Canadian apparel maker Gildan Activewear Inc., reported earnings of US $ 127.4 million, reflecting a 16.7 per cent decrease from US $ 153 million in the previous year in the third quarter. Despite this decline, the Montreal-based company saw a positive trend in net sales, which increased by 2.3 per cent to US $ 869.9 million, up from US $ 850 million in the same quarter last year.
Gildan’s President and CEO, Glenn Chamandy, stated that the third-quarter performance was as per the company’s expectations.
“Our competitive position remains very strong in a challenging environment driven by our industry-leading vertically integrated manufacturing platform. We delivered third quarter performance which came in overall in line with our expectations. We resumed our sales growth trajectory and delivered operating margin within our target range” said Glenn J. Chamandy, Gildan’s President and CEO.
Looking ahead, Gildan anticipates revenue growth in the fourth quarter compared to the previous year, remaining optimistic about its future performance.
