By  on February 25, 2009

Gildan Activewear Inc. said that lower demand caused declines in profit and sales in its first quarter.

The Montreal-based vendor reported an 84.6 percent drop in net income to $4.3 million, or 4 cents a diluted share, from $27.9 million, or 23 cents a share, a year ago. Sales in the three months ended Jan. 4 fell 26.5 percent to $184 million from $250.5 million. 

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