The Montreal-based apparel maker reported a 17% decline in third quarter net income to $127.4 million from $153.0 million on 2% sales growth to $869.9 million from $850.0 million. Gross margin slipped by 220 basis points to 27.5%, while SG&A was flat in dollars, leveraging slightly on the higher top line. GIL said the results, including an adjusted operating margin of 18.1%, were in line with its expectations.

Activewear sales were essentially flat at $744.4 million versus $742.0 million as lower volumes of certain categories and slightly lower net selling prices ... Log in to view full article.