Gildan lowers full year outlook on weak Q3 results

Gildan Activewear Inc. expects to report GAAP diluted earnings per share for the third quarter ended September 29, 2019 of approximately 51 cents and adjusted diluted EPS of approximately 53 cents, both down 7 percent over the third quarter of 2018 compared to previous guidance of flat EPS growth. The company said in a statement that sales for the quarter are expected to be approximately 740 million dollars, down 2 percent over the same quarter last year, reflecting estimated activewear sales of 620 million dollars and sales of 120 million dollars in the hosiery and underwear category. Gildan had earlier projected sales growth in the mid-single-digit range for the third quarter.