Gildan Activewear Inc today confirmed it expects diluted EPS for the fourth quarter and full year fiscal 2002 to be at the top end of its previous estimates of $0.60 - $0.65 per diluted share for its fourth quarter and $2.20 - $2.25 for the full year.

The company also forecast full year sales of approximately $600 million, compared with previous guidance of $590 million. The higher than projected sales reflected stronger market conditions and continuing share penetration in all market segments.

Gildan also reconfirmed its EPS guidance for fiscal 2003 of $2.60- $2.70 per diluted share.

Commenting on its new integrated knitting, bleaching, dying, finishing and cutting facility in Rio Nance, Honduras, Gildan said at the fiscal year-end the facility was running at an annualised production rate of approximately 5 million dozens, and is expected to reach 12 million dozens by the end of fiscal 2003. It said production cost reductions are currently surpassing the company's goals.

The modernisation of its Long Sault yarn spinning facility should be completed by the end of the second quarter of fiscal 2003, and that the start-up and upgrading of its second Canadian yarn spinning facility, which it acquired in June 2002, will be completed by the end of fiscal 2003.

The two integrated yarn-spinning facilities are expected to provide 100 per cent of the commodity yarn requirements of Gildan's Canadian textile manufacturing facilities.