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T-shirt giant boosts 2007 forecast

Friday 08th of December 2006 12:00:00 PM

Canada-based T-shirts wholesaler Gildan has raised its forecast for earnings in 2007 as it announced a major retail account for its branded socks.

The forecast for 2007's earnings had stood at $2.50 (£1.28) a share, but the Polo-shirts and T-shirts company has now boosted this to $2.55 a share.

The retail deal comes as Gildan – which specialises in blank T-shirts for the wholesale market – looks to increase its standing in the brand name market. The Gildan-labelled socks will be delivered to a US retailer in the second financial quarter of 2007.

Laurence Sellyn, chief financial officer at Gildan, said in a conference call that he could not provide any details of the deal nor the retailer as it could "compromise our standing with this and other retailers."

Gildan also reported a fall in its fourth-quarter profits of 43 per cent, despite sales rising by 30 per cent.

It intends to reduce costs next year by closing two sock factories, moving production to Central American factories.

Nevertheless, Gildan reported that its share of the US wholesale T-shirts market increased to 44 per cent, compared to 36 per cent in the corresponding quarter last year.

Find Gildan products here
www.polo-shirts.co.uk: leaders in wholesale t-shirts