Sportswear maker Gildan Activewear today said it reversed last year's fourth-quarter loss of C$38.8 million, posting a profit of C$19.6 million on stronger sales and gross margins.

Sales rose 38.8 per cent to C$159.9 million from C$115.2 million.

In a statement Gildan said its fiscal 2003 earnings were likely to be in the range of C$2.60 to C$2.70 a share, with long-term average annual earnings per diluted share growth of 15 per cent to 20 per cent.