On October 17, 2019, Gildan Activewear issued a profit warning for 3Q19 results and revised its 2019 full-year guidance. The company said it experienced weaker than expected demand for imprintable apparel in US and international markets during 3Q19. In the US, Gildan expected a low single-digit decline in distributor point-of-sales (POS) in 3Q19, but the actual POS decline is likely to be in the high single-digits. In international markets, in which the company was expecting growth, it instead experienced soft demand in Europe and China, which will result in lower 3Q19 international sales. Management now projects 3Q19 sales of $740 million, down 2% year over year, based on an estimated $620 million in activewear sales and $120 million in underwear and hosiery sales. The company estimates lower demand will reduce its earlier 4Q19 sales projection by approximately $70 million and that distributor inventory destocking will negatively impact sales by approximately $100 million. Gildan expects imprintable apparel demand in the US and international markets to remain weak through 4Q19, and has therefore revised FY19 sales to be down low single-digits compared to FY18. Previous sales guidance was for mid-single-digit growth. FY19 GAAP diluted EPS guidance is in the $1.50 to $1.55 range, down from previous guidance of $1.80 to $1.85. Guidance for adjusted EPS is now in the range of $1.65 to 1.70, down from previous guidance of $1.95 to $2.00.