Montreal based Premium quality branded clothing maker Gildan Activewear Inc announced its financial results for its fiscal quarter ended January 1, 2006, and updated its earnings guidance for the full 2006 fiscal year.
First Quarter Sales and Earnings
Gildan reported first quarter net earnings of U.S. $16.2 million and diluted EPS of US $0.27, up 92.9 percent from net earnings of US $8.4 million, or US $0.14 per share, in the first quarter of fiscal 2005.
EPS was in excess of the Company's guidance of at least US $0.23 per share, which it had provided on December 1, 2005, and was a record for the first quarter of a fiscal year.
Gildan Activewear is a vertically-integrated marketer and manufacturer of premium quality branded basic apparel. The Company manufactures premium quality basic T-shirts, sport shirts and sweatshirts for sale in the wholesale imprinted sportswear market.
The Company sells its products as blanks, which are ultimately decorated by screenprinters with designs and logos for sale to consumers.
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