MONTREAL — Gildan Activewear Inc. has stitched record-high profits in its latest quarter on strong sales growth that even surpassed 2019 levels.
The Montreal-based maker of T-shirts, underwear and socks, which reports in U.S. dollars, says it earned US$188.3 million or a record 95 cents per diluted share in the third quarter.
That's up from US$56.3 million or 28 cents per share a year earlier and 51 per cent above pre-pandemic levels in the third quarter of 2019.
Excluding one-time items, adjusted profits were US$159.4 million or 80 cents per share, up from US$59.2 million or 30 cents per share in the third quarter of 2020.
Revenues for the three months ended Oct. 3 were US$801.6 million, up 33 per cent from US$602.3 million and eight per cent higher than in 2019.
Gildan was expected to report 57 cents per share in adjusted profits on US$717.1 million in revenues, according to financial data firm Refinitiv.
“Our record performance for the third quarter was driven by the improved economics of our business, underpinned by our Back to Basics model, the operational excellence of our team and the ongoing recovery in demand, which drove sales volumes which are now above pre-pandemic levels,” stated CEO Glenn Chamandy.
“Further, I feel confident that our team will continue to navigate through the tight supply chain environment, manage inflationary pressures and deliver results for our shareholders as we continue to move forward.”
This report by The Canadian Press was first published Nov. 4, 2021.
Companies in this story: (TSX:GIL)
The Canadian Press