Market Overview

Gildan Activewear Nearly 30% Lower Despite Better Than Expected EPS

Gildan Activewear (NYSE: GIL) is trading nearly 30% lower on the session after the company announced its fourth quarter earnings earlier today. The company reported EPS of $0.42 vs $0.40 estimate and revenues of $481.8 million vs $497.83 million estimate.

The company also announced Q1 guidance projecting a loss of approximately $0.40 per share on projected sales of approximately $300 million, compared with EPS of U.S. $0.30 in the first quarter of fiscal 2011 on sales of U.S. $331.3 million.

Gildan is a marketer and globally low-cost vertically-integrated manufacturer of branded basic apparel. The shares are currently trading at $16.73, a loss of $7.15, or 29.94%.

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