Gildan Activewear Inc., a global manufacturer and marketer of apparels, has come out with its latest financial report for the fourth quarter and the year ended December 31, 2017.
The apparel firm reported an 11.2 per cent growth in sales during the fourth quarter as compared to the same quarter of 2016 and for the full year, it recorded a 6.4 per cent surge in consolidated net sales to US $ 2.75 billion as compared to last year which is line with company’s previous guidance as well.
Net earnings totalled US $ 54.9 million for the three months ended December 31, 2017, compared with net earnings of US $ 74.3 million for the same period ended January 1, 2017. The branded apparel segment noted a 9.2 per cent decline to US $ 238.1 million in the quarter under review as compared to US $ 262.1 million in the corresponding quarter of 2016.
Net earnings for 2017 were US $ 362.3 million as against US $ 346.6 million in 2016. Branded apparel net sales for 2017 were US $ 928.8 million.
For 2018, Gildan Activewear now expects to note 7.5 per cent growth over 2017. Interestingly, the American Apparel label which the company acquired in 2017 is expected to contribute net sales of US $ 100 million in 2018, double from what it did in 2017.