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Apparel maker Gildan Activewear sales soar 5.7%

Gildan Activewear

Montreal-based apparel manufacturer Gildan Activewear has announced its full-year financial results.

The company witnessed a 5.7 percent increase in its net sales. Surge in international sales bolstered growth for the company.

Gildan’s net sales reached US $ 2,908.6 million in 2018. Operating income of the company stood at US $ 437.4 million, up from US $ 423.9 million.

A further 13.6 percent increase in activewear retail business took it to US $ 2,321.4 million. However, a 17 percent dip in the hosiery and underwear segments was recorded.

Net earnings for 2018 were also down at US $ 350.8 million.

In the meantime, net sales for the fourth quarter zoomed 13.6 percent to US $ 742.7 million.

The growth was driven by a 22.3 percent surge in activewear sales at US $ 569.3 million.

Net earnings totaled US $ 59.6 million for the quarter.

Gildan also expanded American Apparel’s online retail presence during the year. The brand’s net sales continue to be the highest in the USA. International sales further jumped 26.9 percent.

International sales exceeded those in Canada, which fell 7.9 percent during the year.

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