No-Moat Gildan Reports in Line but Messy Quarter; We Maintain our Overvalued View
No-moat Gildan’s 2019 first-quarter sales marginally beat our $619 million forecast by 1% but profitability was impacted by higher expenses and one-time charges. Gildan’s activewear sales of $493.6 dropped 4.1% year over year and fell short of our forecast of $499.0 million, but hosiery and underwear sales of $130.4 exceeded our forecast of $119.5 million. Gildan began shipments under its new private-label men’s underwear contract (which we believe is with wide-moat Walmart) earlier than anticip...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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