Hello Patrick. I have just come on board Inner Circle and am trying to reconcile my current portfolio to the companies you follow. Perhaps you can give me your opinion on Gildan. Many thanks.
Gildan Activewear Inc., $16.36, symbol GIL on Toronto (Shares outstanding: 120.9 million; Market cap: $2.0 billion), makes and sells premium-quality T-shirts, fleece sweatshirts and sweatpants, sport shirts, underwear and socks in a variety of weights, sizes, colours and styles. It sells to customers in Canada, the U.S., Europe and other countries.
Gildan makes 100% cotton, blended cotton and polyester products. In the past, the company sold these as blanks without designs or logos. Wholesale clients then silkscreened designs onto them. Gildan also sells directly to mass-market retailers, such as Wal-Mart and Dollar General.
The company competes with Fruit of the Loom Inc., Hanesbrands Inc., Delta Apparel Inc. and Anvil Knitwear Inc.
In the three months ended April 5, 2009, Gildan’s revenue fell 16.7%, to $244.8 million from $293.8 million a year earlier. (All figures except share price and market cap in U.S. dollars.) Earnings fell sharply, to $7 million, or $0.06 a share, from $43.1 million, or $0.35 a share. Cash flow per…
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