Gildan expects American Apparel revenues to double to US$100M in 2018 [Business News Network (BNN) Energy & Resources (Canada)]
Gildan Activewear, Inc. Class A Sub. Vot. (GIL)
Last gildan activewear, inc. class a sub. vot. earnings: 4/29 04:15 pm
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Source: Business News Network
Gildan expects American Apparel revenues to double to US$100M in 2018 MONTREAL -- Gildan Activewear Inc. expects sales of the American Apparel brand it acquired last year will double in 2018 as it looks to expand sales of the product globally. The Montreal-based maker of apparel, including T-shirts, socks and underwear says the iconic brand it acquired last February should add about US$100 million of net sales this year, up from US$50 million in 2017. Gildan ( GIL.TO ) bought the bankrupt California brand for US$88 million in a deal that excluded American Apparel stores and its e-commerce site. It subsequently decided to use Gildan's low-cost global production networks to expand its offering while also making some lines of American Apparel in the United States. Gildan, which reports in U.S. dollars, says its overall net profit decreased 26 per cent to $54.9 million in the fourth quarter. Excluding restructuring and acquisition-related costs, it earned $67.6 million or 31 cents per dil
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