Gildan Activewear has registered a plunge of around 14 per cent in the profits earned in the second quarter of the current fiscal. The company noted net earnings of US $ 99 million compared to around US $ 115 million in the prior review period.
Consolidated net sales in the second calendar quarter of 2015 amounted to US $ 714.2 million, up 2.9% from US $ 693.8 million in the corresponding quarter of the prior year, reflecting an increase of 12.3% in sales for Branded Apparel, partially offset by a 1.2% decline in Printwear sales largely due to the selling price reductions implemented in December of 2014 and the lower number of shipping days compared to the corresponding quarter of last year.
Gildan Activewear is a manufacturer and marketer of branded clothing such as T-shirts, sport shirts and fleeces, which are subsequently decorated by screen printing companies with designs and logos.
