gildan activewears shares dropped before the bell in new york after the clothing company scaled back its earnings and sales guidance for the full year in premarket trading the shares were 58 after ending the previous session at 3066 on the new york stock exchange up 12 so far this year the shares last traded at c4091 in toronto up 10 yeartodate the montrealbased company which offers apparel ranging from activewear to underwear and socks said it now expects revenue for the year will be between flat and down by lowsingle digits against previously anticipated lowsingledigit growth adjusted earnings are forecast at between 255 and 265 a share including the impact of plans to buy back shares in 2023 against a previous target of earnings to be in line with the record 311 a share recorded last year despite gains in market share and expectations revenue will grow in the second half of the year the company said there is nearterm uncertainty in the macroeconomic environment and customers are focused on lowerpriced products gildan recorded net earnings of 1553 million or 87 cents share in the second quarter compared with 1582 million or 85 cents a year earlier on an adjusted basis pershare earnings fell to 63 cents ahead of the 61 cents mean forecast of 10 analysts polled by factset sales for the quarter were 62 lower at 8404 million beating the 8186 million expected by the market gildan has approval from the toronto stock exchange to renew a buyback program for up to about 5 of its issued and outstanding shares