Gildan saw sales in the first quarter total $120.3 million, up 10.4% from $109.0 million in the first quarter of last year, reflecting a 14.8% increase in unit sales volumes.
According to the S.T.A.R.S. report, Gildan increased market share in all three of its segments over last years first quarter. T-shirts grew to a 41.7% share from 30.2% for the same quarter last year. Gildan saw market share increase from 24.6% last year to 33.9% for the first quarter this year for sport shirts, while fleece grew to a 27.7% market share for the company, up from 18.6% last year.
Gross margins in the first quarter were 35.7%, versus 29.7% in the first quarter of 2005. The significant increase in gross margins was due in large part to more favorable manufacturing efficiencies and the lower cost of cotton, partially offset by the impact of product-mix and increased energy and transportation costs.
Gildan reported first quarter net earnings of $16.2 million and diluted EPS of 27 cents, up 92.9% from net earnings of $8.4 million, or 14 cents per share, in the first quarter of fiscal 2005. EPS was a record for the first quarter of a fiscal year.