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Gildan says its sales growth was offset by lower gross and adjusted margins compared to last year, due to higher raw material and other manufacturing costs and a net insurance gain in 2021.
The company’s year-to-date sales are up 17.9 per cent compared with the same period in 2021, while its year-to-date earnings are up 5.6 per cent.
The company says activewear sales, which make up the bulk of overall sales, were up 13 per cent, while hosiery and underwear were down 25 per cent.
Gildan says the increase in activewear sales was due to higher net selling prices, partly offset by lower sales volumes amid weakened retail demand.
This report by The Canadian Press was first published
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