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TheStreet Open House

Gildan Activewear's CEO Discusses Q3 2011 Results - Earnings Call Transcript

I'm joined here this morning by Glenn Chamandy, our President and Chief Executive Officer; and Laurence Sellyn, our Executive Vice President and Chief Financial; and Laurence Sellyn, our Executive Vice President and Chief Financial and Administrative Officer. Shortly, Laurence will be providing an overview of our third quarter financial results and our business outlook, after which, we will open the call to questions.

Before we begin, I would like to remind everyone that certain statements included in this conference call may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve unknown and known risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. We refer you to the company’s filings with the U.S. Securities and Exchange Commission and Canadian Securities Regulatory Authority that may affect the company’s future results.

I would now like to turn the call over to Laurence.

Laurence Sellyn

Good morning. We will review our record third quarter results which we reported today and then discuss current market conditions and the assumptions used for our forward-looking information.

Sales and earnings in the third quarter were the highest for any quarter in the history of the company. Sales revenues were $530 million, up 34% from last year; and EPS was $0.77 per share, up 42.6% from the third quarter of fiscal 2010.

Sales of activewear and underwear increased by 21% due to an approximate 26% increase in average net selling prices, which more than offset a 3.9% reduction in unit sales volumes. Overall, industry unit shipments from U.S. distributors to U.S. screenprinters declined by 9% during the quarter according to the CREST report. Compared with our assumption in our May guidance, the industry demand would grow by 3%, which would have continued the pattern of recovery and demand, which began in the second quarter of fiscal 2010.

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