Gildan Activewear Inc. CEO Glenn Chamandy in May, 2024.Christinne Muschi/The Canadian Press
Gildan Activewear Inc. GIL-T reported a third-quarter profit of US$120.2-million, down from US$131.5-million in the same quarter last year, as its net sales edged higher.
The Montreal-based clothing maker, which keeps its books in U.S. dollars, says the profit amounted to 80 cents US per diluted share for the quarter ended Sep. 28, down from 82 cents US per diluted share a year earlier.
Net sales totalled US$910.6-million, up from US$891.1-million a year ago.
On an adjusted basis, Gildan says it earned US$1.00 per diluted share in its most recent quarter, up from an adjusted profit of 85 cents US per share in the same quarter last year.
In its outlook for its full year, the company says it now expects adjusted diluted earnings per share in a range of US$3.45 to US$3.51 compared with earlier guidance for a range of US$3.40 to US$3.56.
Gildan announced a deal in August to acquire HanesBrands for US$2.2-billion.