Gildan’s Branded Apparel Demand Hit by Retailer Headwinds; Shares Fairly Valued
No-moat Gildan reported mixed third-quarter performance with printwear sales growth of 4.1% offset by a 6.9% decline in branded apparel sales, resulting in roughly flat consolidated revenue. We believe management is correct in attributing branded apparel weakness to struggles in the department store, national chain, and sporting goods channels, as this aligns with commentary from competitor Hanes. Furthermore, with strong margin performance (gross margin increased 60 basis points to 31% and adju...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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