Gildan Activewear Inc. (TSX: GIL)(NYSE: GIL)
-- Record EPS of U.S. $0.54 for a Fiscal Quarter, up 46% from Q3 2009
-- Growth in Sales Revenues of 28% Compared to Q3 2009
-- Strong Recovery in Screenprint Market Demand Combined with Higher
Market Share
-- Results Include Negative Impact of Inefficiencies due to Initial Ramp-
Up of New Retail Products and Haiti Earthquake
-- Free Cash Flow of U.S. $82.2 million
-- Company Updates Full Year Fiscal 2010 Outlook and Assumptions
Gildan Activewear Inc. (TSX: GIL)(NYSE: GIL) today announced its
financial results for the third quarter of its 2010 fiscal year.
The Company also updated its outlook for the full fiscal year.
Third Quarter Sales and Earnings
Before restructuring charges, adjusted net earnings for the
third fiscal quarter ended July 4, 2010 were U.S. $66.4 million or
U.S. $0.54 per share, compared to U.S. $44.9 million or U.S. $0.37
per share in the third quarter of fiscal 2009. Net earnings were
U.S. $64.7 million or U.S. $0.53 per share, after reflecting a
restructuring charge of U.S. $0.01 per share related to the
consolidation of U.S. distribution activities announced on December
10, 2009. Earnings and EPS were a record for a fiscal quarter. The
45.9% increase in adjusted EPS in the third quarter compared to
last year was primarily due to strong growth in activewear unit
sales volumes and lower promotional activity in the U.S.
distributor channel, partially offset by supply chain
inefficiencies due to the integration of new retail products and
the impact of the Haiti earthquake, higher selling, general and
administrative expenses, and the non-recurrence of a U.S. $0.05 per
share prior year income tax recovery recorded in the third quarter
of fiscal 2009.
Net sales for the third quarter of fiscal 2010 amounted to U.S.
$395.3 million, up 28.4% from U.S. $307.8 million in the third
quarter of last year. Sales of activewear and underwear were U.S.
$351.3 million, up 36.1% from U.S. $258.1 million last year, and
sales of socks were U.S. $44.0 million, down 11.5% from last
year.
The growth in sales of activewear and underwear compared to
fiscal 2009 was primarily due to higher market share in the U.S.
wholesale distributor channel, combined with a strong recovery in
overall industry demand, which increased by 10.5% compared to the
third quarter of last year, continuing strong growth in
international and other screenprint markets, an approximately 2%
increase in net selling prices for activewear, more favourable
activewear product-mix and increased shipments of underwear and
activewear to retail customers. The Company noted that demand in
the U.S. distributor channel at the end of the quarter may have
been positively impacted by purchases by screenprinters in advance
of an industry selling price increase which was effective at the
beginning of the fourth quarter.
The table below summarizes the data from the S.T.A.R.S. report
produced by ACNielsen Market Decisions, which tracks unit volume
shipments of activewear from U.S. wholesale distributors to U.S.
screenprinters, for the calendar quarter ended June 30, 2010.
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Three months ended Three months ended
June 30, June 30,
2010 vs. 2009 2010 2009
----------------------------------------
Unit Growth Market Share
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Gildan Industry Gildan
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All products 26.9% 10.5% 63.9% 55.7%
T-shirts 27.0% 10.8% 64.6% 56.4%
Fleece 26.8% 8.0% 61.8% 52.7%
Sport shirts 23.9% 3.4% 45.6% 38.1%
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At the end of the June quarter, overall inventories in the U.S.
distributor channel as reported by S.T.A.R.S. were down by 1.8%
compared with a year ago. Gildan's share of distributor inventories
was 52.5% at June 30, 2010, compared with its market share of 63.9%
for the quarter as shown above. The Company was constrained from
fully capitalizing on strong demand for its products due to low
activewear finished goods inventories during the quarter, as a
result of lost production due to the Haiti earthquake combined with
the strong recovery in industry demand. The Company ended the
quarter with a high open order position.
Unit shipments of activewear in international and other
screenprint markets increased by approximately 60% compared to the
third quarter of fiscal 2009, and shipments of activewear and
underwear to retailers more than doubled from a small base in the
third quarter of last year.
The decline in sales of socks compared to last year was
primarily due to short-term issues in servicing demand due to
increased reliance on third party contractors during the ramp-up of
Rio Nance IV and the transition to the new U.S. retail distribution
centre. In addition, average net selling price realizations were
lower than last year due to a shift towards a more basic
product-mix. The Company continues to be satisfied with the
performance of its major continuing sock programs and believes that
it is well positioned to continue to gain market share in socks in
the mass-market retail channel.
Gross margins in the third quarter increased to 27.1%, compared
to 24.4% in the third quarter of fiscal 2009, due to more
favourable activewear net selling prices, more favourable
product-mix and lower cotton costs compared to last year. Gross
margins in the third quarter of fiscal 2010 were negatively
impacted by the initial ramp-up of new retail underwear and
activewear programs, additional costs due to the use of third party
sock contractors and continuing supply chain inefficiencies related
to the Haiti earthquake.
Selling, general and administrative expenses in the third
quarter increased to U.S. $39.9 million, compared to U.S. $36.2
million in the third quarter of fiscal 2009. The increase in
SG&A expenses from last year was primarily due to higher
volume-driven distribution expenses, inefficiencies due to the
initial ramp-up of the new retail distribution centre at
Charleston, S.C., the impact of the higher-valued Canadian dollar
on corporate administrative expenses, and higher performance-driven
variable compensation expenses. Selling, general and administrative
expenses amounted to 10.1% of sales in the third quarter of fiscal
2010 compared to 11.8% of sales in the third quarter of fiscal
2009.
Third Quarter Cash Flows
The Company generated free cash flow of U.S. $82.2 million in
the third quarter after financing seasonal increases in accounts
receivable and capital expenditures of U.S. $26.0 million,
primarily for the ramp-up of the Rio Nance IV sock factory in
Honduras, and ended the third quarter with cash and cash
equivalents of U.S. $201.2 million. Inventories declined in the
third quarter due to a further reduction in activewear finished
goods and work-in-process inventory levels, partially offset by the
impact of higher raw material and energy costs included in the
carrying value of inventory. Activewear finished goods inventories
at the end of the third quarter were below optimal levels to
service demand, due to strong sales demand and the loss of
production due to the Haiti earthquake. The increase in accounts
payable relates primarily to the increased volume of purchases of
yarn and other raw materials combined with higher raw material
costs.
Year-to-date Sales and Earnings
Net sales for the first nine months amounted to U.S. $942.5
million, up U.S. $205.9 million or 28.0% from U.S. $736.6 million
in the same period last year. Sales of activewear and underwear
were U.S. $777.5 million, representing an increase of U.S. $222.7
million or 40.1% from U.S. $554.8 million last year, and sales of
socks were U.S. $165.0 million, down U.S. $16.8 million or 9.2%
from U.S. $181.8 million in the first nine months of fiscal 2009.
The increase in activewear and underwear sales was due to higher
market share in the U.S. distributor channel and other target
markets and the recovery in overall industry demand starting in the
second quarter of fiscal 2010, together with more favourable
activewear product-mix.
Net earnings for the first nine months of fiscal 2010 were U.S.
$141.5 million, or U.S. $1.16 per share on a diluted basis,
compared with net earnings of U.S. $52.9 million or U.S. $0.44 per
share for the same period last year. Net earnings before
restructuring and other charges were U.S. $145.4 million or U.S.
$1.19 per share, compared with adjusted net earnings of U.S. $57.4
million or U.S. $0.47 per share in the first nine months of fiscal
2009. The significant growth in net earnings and earnings per share
was mainly due to higher unit sales volumes for activewear and
underwear, more favourable product-mix and lower manufacturing,
cotton and energy costs, partially offset by supply chain
inefficiencies due to the Haiti earthquake and the integration of
new retail products together with higher SG&A expenses.
Outlook
The Company is continuing to project full year sales revenues
for fiscal 2010 of approximately U.S. $1.3 billion, up
approximately 25% from fiscal 2009. In spite of the strong
activewear sales in the third quarter, the updated full year sales
outlook continues to assume unit sales volume growth in activewear
and underwear of approximately 30%, as activewear shipments in the
fourth quarter are assumed to be constrained by the current low
level of finished goods inventories. Sales of socks for the full
year are now assumed to be flat compared with fiscal 2009 due to
the lower than anticipated sock sales in the third quarter. The
Company had previously projected unit sales volume growth for socks
at 6% for fiscal 2010. Gross margins are now projected at
approximately 27.5%, compared to the previous forecast of
approximately 27%, due to more favourable net selling prices for
activewear and more favourable product-mix than assumed in the
Company's prior forecast. However, although promotional activity is
lower than previously projected and the previously announced
selling price increase in the U.S. wholesale distributor channel
has been successfully implemented, the Company will not fully
benefit from this increase in the fourth quarter, as it is not
applying the price increase to sales orders placed prior to the
effective date for the price increase of July 5, 2010.
The total negative impact in fiscal 2010 of lost sales
opportunities and supply chain inefficiencies due to the Haiti
earthquake is estimated at approximately U.S. $19 million or U.S.
$0.16 per share, which is partially recoverable under the Company's
insurance policies. Results in the fourth quarter of the fiscal
year are assumed to include the maximum insurance recovery of U.S.
$8 million or U.S. $0.07 per share.
The Company has continued to secure new activewear programs for
the retail channel for fiscal 2011, and has significant growth
opportunities in all of its target markets, although it will
require to utilize some of its available production capacity in
fiscal 2011 to rebuild activewear finished goods inventories. The
Company is continuing to implement all of the capital expenditure
projects for capacity expansion and cost reduction which it had
previously announced, including completion of the ramp-up of the
Rio Nance IV sock facility, the construction of the Rio Nance V
textile facility, biomass facilities for the Honduran textile
operations and the expansion and automation of the Eden, N.C.
wholesale distribution centre. However, in-year capital
expenditures in fiscal 2010 are now expected to be approximately
U.S. $130 million, due to the timing of receiving capital
equipment, compared with the Company's most recent full year
capital expenditure forecast of U.S. $155 million.
The Company continues to believe that higher selling prices in
fiscal 2011, combined with the impact of projected manufacturing
efficiency gains from new capital investments and the
non-recurrence of supply chain inefficiencies incurred in fiscal
2010, will fully offset increases in the cost of cotton, energy and
other purchased cost inputs.
Financial Highlights (unaudited)
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(in US$ millions, except per
share amounts or otherwise
indicated) Q3 2010 Q3 2009 YTD 2010 YTD 2009
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Net sales 395.3 307.8 942.5 736.6
Gross profit 107.1 75.1 263.6 152.7
Selling, general and
administrative expenses
(SG&A) 39.9 36.2 112.6 100.6
Operating income 64.4 34.5 145.1 46.6
EBITDA (1) 85.4 58.1 201.0 99.1
Net earnings 64.7 41.5 141.5 52.9
Adjusted net earnings (2) 66.4 44.9 145.4 57.4
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Diluted EPS 0.53 0.34 1.16 0.44
Adjusted diluted EPS (2) 0.54 0.37 1.19 0.47
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Gross margin 27.1% 24.4% 28.0% 20.7%
SG&A as a percentage of sales 10.1% 11.8% 11.9% 13.7%
Operating margin 16.3% 11.2% 15.4% 6.3%
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Cash flows from operating
activities 107.3 80.6 211.6 47.1
Free cash flow (3) 82.2 78.5 118.5 19.4
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July 4, October 4, July 5,
As at 2010 2009 2009
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Inventories 324.0 301.9 339.6
Trade accounts receivable 167.9 159.6 181.5
Cash in excess of total
indebtedness (Net
indebtedness) (4) 201.1 95.3 (18.5)
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(1), (2), (3), (4): Please refer to Non-GAAP Financial Measures in this
press release.
Certain minor rounding variances exist between the financial statements
and this summary.
Disclosure of Outstanding Share Data
As of July 31, 2010, there were 121,304,949 common shares issued
and outstanding along with 1,310,354 stock options and 787,714
dilutive restricted share units ("Treasury RSUs") outstanding. Each
stock option entitles the holder to purchase one common share at
the end of the vesting period at a pre-determined option price.
Each Treasury RSU entitles the holder to receive one common share
from treasury at the end of the vesting period, without any
monetary consideration being paid to the Company. However, at least
50% of Treasury RSU grants are subject to the attainment of
performance objectives set by the Board of Directors.
Information for Shareholders
This release should be read in conjunction with Gildan's 2010
Third Quarter Management's Discussion and Analysis ("MD&A")
dated August 11, 2010 and its interim consolidated financial
statements for the three and nine months ended July 4, 2010
(available at http://gildan.com/corporate/IR/quarterlyReports.cfm)
which is incorporated by reference in this release, and which will
be filed by Gildan with the Canadian securities regulatory
authorities and with the U.S. Securities and Exchange
Commission.
Gildan Activewear Inc. will hold a conference call to discuss
these results today at 8:30 AM EDT. The conference call can be
accessed by dialing 800-261-3417 (Canada & U.S.) or
617-614-3673 (international) and entering passcode 33795584, or by
live sound webcast on Gildan's Internet site ("Investor Relations"
section) at the following address:
http://gildan.com/corporate/IR/webcastPresentations.cfm. If you are
unable to participate in the conference call, a replay will be
available starting that same day at 11:30 AM EDT by dialing
888-286-8010 (Canada & U.S.) or 617-801-6888 (international)
and entering passcode 61351109, until Thursday, August 19, 2010 at
midnight, or by sound web cast on Gildan's Internet site for 30
days.
Profile
Gildan is a vertically-integrated marketer and manufacturer of
quality branded basic apparel. The Company is the leading supplier
of activewear for the screenprint market in the U.S. and Canada. It
is also a leading supplier to this market in Europe, and is
establishing a growing presence in Mexico and the Asia-Pacific
region. The Company sells T-shirts, sport shirts and fleece in
large quantities to wholesale distributors as undecorated "blanks",
which are subsequently decorated by screenprinters with designs and
logos. Consumers ultimately purchase the Company's products, with
the Gildan label, in venues such as sports, entertainment and
corporate events, and travel and tourism destinations. The
Company's products are also utilized for work uniforms and other
end-uses to convey individual, group and team identity. The Company
is also a leading supplier of private label and Gildan branded
socks primarily sold to mass-market retailers. In addition, Gildan
has an objective to become a significant supplier of men's and
boys' underwear and undecorated activewear products to mass-market
retailers in North America.
Forward-Looking Statements
Certain statements included in this press release constitute
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and Canadian securities
legislation and regulations, and are subject to important risks,
uncertainties and assumptions. This forward-looking information
includes, amongst others, information with respect to our
objectives and the strategies to achieve these objectives, as well
as information with respect to our beliefs, plans, expectations,
anticipations, estimates and intentions, including, without
limitation, our expectation with regards to unit volume growth,
sales revenue, cost reductions and efficiencies, gross margins,
capital expenditures and the impact of non-recurring items.
Forward-looking statements generally can be identified by the use
of conditional or forward-looking terminology such as "may",
"will", "expect", "intend", "estimate", "project", "assume",
"anticipate", "plan", "foresee", "believe" or "continue" or the
negatives of these terms or variations of them or similar
terminology. We refer you to the Company's filings with the
Canadian securities regulatory authorities and the U.S. Securities
and Exchange Commission, as well as the "Risks and Uncertainties"
section and the risks described under the section "Financial Risk
Management" of the 2009 Annual MD&A, as subsequently updated in
our first, second and third quarter 2010 interim MD&A, for a
discussion of the various factors that may affect the Company's
future results. Material factors and assumptions that were applied
in drawing a conclusion or making a forecast or projection are also
set out throughout this document.
Forward-looking information is inherently uncertain and the
results or events predicted in such forward-looking information may
differ materially from actual results or events. Material factors,
which could cause actual results or events to differ materially
from a conclusion, forecast or projection in such forward-looking
information, include, but are not limited to:
-- our ability to implement our growth strategies and plans, including
achieving market share gains, implementing cost reduction initiatives
and completing and successfully integrating acquisitions;
-- the intensity of competitive activity and our ability to compete
effectively;
-- adverse changes in general economic and financial conditions globally
or in one or more of the markets we serve;
-- our reliance on a small number of significant customers;
-- the fact that our customers do not commit contractually to minimum
quantity purchases;
-- our ability to anticipate changes in consumer preferences and trends;
-- our ability to manage inventory levels effectively in relation to
changes in customer demand;
-- fluctuations and volatility in the price of raw materials used to
manufacture our products, such as cotton and polyester fibres;
-- our dependence on key suppliers and our ability to maintain an
uninterrupted supply of raw materials;
-- the impact of climate, political, social and economic risks in the
countries in which we operate;
-- disruption to manufacturing and distribution activities due to labour
disruptions, political instability, bad weather, natural disasters and
other unforeseen adverse events;
-- changes to international trade legislation that the Company is
currently relying on in conducting its manufacturing operations or the
application of safeguards thereunder;
-- factors or circumstances that could increase our effective income tax
rate, including the outcome of any tax audits or changes to applicable
tax laws or treaties;
-- compliance with applicable environmental, tax, trade, employment,
health and safety, and other laws and regulations in the jurisdictions
in which we operate;
-- our significant reliance on computerized information systems for our
business operations;
-- changes in our relationship with our employees or changes to domestic
and foreign employment laws and regulations;
-- negative publicity as a result of violation of labour laws or
unethical labour or other business practices by the Company or one of
its third-party contractors;
-- our dependence on key management and our ability to attract and retain
key personnel;
-- changes to and failure to comply with consumer product safety laws and
regulations;
-- changes in accounting policies and estimates; and
-- exposure to risks arising from financial instruments, including credit
risk, liquidity risk, foreign currency risk and interest rate risk.
These factors may cause the Company's actual performance and
financial results in future periods to differ materially from any
estimates or projections of future performance or results expressed
or implied by such forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
non-recurring or other special items announced or occurring after
the statements are made, may have on the Company's business. For
example, they do not include the effect of business dispositions,
acquisitions, other business transactions, asset write-downs or
other charges announced or occurring after forward-looking
statements are made. The financial impact of such transactions and
non-recurring and other special items can be complex and
necessarily depends on the facts particular to each of them.
We believe that the expectations represented by our
forward-looking statements are reasonable, yet there can be no
assurance that such expectations will prove to be correct. The
purpose of the forward-looking statements is to provide the reader
with a description of management's expectations regarding the
Company's fiscal 2010 and 2011 financial performance and may not be
appropriate for other purposes. Furthermore, unless otherwise
stated, the forward-looking statements contained in this press
release are made as of the date of this press release, and we do
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise unless required by
applicable legislation or regulation. The forward-looking
statements contained in this press release are expressly qualified
by this cautionary statement.
Non-GAAP Financial Measures
This release includes reference to certain non-GAAP financial
measures such as EBITDA, adjusted net earnings, adjusted diluted
EPS, free cash flow, total indebtedness, and cash in excess of
total indebtedness/net indebtedness. These non-GAAP measures do not
have any standardized meanings prescribed by Canadian GAAP and are
therefore unlikely to be comparable to similar measures presented
by other companies. Accordingly, they should not be considered in
isolation. The terms and definitions of the non-GAAP measures used
in this press release and a reconciliation of each non-GAAP measure
to the most directly comparable GAAP measure are provided
below.
(1) EBITDA
EBITDA is calculated as earnings before interest, taxes and
depreciation and amortization and excludes the impact of
restructuring and other charges, as well as the non-controlling
interest in the consolidated joint venture. The Company uses
EBITDA, among other measures, to assess the operating performance
of our business. We also believe this measure is commonly used by
investors and analysts to measure a company's ability to service
debt and to meet other payment obligations, or as a common
valuation measurement. We exclude depreciation and amortization
expenses, which are non-cash in nature and can vary significantly
depending upon accounting methods or non-operating factors such as
historical cost. Excluding these items does not imply they are
necessarily non-recurring.
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(in U.S.$ millions) Q3 2010 Q3 2009 YTD 2010 YTD 2009
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Net earnings 64.7 41.5 141.5 52.9
Restructuring and other charges 2.8 4.4 5.9 5.5
Depreciation and amortization 17.1 16.3 48.9 48.4
Variation of depreciation
included in inventories 1.8 1.2 2.7 (4.3)
Interest, net 0.3 0.2 0.3 1.6
Income taxes (1.8) (5.8) 0.6 (5.0)
Non-controlling interest in
consolidated joint venture 0.5 0.3 1.1 -
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EBITDA 85.4 58.1 201.0 99.1
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Certain minor rounding variances exist between the financial statements
and this summary.
(2) Adjusted net earnings and adjusted diluted EPS
Adjusted net earnings and adjusted diluted earnings are
calculated as net earnings and diluted earnings per share excluding
restructuring and other charges net of income tax recovery, as
discussed in Note 8 to the unaudited interim consolidated financial
statements. The Company uses and presents these non-GAAP measures
to assess its operating performance from one period to the next
without the variation caused by restructuring and other charges
that could potentially distort the analysis of trends in our
business performance. Excluding these items does not imply they are
necessarily non-recurring.
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(in U.S.$ millions, except per
share amounts) Q3 2010 Q3 2009 YTD 2010 YTD 2009
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Net earnings 64.7 41.5 141.5 52.9
Adjustments for:
Restructuring and other
charges 2.8 4.4 5.9 5.5
Income tax recovery on
restructuring and other
charges (1.1) (1.0) (2.0) (1.0)
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Adjusted net earnings 66.4 44.9 145.4 57.4
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Basic EPS 0.53 0.34 1.17 0.44
Diluted EPS 0.53 0.34 1.16 0.44
Adjusted diluted EPS 0.54 0.37 1.19 0.47
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Certain minor rounding variances exist between the financial statements
and this summary.
(3) Free cash flow
Free cash flow is defined as cash from operating activities
including net changes in non-cash working capital balances, less
cash flow used in investing activities excluding business
acquisitions. We consider free cash flow to be an important
indicator of the financial strength and performance of our
business, because it shows how much cash is available after capital
expenditures to repay debt and to reinvest in our business. We
believe this measure is commonly used by investors and analysts
when valuing a business and its underlying assets.
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(in U.S.$ millions) Q3 2010 Q3 2009 YTD 2010 YTD 2009
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Cash flows from operating
activities 107.3 80.6 211.6 47.1
Cash flows used in investing
activities (24.8) (2.1) (108.1) (25.7)
Adjustments for:
Business acquisition - - 15.3 -
Restricted cash reimbursed
related to business
acquisition (0.3) - (0.3) (2.0)
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Free cash flow 82.2 78.5 118.5 19.4
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Certain minor rounding variances exist between the financial statements
and this summary.
(4) Total indebtedness and Cash in excess of total
indebtedness/Net indebtedness
We consider total indebtedness and cash in excess of total
indebtedness / (net indebtedness) to be important indicators of the
financial leverage of the Company.
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(in U.S.$ millions) Q3 2010 Q4 2009 Q3 2009
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Current portion of long-term debt (0.1) (2.8) (2.8)
Long-term debt - (1.6) (90.2)
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Total indebtedness (0.1) (4.4) (93.0)
Cash and cash equivalents 201.2 99.7 74.5
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Cash in excess of total indebtedness (Net
indebtedness) 201.1 95.3 (18.5)
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Certain minor rounding variances exist between the financial statements
and this summary.
Contacts: Investor Relations Laurence G. Sellyn,Executive
Vice-President, Chief Financial and Administrative Officer
514-343-8805 lsellyn@gildan.com Sophie Argiriou Director, Investor
Communications 514-343-8815 sargiriou@gildan.com Media Relations
Genevieve Gosselin Director, Corporate Communications 514-343-8814
ggosselin@gildan.com
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