Gildan Activewear has announced an increase in sales for the first quarter, as the company began integrating the newly acquired Hanes brand and continues to pursue cost synergies from the acquisition.

Boosted by the acquisition of the Hanes brand, Gildan Activewear's first-quarter net sales reached $1.17 billion, compared to $711.7 million in the same period last year.

The apparel manufacturer reported net sales of $1.17 billion for the quarter, surpassing both the prior-year figure of $711.7 million and market expectations of $1.14 billion.

However, the company recorded a net loss of $65.8 million for the quarter, equivalent to a loss of $0.36 per share. This contrasts with a net profit of $84.7 million in the same quarter last year. Gildan attributed the shift from profit to loss primarily to acquisition-related expenses and costs associated with integrating the Hanes brand.

Gildan, which specializes in T-shirts, fleece apparel, and underwear for both wholesale and retail markets, acquired the Hanes brand last year for $2.2 billion. The acquisition aims to expand the company's brand portfolio and accelerate growth in its retail channel business. The company is currently advancing integration efforts to realize cost synergies.

Excluding one-time special items such as Hanes acquisition-related costs, adjusted earnings per share were $0.43, exceeding analyst expectations of $0.35.

The company reaffirmed its full-year financial guidance: - Full-year revenue is projected to be between $6.0 billion and $6.2 billion. - Adjusted earnings per share are expected to range from $4.20 to $4.40.