Montreal-based Gildan posted record results for its fourth quarter and for fiscal 2021, with rising earnings per share and rising sales.
The sportswear company thus generated US$784 million in sales for the fourth quarter, which represents an increase of 14% compared to the same period of 2020 and 19% compared to that of 2019.
This high level of sales led to an increase in diluted earnings per share which reached 89 US cents for the fourth quarter ended January 2. This is therefore a growth of 69% compared to 2020 and 85% in 2019.
“I’m really proud of our team’s performance in 2021, which allowed us to leverage the upturn in demand, generate excellent results and realize significant benefits from our Back to Basics strategy. We ended the year strong, growing above pre-pandemic levels and setting records to build on going forward,” Glenn J. Chamandy, president and chief executive officer, said in a statement Wednesday. Gildan.
The fiscal year has been successful for the company, as it recorded a 48% increase in net sales between 2020 and 2021, with a result of US$2.9 billion this year.
“Sales for 2021 reflect a notable recovery in demand compared to 2020, as sales were hit hard by the consequences of the onset of the pandemic,” the company explained, adding that sales had returned to the level of before the health crisis.
Diluted earnings per share for fiscal year 2021 reached US$3.07.