SALES SURGE GIVES GILDAN US$ 68M PROFIT
Gildan Activewear Inc. says a 20- per- cent increase in Gildan- branded underwear sales and even bigger growth at its printwear segment helped the clothing manufacturer to a US$ 67.6million profit in its fourth quarter. Overall sales at the Montreal- based company were up 39.2 per cent to US$ 543.8 million, from US$ 390.6 million a year earlier, and above the company’s estimate — mainly due to unexpectedly high sales of T- shirts made by its printwear segment. Sales of higher- margin branded apparel were US$ 258.9 million, up 12.4 per cent from US$ 230. 3 milli on. The segment includes sales of Gildan underwear, which had been the focus of an ad campaign featuring country singer Blake Shelton. Gildan’s net profit for the quarter ended Jan. 3 — reported in U.S. currency — was equal to 28 U.S. cents per share.