Apparel earnings from July 30 to August 3, 2026, looked strong, but much of the strength came from tariff refunds.
Gildan expects about $*** million in 2026 refunds; Carter's reported $*** million, and PUMA disclosed €***** million in Q2 2026.
Excluding refunds, Carter's adjusted gross margin fell *** basis points to **.* per cent, while PUMA's currency-adjusted sales dropped *.* per cent.
