“We feel cautiously optimistic despite ongoing uncertainty,” said executive vice-president
“In the first part of 2023 we expect continued headwinds ... nonetheless, we believe we are well positioned to gain share even in a softer demand environment.”
The
The clothing maker said it will now pay a quarterly dividend of
The increased payout to shareholders comes as the company, which keeps its books in
The company said it earned
RBC analyst
Net sales in the quarter totalled
The company faced economic challenges impacting its performance in the fourth quarter which it expects will continue into the first part of 2023, said president and CEO
"In the first part of the year, we're expecting increased margin pressure due to higher raw material and input costs," said Harries.
"As we move past the first quarter, we expect these headwinds to start to abate, and to deliver strong margin performance during the remainder of the year."
Net sales for the full financial year were
That was partly offset by a 14 per cent decline in hosiery and underwear due to weaker demand and tight inventory management at the retail level, the company said.
Net earnings for the year were down almost 11 per cent at
Harries said the company is one year into its sustainable growth strategy and proud of its progress.
Capital investments have led to more manufacturing capacity and more flexibility, said Harries.
“This has allowed us to invest in inventory and improve product availability, which together with leadership and pricing and ESG is enabling us to adapt to the current environment and take market share in key product categories,” said Harries.
He said the company is preparing the launch production at its new manufacturing facility in
In its outlook for 2023, the company said it expects revenue growth for the full year to be in the low single-digit range, while its adjusted earnings per share are expected to be in line with 2022.
Internationally, the Asian markets have been more challenging, but the company is seeing more optimism from distributors in the European and
This report by The Canadian Press was first published
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