• Q1 loss of US$46.1m, versus $35.9m profit
  • Net sales down 8.3% to $303.8m
  • Destocking, cotton costs blamed for loss

Gildan Activewear slid to a first quarter loss as sales fell by 8.3%, and despite a strong retail showing thanks to new acquisition Gold Toe Moretz.

The Canada-based business blamed the impact of higher cotton costs and destocking by US wholesale distributors for the slump, with printwear sales falling 41.1% to $147.2m.

Sales to retailers surged up 92.7% to $156.6m, thanks to the acquisition of the Gold Toe Moretz brand, as well as higher net selling prices.

Gildan now expects to post full-year revenues of about $1.9bn for fiscal 2012, and earnings per diluted share of $1.30.