The Canadian textile group Gildan Activewear Inc. was able to increase its sales in the third quarter of the 2022 financial year. However, higher costs ensured that the profit was lower than in the same period last year. This emerges from an interim report presented by the parent company of the American Apparel brand on Thursday.
As a result, consolidated revenue for the quarter ended Oct. 2 was $850.0 million (EUR 871.3 million). It thus exceeded the corresponding prior-year level by 6.0 percent. Because increased raw material and production costs could only be partially compensated for by price increases and savings measures, the operating result fell by 13.3 percent to 174.6 million US dollars. Reported net income fell 18.7 percent to $153.0 million. Adjusted for special effects, however, it was only 3.8 percent below the comparable value from the previous year.
In the first nine months of the current financial year, Gildan generated sales of 2.52 billion US dollars, which meant an increase of 17.9 percent compared to the same period last year. Net income grew 5.6 percent to $457.6 million.