Gildan Activewear reports US$56.4M third-quarter profit, tops expectations

Gildan Activewear reports US$56.4M third-quarter profit, tops expectations
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MONTREAL — Gildan Activewear Inc. topped expectations as it reported a third-quarter profit of US$56.4 million and its sales recovered after plunging earlier this year due to the pandemic.

The Montreal-based clothing manufacturer, which keeps its books in U.S. dollars, says the profit amounted to 28 cents per diluted share for the quarter ended Sept. 27 compared with a profit of US$104.9 million or 51 cents per share a year earlier.

Sales totalled US$602.3 million for the quarter, down from US$739.7 million in the same quarter last year, but up from US$230 million in the second quarter of this year.

On an adjusted basis, Gildan says it earned US$59.2 million or 30 cents per share for the quarter compared with an adjusted profit of US$108.4 million or 53 cents per share a year earlier.

Analysts on average had expected a profit of 10 cents per share for the quarter and US$543.1 million in revenue, according to financial data firm Refinitiv.

Gildan owns and operates clothing factories in Central America, the Caribbean, North America, and Bangladesh.

This report by The Canadian Press was first published Oct. 29, 2020.

Companies in this story: (TSX:GIL)

The Canadian Press

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