Newspaper article The Canadian Press

Gildan Activewear Says Q1 Profit Drops 19 per Cent on Weaker Sock, Underwear Sales

Newspaper article The Canadian Press

Gildan Activewear Says Q1 Profit Drops 19 per Cent on Weaker Sock, Underwear Sales

Article excerpt

Gildan profits tumble in first quarter

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MONTREAL - Apparel manufacturer Gildan Activewear Inc. says its net earnings fell nearly 19 per cent in the first quarter compared to its record performance a year ago.

The maker of socks, underwear and T-Shirts says it earned US$67.9 million in the period ended April 1, compared with US$83.5 million in the prior same quarter the previous year.

That equalled 31 cents per diluted share, down five cents from a year ago.

Excluding one-time restructuring and acquisition costs, Gildan earned US$74.6 million or 34 cents per share in adjusted profits. That's down from US$90.1 million or 39 cents per share in the first quarter of 2017.

Sales were US$647.3 million, down 2.7 per cent from US$665. …

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