Gildan Activewear posts higher profit as printwear sales rise

Thu Nov 21, 2013 7:22am EST
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Nov 21 (Reuters) - Canadian apparel maker Gildan Activewear Inc reported a 9 percent rise in fourth-quarter profit, helped by lower cotton prices and higher sales in its printwear business.

Net income rose to $96.8 million, or 79 cents per share, for the quarter ended Sept. 30, from $89 million, or 73 cents per share, a year earlier.

Gildan, whose brands include Gildan underwear and Gold Toe socks, said net sales rose more than 11 percent to $626.2 million. Printwear sales rose 12.5 percent to $423.9 million.

Gildan competes with Hanesbrands Inc and L Brands Inc.