Manufacturer of branded apparel and sportswear Gildan Activewear Inc. has posted net earnings increases for its fiscal quarter ended April 2. Earnings of $31 million were reported, up 40.3% from adjusted net earnings of $22.1 million in the second quarter of fiscal 2005. Adjusted net earnings for the second quarter of last year exclude a charge of $7.8 million after-tax for the closure and relocation of the company's Canadian yarn-spinning operations. Net earnings increased by 116.7% over the second quarter of fiscal 2005, if this charge is taken into consideration.

Sales in the second quarter amounted to $183.8 million, up 11.2% from $165.3 million in the second quarter of last year. The increase in sales revenues reflected a 13.9% increase in unit sales volumes, partially offset by the impact of an approximate 1.5% reduction in net selling prices.

Sales for the six months ended April 2 were $304.1 million, up 10.9% from the corresponding period last year.

Net earnings for the first six months of fiscal 2006 were $47.2 million, up 54.8% from adjusted net earnings of $30.5 million in fiscal 2005, before the prior year charge for the closure of the Canadian yarn-spinning facilities. Net earnings increased107.9% from $22.7 million including the charge in fiscal 2005.

Meanwhile, the company has appointed William Anderson to its board of directors. Mr Anderson has had a successful career as a business leader in Canada spanning over 30 years. Most recently, he served as chairman and chief executive officer of Bell Canada International Inc.