Gildan Repositioning Under way; Shares Fairly Valued
No-moat Gildan’s first-quarter results held few surprises as weakness in hosiery and underwear (down 20.4%) more than offset growth opportunities in activewear (up 3.2% with double-digit growth in fashion basics), and International (up 24%), resulting in an overall sales decline of 2.7% (slightly worse than our 1% decline estimate). That said, we were encouraged that, according to NPD, market share of Gildan branded men’s underwear increased 140 basis points year over year to 12.1% for the March...Gildan Activewear is engaged in the manufacturing and selling of activewear, socks and underwear. Co. sells activewear products to screenprint markets in North America, Europe and other international markets. Co. is the supplier of activewear for the screenprint channel in the United States, Canada, Europe and Mexico. Co. sells socks and underwear, in addition to its activewear products, to mass market and regional retailers in North America.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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