Connect with us

Fashion

Gildan Activerwear swings to profit in Q1

Avatar

Published

on

my alt text
Gildan, Facebook

Net sales for the first quarter at Gildan Activewear Inc. of 589.6 million dollars were up 28.4 percent compared to the first quarter of 2020, consisting of activewear sales of 484.6 million dollars, up 30.1 percent and sales of 105 million dollars in the hosiery and underwear category, up 21.4 percent.

“Our first quarter results reflected a strong start to 2021 as continued benefits from our Back to Basics strategy supported sell-through across all channels and drove strong operating margin performance, allowing us to deliver net earnings significantly above prior year and first quarter 2019 levels” said Gildan President and CEO, Glenn J. Chamandy.

Imprintables and underwear categories drive sales increase

The company said in a release that the increase in activewear sales was driven by double-digit unit sales volume growth in North American and international imprintables markets and activewear sold in retail channels, as well as favourable product-mix, partly offset by lower net selling prices. Compared to the first quarter of 2019, POS in the U.S. and international markets remained relatively stable, down 10 percent to 15 percent over 2019.

The increase in the hosiery and underwear category, Gildan added, was driven by the strength of our underwear sales, which reflected strong double-digit volume growth over both the first quarters of 2020 and 2019.

Gildan posts earnings growth in Q1

Reported gross margin in the first quarter was 32 percent compared to gross margin of 23.2 percent in the first quarter of 2020, while adjusted gross margin totalled 31.1 percent in the quarter, up 650 bps.

The company generated operating income of 113.8 million dollars or 19.3 percent of sales compared to an operating loss of 92.3 million dollars last year. Adjusted operating income totalled 110.3 million dollars or 18.7 percent of sales compared to 19.9 million dollars or 4.3 percent of sales, last year.

The company reported net earnings of 98.5 million dollars or 50 cents per share on a diluted basis, for the three months ended April 4, 2021 and adjusted net earnings of 95 million dollars or 48 cents per share on a diluted basis, compared to a net loss of 99.3 million dollars or 50 cents per diluted share, and adjusted net earnings of 11.2 million dollars or 6 cents per diluted share, respectively, in the first quarter last year.

The company’s board of directors has declared a cash dividend of 154 cents per share, payable on June 21, 2021 to shareholders of record as of May 27, 2021.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Fashion

Video: Anne Barge SS22 collection

Avatar

Published

on

By

Video: Anne Barge SS22 collection

In this video, fashion label Anne Barge has presented its SS22
collection at New York Bridal Fashion Week (NYFW).

Watch the video below.

Do you want to see more clothing collections? Click here to view the FashionUnited Marketplace.

Video: VRAI Magazine via YouTube

Photo credit: VRAI Magazine, YouTube

Continue Reading

Fashion

Fila collaborates with Flock Together initiative on capsule

Avatar

Published

on

By

Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together

Sportswear label Fila has unveiled a collaboration with birdwatching initiative Flock Together in the form of an apparel and footwear capsule, to be exclusively sold through LN-CC.

In a range of hike-wear gear made for urban exploring, the collection intends to bring people into nature and engage with their community. The selection includes a reinvented version of the Fila Trailblazer hiking shoe and two shearling fleece designs.

The colourways of the line are inspired by the Kingfisher bird, with a scannable near field communication (NFC) tag present in the hiking shoe that takes buyers to a dedicated page outlining the best places in the UK to spot a Kingfisher.

Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together

15 percent of all sales of the collection will go towards the Flock Together community fund.

Buying and creative director at LN-CC, Reece Crisp, expressed his enthusiasm over the collaboration in a release, stating: “We’re super excited for LN-CC to be part of this project.

“Flock Together encompasses everything that’s great about community and wellness, two driving forces that are integral to LN-CC too.

“Flock Together’s growth has been both a reaction to, and antidote from, a difficult eighteen months by bringing people together and encouraging outdoor consciousness, so we are honoured to share our platform in amplifying its much-needed positivity while working with Fila in creating this tribute to the Kingfisher.”

Flock Together, founded back in the 2020 covid-19 lockdowns, brings BIPOC together to engage in birdwatching and other nature-oriented activities.

It has previously partnered on an event with Timberland, hosting a range of spoken word presentations at the nature reserve, Woodbury Wetlands. Sponsored by the apparel label, the event aimed to promote the voices in its growing community adjacent to guiding guests through the nature reserve.

Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together
Continue Reading

Fashion

Video: Jenny Yoo SS22 collection

Avatar

Published

on

By

Video: Jenny Yoo SS22 collection

In this video, fashion label Jenny Yoo has presented its SS22 collection
at New York Bridal Fashion Week (NYFW).

Watch the video below.

Do you want to see more clothing collections? Click here to view the FashionUnited Marketplace.

Video: Jenny Yoo via YouTube

Photo credit: Jenny Yoo, YouTube

Continue Reading

Trending

Copyright © 2021 GangMag.com