Skip to main content

File photo of Gildan products.

christinne muschi The Globe and Mail

Gildan Activewear Inc. (TSX:GIL) said Friday it earned a second-quarter net profit of US$79.2-million, up from $72.3-million a year ago.

The maker of maker of t-shirts, socks and underwear, which keeps its books in U.S. dollars, said the profit amounted to 64 cents per diluted share for the quarter, up from million, or 59 cents per share, in the same quarter of 2013.

The results came in at the top end of Gildan's guidance for a profit between 61 and 64 cents per share.

Story continues below advertisement

Net sales increased 4.9 per cent at $548.8-million, compared with $523-million a year ago.

Gildan said the results were boosted by strong growth in sales of underwear to U.S. retailers and increased sales to global lifestyle brands and international printwear markets.

"These positive factors were partially offset by higher cotton costs compared to the second quarter of last year," the company said.

In its outlook, the company also raised its full-year sales guidance, but reiterated its earlier guidance for adjusted earnings per share.

Gildan said it now expects sales revenue for its full year to be about $2.4-billion, compared with earlier guidance of approximately $2.35-billion.

Adjusted earnings per share for the year are still expected to be in the range of $3 to $3.10, while capital expenditures are expected to be at the high end of its earlier guidance for $300-million to $350-million.

Gildan also said Friday that chief financial officer Laurence Sellyn will remain with the company until the end of the year before retiring. A replacement was not immediately named, but the company said it was confident it had the time to ensure an orderly transition.

Story continues below advertisement

Headquartered in Montreal, Gildan has about 29,000 employees worldwide, primarily at its manufacturing facilities in Central America, the Caribbean and Bangladesh.

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.