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Gildan Sales Up 27.4 Percent

Gildan Activewear, Inc.
Gildan Activewear, Inc.

(Filed Under Financial and General Interest News). On December 11th, Gildan Activewear, Inc. announced the results for its fourth quarter and fiscal year ended October 5, 2008.

Sales in the fourth quarter amounted to $324.7 million, up 27.4 percent from $254.9 million during the same time last year. According to the company, the increase in sales revenues was due to the impact of the acquisition of Prewett, an approximate 10.2 percent increase in activewear unit selling prices and an 8.5 percent increase in unit sales volumes for activewear and underwear.

The company reported net earnings of $21.4 million for the fourth quarter of fiscal 2008, compared to net earnings of $40.9 million during the same time last year.

The quarter results in fiscal 2008 included restructuring and other charges of $1 million after taxes. Comparable results for fiscal 2007 included restructuring and other charges of $4.9 million after taxes. The charges in both years were primarily related to the restructuring and ongoing carrying costs pursuant to the closure of Canadian and U.S. manufacturing facilities.

Gildan believes that "while the current outlook for business conditions in fiscal 2009 is uniquely challenging, the economic upheaval in the industry will create opportunities for Gildan to build further on its leadership position in the U.S. screenprint channel, and continue to expand its presence in international markets and the U.S. mass market retail channel.”

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Published 12-30-2008 by Bruna Fernandes

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