April 24th, 2024

Gildan Activewear reports Q4 profit up from year ago, raises quarterly dividend

By The Canadian Press on February 21, 2024.

MONTREAL – Gildan Activewear Inc. raised its quarterly dividend 10 per cent as it reported a fourth-quarter profit of US$153.3 million, up from US$83.9 million a year earlier.

The clothing maker says it will pay a quarterly dividend of 20.5 cents US per share, up from 18.6 cents US per share.

Gildan, which keeps its books in U.S. dollars, says its fourth-quarter profit amounted to 89 cents US per diluted share for the quarter ended Dec. 31, up from 47 cents US per diluted share a year earlier.

Net sales totalled US$782.7 million, up from US$720.0 million.

On an adjusted basis, Gildan says it earned 75 cents US per diluted share, up from an adjusted profit of 65 cents US per diluted share a year earlier.

The results came as group of shareholders seeks to reinstate founder Glenn Chamandy as Gildan’s chief executive. Chamandy was terminated on Dec. 10 after four decades at the company and replaced by Vince Tyra.

This report by The Canadian Press was first published Feb. 21, 2024.

Companies in this story: (TSX:GIL)

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