12:27 PM EST - Gildan Activewear Inc. : said its fourth-quarter profit fell 14%, hit by high cotton prices and a dip in activewear sales volumes. Net earnings for the fourth fiscal quarter ended October 2, 2011 were U.S. $48.5 million or U.S. $0.40 per share on a diluted basis. The Company is projecting a loss in the first quarter of fiscal 2012, followed by an anticipated gradual strengthening in results in the balance of the fiscal year, as the Company finishes consuming inventories produced with high-cost cotton and achieves projected manufacturing efficiencies. Gildan Activewear Inc.
shares T.GIL are trading down $7.18 at $17.34.
