Gildan Activewear Turns To Profit In Q1

(RTTNews) - Gildan Activewear Inc. (GIL, GIL.TO) reported first-quarter net earnings of $98.5 million or $0.50 per share, compared to a net loss of $99.3 million or $0.50 per share last year.

Adjusted net earnings were $95.0 million or $0.48 per share compared to $11.2 million, or $0.06 per share in the prior year.

Net sales for the first quarter of $589.6 million were up 28.4% compared to the first quarter of 2020, consisting of activewear sales of $484.6 million, up 30.1%, and sales of $105.0 million in the hosiery and underwear category, up 21.4%.

The Board of Directors has declared a cash dividend of $0.154 per share, payable on June 21, 2021 to shareholders of record as of May 27, 2021.