• Q1 net profit US$35.3m, versus $46.1m loss last year
  • Net sales up 38.5% to $420.8m
  • Slight increase to FY revenue outlook

Apparel business Gildan Activewear returned to profitability in its first quarter of fiscal 2013, boosted by lower discounting and its recent Anvil acquisition.

Gains from lower cotton costs and improved market conditions for printwear, however, were partially offset by the cost of repairs to the company’s hurricane-damaged textile facility in the Dominican Republic.

Printwear sales in the three months to 30 December soared by 65.6%, while branded apparel revenues were up 13%, Gildan said.

The company forecast full-year net sales revenues would slightly exceed its previous guidance of $2.1bn, thanks to better than expected printwear revenues.

However, it maintained its adjusted earnings guidance of $2.60-2.70 per diluted share.