Pat: I currently hold a significant portfolio position (5%) of Gildan Activewear. At current levels, does Gildan look attractive? Any views? Thanks in advance.
Gildan Activewear Inc., $19.87, symbol GIL on Toronto (Shares outstanding: 122.1 million; Market cap: $2.3 billion; www.gildan.com), makes and sells T-shirts, fleece sweatshirts and sweatpants, sport shirts, underwear and socks in a variety of weights, sizes, colours and styles. Its customers are in Canada, the U.S., Europe and other countries.
Gildan makes most of its products from 100% cotton, blended cotton and polyester. It doesn’t add designs to its clothes; instead, it sells them to wholesale distributors as blanks. The distributors then sell Gildan’s clothing to screen printers and embroiderers who add their own images.
The company competes with Fruit of the Loom Inc., Hanesbrands Inc., Delta Apparel Inc. and Anvil Knitwear Inc.
In its fiscal 2011 fourth quarter, which ended October 2, 2011, Gildan’s revenue rose 30.6%, to $481.8 million from $368.9 million a year earlier. (All figures except share price and market cap in U.S. dollars.) However, earnings fell 14.6%, to $48.5 million, or $0.40 a share, from $56.8 million, or…
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