Printwear & Promotion The Total Promotional Package
Despite third-quarter net sales from continuing operations reaching $1.47 billion, up 61.1% over the prior year, Gildan’s president and CEO Glenn J. Chamandy said the results did not meet expectations.
He added the results reflected a more subdued demand environment and near-term challenges in parts of the business across both wholesale and retail.
He continued: “The demand recovery we had anticipated has not materialised as expected, but our confidence in the underlying strength of the business and the long-term growth opportunity has not changed. We continued to make meaningful progress on the integration of HanesBrands and advance our synergy initiatives. In the current environment, our priorities remain clear: stay focused on what we can control, including leveraging the scale of our brands, our manufacturing network and our commercial capabilities, strengthen the foundations of our combined platform and continue to invest strategically in innovation and growth.
“Gildan continues to generate strong free cash flow and remains committed to disciplined capital allocation, including returning capital in a way that maximizes long-term value for shareholders.”
Projected net sales for this quarter were estimated at approximately $1.65 million, so the figure of $1.47 million falls below the earlier guidance.
The third-quarter results follows the completion of the sale of HanesBrands Australia, which was completed on October 26.
