Gildan Posts Sales, Profit Gains
Net income increased 14% to $107.7 million from $94.7 million in the second quarter boosted by a 240 basis point gross margin expansion to 29.8% on revenues that gained 4% to $715.4 million from $688.9 million. Higher selling prices and lower manufacturing and raw material costs drove profitability, partly offset by some foreign exchange headwinds. SG&A expenses increased 40 b.p. to 12.5% of sales, or $5.7 million, on acquisition-related spending. Gildan paid $88 million earlier this year for the American Apparel brand, IP and some of its manufacturing equipment, following its 2016 purchases of Peds and Alstyle.
Printwear sales gained 2% ... Log in to view full article.