Apr 24, 2009
Gildan expects Asia to make up 45 pct of global sales in 3 yrs
Apr 24, 2009
TAIPEI, April 24 (Reuters) - T-shirt maker Gildan Activewear Inc (GIL.TO) expects Asian markets to account for 45 percent of global sales within three years versus about 5 percent now thanks to solid demand from China, an executive said on Friday. Montreal-basedGildan (GIL.N), which has been hit by the global financial crisis, is pinning its hopes on fast-growing China and elsewhere in Asia. "Asia represents a significant opportunity for us," said Garry Bell, a vice president of global marketing.
Gildan Spring-Summer 2009
"We hope within three year Asia will be our second-largest market after the U.S. The main growth would come from China," Bell told Reuters on the sidelines of an event marking its entry to the Taiwan market.
He said the company had distributors in China, Japan and the Philippines.
Gildan posted an 85 percent slump in first-quarter profit, and suspended its earnings guidance for the 2009 fiscal year because of economic uncertainty. [nN11280460]
Gildan, which competes with Hanesbrands Inc (HBI.N) and others, sells blank T-shirts, sport shirts and fleeces to wholesale distriubtors to be decorated by screen printers.
Shares of Gildan dropped 3.9 percent in New York trading on Thursday, lagging behind the Dow Jones Industrial Average's .DJI 0.89 percent jump. (Reporting by Faith Hung; Editing by Chris Lewis)
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