Gildan Activewear Announces Record Results for Fourth Quarter of Fiscal Year and Initiates Sales and Earnings
The effective income tax rate in the fourth quarter was approximately 3 percent compared with an income tax recovery in the fourth quarter of fiscal 2012. The increase in the income tax rate was primarily due to the improved operating income for branded apparel.
In the fourth quarter, the printwear segment reported operating income of U.S. $112.0 million, up 11.2 percent compared to U.S. $100.7 million in the fourth quarter of fiscal 2012. The more favorable results for the printwear segment were primarily due to the unit sales volume growth and the lower cost of cotton, partially offset by lower net selling prices. The branded apparel segment reported quarterly operating income of U.S. $18.1 million, up 19.7 percent compared with U.S. $15.1 million in the fourth quarter of fiscal 2012. The improved results for branded apparel were due to lower cotton costs, sales volume growth and a higher-valued branded product-mix.
- Companies:
- Gila Products
- Sanis Enterprises
- Places:
- U.S.