Gildan Activewear (GIL) Misses Q4 EPS by 8c; Issues Light FY15 EPS Outlook

Gildan Activewear (NYSE: GIL) reported Q4 EPS of $1.00, $0.08 worse than the analyst estimate of $1.08. Revenue for the quarter came in at $666 million versus the consensus estimate of $713.4 million.

The Company had most recently projected adjusted EPS of U.S. $1.06 - U.S. $1.09 on projected sales revenues in excess of U.S. $700 million. The lower than previously projected sales and earnings growth in the fourth quarter was primarily due to lower than projected sales growth in Branded Apparel. Sales of Gildan branded products in the quarter were up by more than 35% and the Company continued to gain market share in men's underwear. However, sales to retailers in all product categories were lower than projected due to inventory destocking by retailers, the delayed timing of fleece programs which the Company serviced in October, and weaker than anticipated market demand. The Company is now experiencing strong replenishment orders in the December quarter.

Gildan Activewear sees FY2015 EPS of $3.00-$3.15, versus the consensus of $3.58.

For earnings history and earnings-related data on Gildan Activewear (GIL) click here.

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