Gildan reports positive Q3 earnings - sportstextiles: Lea SportsTextiles

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Gildan reports positive Q3 earnings

07/08/2006

Canada-based casual and sportswear company Gildan has reported record third quarter net earnings of US$42.8 million up 25.5% from $34.1 million in the third quarter of 2005. The increase in net earnings was due to continuing strong growth in unit sales volumes and higher gross margins, partially offset by increased selling, general and administrative and depreciation expenses.

Sales in the third quarter amounted to a record $233.9 million, up 17.6% from $198.9 million in the third quarter of last year. The increase in sales revenues reflected a 15.6% increase in unit sales volumes and the impact of a higher-valued product-mix, partially offset by an approximate 2.5% reduction in unit selling prices compared to last year.

Sales for the nine months ended July 2 totalled $538 million, up 13.7% from the corresponding period of last year, due to an increase of 14.8% in unit sales volumes, partially offset by lower selling prices.

Net earnings for the first nine months amounted to $90 million up 39.3% adjusted net earnings of $64.6 million in the first nine months of 2005, excluding the special charge of $7.8 million after tax incurred in the second quarter of fiscal 2005 for the closure and relocation of the company's Canadian yarn-spinning operations.




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