USA: Gildan Activewear Inc., has recently announced its financial results for the fourth quarter and year ended January 1, 2017. During the fourth quarter, the retailer noted 8.1 per cent increase in consolidated sales compared to the corresponding quarter in 2015 reflected sales.
In the period under review, consolidated gross margin in the fourth quarter of 2016 was 26.7 per cent, in line with the same period last year. Consolidated net sales of US $ 2,585.1 million in 2016 were slightly up from US $ 2,568.6 million in calendar 2015 due to a 1 per cent increase in Printwear segment sales, while Branded Apparel sales were flat compared to the prior year.
According to the company release, net sales during 2016 were impacted by lower net selling prices, lower retailer inventory replenishment, the non-recurrence of distributor inventory re-stocking in 2015 and the exit of approximately US $ 65 million in retailer private label programs combined with unfavourable foreign currency exchange and product-mix.