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Gildan’s third quarter results demonstrate a strong improvement from the second quarter, despite ongoing COVID-19 impacts.
During the quarter ended September 27, Gildan generated sales of $602 million, up from $230 million in the second quarter. However, sales for the third quarter were down 18.6% compared to this time last year, with imprintable sales down 21% in North America and 25% in international markets, reflecting the ongoing impact of the coronavirus pandemic.
Gildan president and CEO, Glenn J. Chamandy, said: “We were pleased with the recovery of our sales and earnings during the third quarter. Retail sales performance was driven by momentum in underwear, and while the lack of large events continues to impact imprintable channels we are
nonetheless seeing areas of opportunity.
“Further, we continue to be pleased with the results we are seeing from our Back to Basics strategy as we continue to place a strong focus on meeting our customers’ needs and growing market share through simplification of our product portfolios, removal of cost and complexity from our business and fully leveraging our world class, sustainably-focused, vertically-integrated manufacturing platform.”
Net sales for the nine months ended September 27 of $1,291.1 million were down to 40.4% over the same period last year.
