Top 40 supplier Gildan’s (asi/56842) sales and earnings decreased in 2019, according to financial data the Montreal-headquartered firm released this week.

Gildan said total worldwide company sales across all its business channels were down 2.9% year over year to about $2.82 billion. Net earnings tallied $259.8 million; that’s about $91 million less than in 2018. Basic earnings per share for 2019 declined 23.5% to $1.27, while adjusted diluted EPS was $1.66, down nearly 11%. Operating income for 2019 totaled $289 million, a drop of $114.2 million from 2018.

In a financial report, Gildan said both its hosiery/underwear category sales and its activewear sales declined in 2019. The activewear segment includes sales to the promotional products industry. “The decrease in activewear sales for the year was mainly due to lower unit sales volumes in the imprintables channel both in North America and internationally, partly offset by higher sales of activewear in the retail channel,” Gildan said in a statement.

The lower sales, coupled with higher expenses and the bankruptcy of former Top 40 supplier Heritage Sportswear (a mess in which Gildan inventory was tied up), contributed to the earnings decline, the company said.

Despite the difficult 2019, Gildan believes better days are ahead. The company is forecasting sales growth of 2% to 4% in 2020, with adjusted diluted EPS in the range of $1.85 to $1.95.

With estimated 2018 North American promotional products industry sales of $650 million, Gildan ranks fifth on Counselor’s latest list of the largest suppliers in the market.