Casual clothing giant Fruit of the Loom Ltd expects sales to plunge by $518.4 million - 22 per cent - for 2001 compared to the year-ago period, it was revealed on Tuesday.

The T-shirt and underwear manufacturer said it a filing with the Securities and Exchange Commission it will file its annual report within the next 15 days and it expects to post an operating loss of $46m versus an operating loss of $143.2m in fiscal 2000.