Gildan Results Flat on Weak Branded Demand
Solid sales in the printwear division were offset by a decline in the branded segment as Gildan reported net income of $116.1 million for the three months ended Oct. 1 this year compared to $114.4 million last year. Sales were essentially flat at $716.4 million vs. $715.0 million as a 4% improvement in the printwear business to $480.7 million was offset by a 6.9% decline in the branded division to $235.7 million. Operating income in printwear was up 3% to $127.5 million while branded operating profit fell 14% to $25.3 million. International, about a $250 million plus business annually, is ... Log in to view full article.