

Gildan believes the actions it has taken continues to position the business well to navigate through any near-term challenges related to the current environment. On the cost side, although the impact of higher raw material costs will
become more pronounced in the fourth quarter, Gildan remains focused on delivering on its operating profitability target range of 18% to 20%. More importantly, Gildan has confidence in its ability to deliver on its three-year growth targets outlined in February of this year.