Gildan Activewear Inc. says it earned US$97.6 million in the first quarter of 2023, down 33.3 per cent from US$146.4 million a year earlier. 

The Montreal-based company, which reports in U.S. dollars, says net sales for the quarter ended April 2 were US$702.9 million, down 9.3 per cent from US$774.9 million in the first quarter of 2022. 

Diluted earnings per share were 54 cents U.S., down 29.9 per cent from 77 cents a year earlier. 

Gildan president and CEO Glenn Chamandy said in a press release that the company met its sales expectations for the quarter.

He said the company remains comfortable with its full-year outlook despite an uncertain economic environment. 

Gildan says the decline in sales reflects anticipated demand headwinds as well as strong comparative periods in 2022.