Headlines

Gildan Sales Drop 8% in Q4

Sales for 2022 fiscal year still 11% higher than the prior year.

Published

1 year ago

February 23, 2023

Gildan Activewear (Montreal) reported $720 million in sales for its fourth quarter, an 8.2 percent decline year over year.

The apparel maker finished its fiscal 2022 with $3.24 billion in sales, up 10.9 percent from the previous year.

“I am extremely proud of our team’s record performance in 2022 with revenue up 11% over 2021 and strong margin delivery in every fiscal quarter,” said President and CEO Glenn J. Chamandy in a prepared statement. “And despite near term headwinds related to the economic environment, which impacted our performance in the fourth quarter and which may persist through the first part of 2023, we remain excited about the Gildan Sustainable Growth strategy, as well as our strong competitive positioning and ability to support our customers, as we work towards delivering on our long- term growth aspirations.”

For 2023, Gildan forecasts revenue growth to be in the low single-digit range. The statement reads:

“… In the first part of 2023 we expect continued headwinds tied to the demand environment and to strong comparative periods, particularly as we cycle post pandemic inventory replenishment in the first quarter. We also expect increased margin pressure in early 2023 as we work through higher raw material and input costs currently in our inventories. However, as we move past the first quarter, we expect these headwinds to abate, enabling us to resume our growth trajectory and our path towards delivering on our performance targets.”

Read the company’s full earnings report here.

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