Gildan sees sales decline in first quarter, affirms full-year outlook

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MONTREAL — Gildan Activewear Inc. says it earned US$97.6 million in the first quarter of 2023, down 33.3 per cent from US$146.4 million a year earlier.

The Montreal-based company, which reports in U.S. dollars, says net sales for the quarter ended April 2 were US$702.9 million, down 9.3 per cent from US$774.9 million in the first quarter of 2022.

Diluted earnings per share were 54 cents U.S., down 29.9 per cent from 77 cents a year earlier.

Gildan president and CEO Glenn Chamandy said in a press release that the company met its sales expectations for the quarter.

He said the company remains comfortable with its full-year outlook despite an uncertain economic environment.

Gildan says the decline in sales reflects anticipated demand headwinds as well as strong comparative periods in 2022.

This report by The Canadian Press was first published May 5, 2023.

Companies in this story: (TSX:GIL)

The Canadian Press