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Gildan Activewear profit misses consensus by 35.5% in fiscal Q2

Gildan Activewear Inc. said its normalized net income for the fiscal second quarter ended July 3 came to 27 cents per share, compared with the S&P Capital IQ consensus estimate of 42 cents per share.

In the prior-year period, the per-share result was a profit of 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $64.0 million, a decline from $66.1 million in the year-earlier period.

The normalized profit margin increased to 9.3% from 9.3% in the year-earlier period.

Total revenue fell year over year to $688.9 million from $714.2 million, and total operating expenses declined from the prior-year period to $583.4 million from $603.7 million.

Reported net income fell 5.5% year over year to $94.5 million, or 40 cents per share, from $100.0 million, or 41 cents per share.