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Stocks in play: Gildan Activewear Inc.
Announced its results for the third quarter ended September 29, 2019 in line with the preliminary results published on October 17, 2019. Sales of $740 million in the quarter were down 2% compared to the prior year quarter mainly due to weak sales of activewear in the imprintables channel both in North America and internationally, combined with lower sock sales, including the exit of sock programs in mass, which largely offset strong sales of activewear to global lifestyle brands in the retail channel. The sales decline together with higher manufacturing costs, including anticipated higher raw material and other input costs, partially offset by lower selling, general and administrative expenses (SG&A), led to lower earnings for the quarter. GAAP diluted EPS totaled $0.51 and adjusted diluted EPS totaled $0.53 for the three months ended September 29, 2019, both down 7% over the prior year quarter. Gildan Activewear Inc. shares T.GIL are trading up $0.65 at $34.50.
