Montreal-based Gildan Activewear Inc.'s profits soared in the first quarter, the company reported Tuesday.
Gildan, which reports in U.S. dollars, said earnings in the three months ending Jan. 3 soared to $28 million, or 23 cents a share, from $4.4 million, or four cents a share, in the same period a year ago as sales improved.
Revenue was up nearly 20 per cent to $220.4 million.
Excluding one-time costs of $1.2 million related to consolidating its U.S. distribution operations in December, Gildan actually earned $29.2 million, compared with $5.3 million a year ago.
Gildan said it did better because of stronger sales and lower costs of manufacturing, cotton and energy, and despite lower selling prices. The first quarter is seasonally the slowest quarter for activewear sales.
The company's outlook for the full year remained unchanged from its estimate in December, with sales expected to grow about 17 per cent to more than $1.2 billion and gross profits to be around 26 per cent of sales.
With files from The Canadian PressShare Tools
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