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Gildan Activewear Q1 profit up to US$83.5 million, revenue also rises

Last Updated May 3, 2017 at 4:40 pm MDT

MONTREAL – Gildan Activewear Inc. (TSX:GIL) says it had US$83.5 million of profit in its first quarter, up from US$63.2 million in the same period last year.

The profit amounted to 36 cents per share, while adjusted earnings were 39 cents per share — up 38.5 per cent over last year in both cases.

The Montreal-based clothing manufacturer, which reports in U.S. currency, says revenue for the three months ended April 2 was $665.4 million, an increase from $593.3 million a year earlier.

Gildan also reconfirmed its estimates for the 2017 financial year, including adjusted earnings in the range of $1.60 and $1.70 per share.

The company makes a variety of clothing such as T-shirts and socks.