Skip to content

Gildan Q1 earnings down almost 20% as feud over who should lead the company continues

MONTREAL — Gildan Activewear Inc. says it earned US$78.7 million in its first quarter, down almost 20 per cent from US$97.6 million a year earlier. The Montreal-based clothing manufacturer, which reports its financial information in U.S.
2024050115054-0cb99664e9e4bd35cacfe5377828c0a39dbb62c6969c750f82b78c7b70062a0b
The Gildan logo is seen outside their offices in Montreal, Monday, Dec. 11, 2023. THE CANADIAN PRESS/Christinne Muschi

MONTREAL — Gildan Activewear Inc. says it earned US$78.7 million in its first quarter, down almost 20 per cent from US$97.6 million a year earlier.

The Montreal-based clothing manufacturer, which reports its financial information in U.S. dollars, says diluted earnings per share were 47 cents US for the quarter compared with 54 cents US a year earlier.

Analysts had expected the company to report a gain of about 52 cents US per share, according to financial markets data firm Refinitiv.

On an adjusted basis, the company reported net earnings of US$99.2 million in the period ended March 31 compared with US$81.6 million a year earlier.

Gildan's net sales for the quarter reached US$695.8 million compared with US$702.9 million a year prior.

The results come as the company is feuding with some of its major shareholders over who should lead Gildan, which recently said it was entertaining offers to buy the business.

This report by The Canadian Press was first published May 1, 2024.

Companies in this story: (TSX:GIL)

The Canadian Press

push icon
Be the first to read breaking stories. Enable push notifications on your device. Disable anytime.
No thanks