Fruit of the Loom Inc. reported first-quarter earnings rebounded to $2.9 million, or 5 cents a share, from a $1.2 million loss a year earlier.
Chairman William Farley attributed the improved performance to increased shipments of the company`s basic men`s and boys` underwear and growth in the firm`s activewear lines.
Sales for the first quarter totaled $209.7 million, up 23.1 percent from $170.4 million a year earlier, the company said. Cost of sales rose 26.4 percent, to $144.4 million.
Pretax operating earnings rose 20.7 percent, to $29.7 million from $24.6 million a year earlier.
Most of the pretax earnings go to pay interest on the loans taken out to buy the firm.
Interest expense declined to $23.8 million from $27.8 million in the year-earlier period.
