Sock sales lift Gildan’s Q1 results
01/02/2007
Canadian casual and sportswear company Gildan Activewear Inc. has posted net earnings of $15.6 million for its first quarter, ended December 31.
Before reflecting restructuring charges, adjusted net earnings amounted to $17 million up 4.9% from $16.2 million in the prior year period.
Sales in the first quarter totalled $185.8 million, up 54.4% from $120.3 million in the first quarter of last year. This increase was attributed to $42.6 million in sock sales resulting from the acquisition of Kentucky Derby Hosiery, a 15.2% increase in unit sales volumes for activewear and the impact of a higher-valued activewear product mix, partially offset by a reduction in unit selling prices for activewear of approximately 4% compared with last year.
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