Cotton costs hit Gildan Activewear
25/11/2013
Cotton prices have fallen nearly 17% from a five-month peak of 94 cents per pound in August.
The Canadian company, which also makes private-label and branded socks for mass-market retailers, has been shifting focus to its own brands such as Gildan underwear and Gold Toe socks to raise profit margins.
Its printwear sales rose 12.5% to $423.9 million in the quarter ended September 30 and net sales rose 11.5% to $626.2 million. The company's net income increased to $96.8 million from $89 million a year earlier.
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