Gildan Activewear Inc. reported sales in the fourth 
quarter amounted to $254.9 million, up 8.4% from $235.2 million in the fourth quarter of last year. The increase in sales revenues was due to an 8.9% increase in unit sales volumes for activewear and a 15.7% increase in unit sales volumes for socks, partially offset by a 1.4% reduction in unit selling prices for activewear compared to last year.
Gross margins in the fourth quarter of fiscal 2007 were 32.2%, compared with 30.6% in the fourth quarter of fiscal 2006. Higher gross margins for activewear were partially offset by lower gross margins for socks. Fourth quarter net earnings totaled $40.9 million with diluted EPS of 34 cents, after recording a restructuring charge in the quarter of $4.9 million after-tax or 4 cents per share. Before reflecting the restructuring charge, adjusted net earnings and diluted EPS for the fourth quarter amounted to $45.8 million or 38 cents, up respectively 24.5% and 26.7%, from adjusted net earnings of $36.8 million and adjusted diluted EPS of 30 cents in the fourth quarter of fiscal 2006.
The company reconfirmed its EPS guidance for fiscal 2008 of $1.85 per share, up 43.4% from $1.29 per share, before restructuring and other charges, in fiscal 2007. The company is projecting EPS for Q1 of approximately 21 cents per share, up 50.0% from 14 cents last year.
