Gildan Activewear Inc. (GIL,GIL.TO) reported net earnings of US$28.0 million or US$0.23 per share, compared to US$4.4 million or US$0.04 per share in the prior year quarter.
Adjusted net earnings were US$29.2 million or US$0.24 per share, compared to US$5.3 million or US$0.04 per share in the year-ago quarter.
Net sales in the first quarter increased 19.8% to US$220.4 million from US$184.0 million in the first quarter of last year.
Analysts polled by Thomson Reuters expected the company to report earnings of US$0.22 per share on revenue of US$207.00 million for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2010, the company continues to project sales revenues in excess of US$1.2 billion, up about 17% over last year, and gross margins of about 26%. Street expects revenue of $1.23 billion for the year.
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