ATLANTA—Gildan Activewear Inc. reported a 76.3 percent surge in first-quarter net earnings to $27.5 million, or 23 cents per share, from $15.6 million, or 13 cents per share, in the year-ago first quarter.
The Montreal-based company, reporting results in U.S. dollars, said sales rose 34.8 percent to $250.5 million from $185.8 million, thanks in part to an increase of 92.7 percent, or $39.4 million, in sock sales because of the acquisition of Alabama-based, hosiery company V. I. Prewett & Son, as well as new retail sock programs obtained in fiscal 2007. Also, unit sales volumes for activewear rose 13.7 percent, and activewear unit selling prices rose approximately 2.5 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"