Gildan’s second quarter results show net sales of $840m, above expectations and largely due to sales volume in activewear. However this is down 6% on the same period last year, which was a record quarter says the company.
“We are pleased with our top line performance which came in ahead of our expectations for the quarter, up against a strong comparative period,” says president and CEO Glenn J Chamandy. “Further, in a challenging macro environment, we are driving market share gains given our strong competitive position and continued execution on our GSG strategy.”
Overall, the first half of 2023 saw net sales of $1,543m, down 8% on the previous year. The company has now updated its outlook for the full year to reflect the impact of current market conditions, lowering its revenue expectations.
“Combined with near-term uncertainty related to the macro-environment, we believe it is prudent to temper our previous FY 2023 expectations for revenue growth and operating margins,” states the company.
On a positive note it added: “We continue to expect our revenues to grow in the second half of the year supported by the planned roll-out of incremental retail programmes.
“We believe that our vertically integrated model, our competitive cost structure, leadership in pricing, product availability, and strength in sustainability are enabling us to grow our market share in key product categories and outperform our peers.”