Gildan Activewear Inc. said its normalized net income for the fiscal first quarter ended April 3 came to 19 cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.

EPS increased 20.7% year over year from 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $45.2 million, a gain of 20.6% from $37.4 million in the prior-year period.

The normalized profit margin climbed to 7.6% from 5.9% in the year-earlier period.

Total revenue fell 6.7% year over year to $593.3 million from $636.2 million, and total operating expenses decreased 10.0% year over year to $516.2 million from $573.3 million.

Reported net income increased 13.0% year over year to $63.3 million, or 26 cents per share, from $56.0 million, or 23 cents per share.