Gildan (asi/56842) says the third quarter of 2021 was one for the record books.

The Top 40 promotional products supplier, also one of the world’s largest manufacturers of basic apparel, reported that its sales reached a Q3 record of $802 million, up 33% over the same three-month period in 2020 and 8% over the third quarter of 2019.

Glenn Chamandy, Gildan

Net earnings soared 234% year over year to $188.3 million. Adjusted net earnings were up nearly 170% to $159.4 million. Basic earnings per share were $0.95, up from $0.28 in the prior year’s third quarter. Adjusted EPS was $0.80, a 166.7% rise from the same three-month stretch in 2020.

Free cash flow tallied a Q3 record $232 million. It stands at $478 million for the year.

Through the end of September, Gildan’s 2021 total global net sales were at nearly $2.14 billion, a jump of about 66% over the same nine months in 2020.

Last year, Gildan had posted a net loss of $292.6 million through September. This year, the company is back in the black in a big way, reporting net earnings of $433.3 million for the same nine months. Adjusted net earnings are $389.6 million, up from last year’s loss of $126.2 million.  

“Our record performance for the third quarter was driven by the improved economics of our business, underpinned by our Back to Basics model, the operational excellence of our team and the ongoing recovery in demand, which drove sales volumes which are now above pre-pandemic levels,” said Glenn J. Chamandy, Gildan president and CEO.

Chamandy continued: “Further, I feel confident that our team will continue to navigate through the tight supply chain environment, manage inflationary pressures and deliver results for our shareholders as we continue to move forward.”

Gildan’s estimated 2020 North American promotional products revenue was $413.1 million, good enough to rank the firm sixth on Counselor’s most recent list of the largest suppliers in the industry.