MONTREAL – Gildan Activewear Inc. (TSX:GIL) says a 20 per cent rise in Gildan-branded underwear sales as well as bigger growth at its printwear segment helped the clothing manufacturer to a US$67.6 million profit in the fourth quarter.
Overall sales were up 39.2 percent to US$543.8 million, from US$390.Six million a year earlier, and above the company’s estimate – mainly because of unexpectedly high sales of T-shirts made by its printwear segment.
The printwear segment taken into account $284.9 million of sales, up from US$160.3 million in the previous year’s fourth quarter, including a $48-million inventory devaluation that didn’t recur. Excluding the inventory markdown, printwear sales were up 37 per cent from the same time last year.
Sales of the higher-margin branded apparel were US$258.9 million, up 12.4 per cent from US$230.3 million. The segment includes sales of Gildan underwear, which had been focus of the advertising campaign featuring country singer Blake Shelton.