The Canadian textile group Gildan Activewear Inc. continued on its growth course at the beginning of the 2022 financial year and closed the first quarter with new records in sales and profit. In particular, the activewear division, which also includes the American Apparel brand, has achieved strong growth, the company said on Wednesday.
Overall, group sales in the months of January to March amounted to 774.9 million US dollars (737.3 million euros). It thus exceeded the level of the same quarter of the previous year by 31.4 percent. Activewear sales grew 37.7 percent to $667.3 million thanks to strong demand in North America, while hosiery and lingerie sales grew just 2.5 percent to reach $107.6 million U.S. dollar.
Thanks to the strong increase in sales and the resulting lower cost ratio, the result was also well above the corresponding level of the previous year: Operating profit grew by 42.5 percent to 162.2 million US dollars, quarterly net income by 48.6 percent to 146.4 million US dollars (139.3 million euros). Adjusted for special effects, net profit increased by 51.9 percent to 144.3 million US dollars.
