Gildan Activewear (GIL) Tops Q3 EPS by 4c

Gildan Activewear (NYSE: GIL) reported Q3 EPS of $0.84, $0.04 better than the analyst estimate of $0.80. Revenue for the quarter came in at $850 million versus the consensus estimate of $834.13 million.

GUIDANCE:

We believe our business and the actions we have taken continue to position us well to navigate through any near-term challenges related to the current environment. Importantly, our large North American business geared toward imprintables channels continues to benefit from demand driven by travel, tourism and large events and is expected to remain relatively stable. On the other hand, where we are seeing continued weakness is with our national account or retail-related customers, which represents a smaller part of our business. Further, in international markets we are also continuing to see ongoing softness in demand. On the cost side, although the impact of higher raw material costs will become more pronounced in the fourth quarter, we remain focused on delivering on our operating profitability target range of 18% to 20%. More importantly, our proven operational excellence in both good and tough environments as well as the progress we continue to make on the key pillars of our sustainable growth strategy, gives us confidence in our ability to deliver on our three-year growth targets outlined in February of this year

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