August 4, 2011 / 11:43 AM / in 7 years

UPDATE 1-Gildan Activewear Q3 profit rises; sees weak Q4

* Q3 EPS $0.77 vs $0.53 year-ago

* Q3 revenue 34 percent to $529.8 mln

* Sees Q4 EPS $0.40, rev slightly below $500 million. (Follows alerts)

Aug 4 (Reuters) - Clothing maker Gildan Activewear Inc’s third-quarter profit jumped 47 percent helped mainly by higher net selling prices, but the company forecast a weak fourth quarter citing an expected fall in U.S. shipments.

“The company’s guidance for the fourth quarter reflects the assumption that overall industry unit shipments from U.S. distributors to U.S. screenprinters will decline by approximately 5 percent compared to the fourth quarter of fiscal 2010,” it said in a statement.

For the fourth quarter, the company expects to earn 40 cents per share, on revenue slightly below $500 million.

The maker of basic clothing items such as T-shirts, socks and underwear reported third-quarter earnings of $94.1 million, or 77 cents a share, compared with $64 million, or 53 cents a share, a year earlier.

Net sales in the third quarter rose 34 percent to $529.8 million.

Montreal-based Gildan’s shares closed at C$27.97 on Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Gopakumar Warrier)

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