Gildan increased sales nearly 18% through the first nine months of 2022 to $2.52 billion, while net earnings were up 5.6% year over year to $457.6 million. Diluted earnings per share accelerated almost 13% to $2.46.

That’s according to just-released financial data from the publicly traded global manufacturer of apparel basics, whose T-shirts, hooded sweatshirts and other apparel sell extensively in the promotional products industry.

The word on Gildan’s three-quarters of the year performance came as the Montreal-headquartered corporation also reported its numbers for Q3, a three-month period ended Oct. 2.

Third-quarter revenue rose 6% compared to the prior year’s period, reaching what the firm described as a record-breaking  Q3 tally of $850 million. Sales to the promo products market played a key role in driving the topline sales gain. “Activewear sales to North American imprintable distributors held up well in the quarter, driven by higher net selling prices and sales volumes,” Gildan noted.

Despite the revenue rise, net earnings dropped in the quarter to $153 million, or $0.84 per share, an almost 12% decline. Lower operating margins affected the bottom line. So did a non-recurrence of a $30 million net insurance gain that Gildan realized in 2021’s third quarter. Higher interest rates and taxes also shaved away some profit.

Despite anticipated further rising costs, Gildan believes it can reach its operating profitability target range of 18% to 20% for the fourth quarter. While the company is also experiencing softness in demand in certain channels, such as retail and international markets, business within the promo space is brisk.

“Importantly,” the company said, “our large North American business geared toward imprintables channels continues to benefit from demand driven by travel, tourism and large events, and is expected to remain relatively stable.”