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Gildan to buy Hanes in a T-shirt cannon consolidation play

Gildan on Wednesday announced its plan to buy Hanesbrands for $2.2 billion.

Max Knoblauch

Gildan Activewear and Hanesbrands, the makers of virtually every T-shirt you’ve ever caught at a minor league baseball game, plan to combine to create a basics powerhouse.

Gildan on Wednesday said it would acquire Hanes in a deal valued at $2.2 billion according to Monday’s closing prices, before the stocks swung on reports of an impending deal. When Hanes’ debt is included, the deal is valued at $4.4 billion. The deal is expected to effectively double Gildan’s revenue.

Gildan makes many blank, customizable tees and also owns sock brand Gold Toe. Hanes specializes in underwear and owns brands like Maidenform and Playtex. Shares of both apparel companies rose in Wednesday morning trading.

Hanes sales have dropped off steeply in recent years as the company faced increased competition. Hanes sold its brand Champion for $1.2 billion last year.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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