Gildan's top line is still muted by retailer industry weakness, but gross margin gains continue.
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...
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