In an announcement issued early Thursday, Top 40 supplier Gildan Activewear (asi/56842) said its full-year sales and earnings for 2017 both increased. Revenue rose during the fourth quarter as well, Gildan said, though earnings were down in the three-month period ended December 31. Notably, Gildan also revealed that it’s undertaken an organizational consolidation that will result in executive changes – moves that include the departure of Eric Lehman, the president of the company’s branded apparel division.

As for 2017 financials, Gildan tallied consolidated net sales of $2.75 billion, up 6.4% from the year prior, earnings data showed. The supplier’s printwear segment drove the gain, rising 10.4% to $1.82 billion. Sales in the branded apparel segment slipped from $934 million in 2016 to $928.8 million in 2017, the company said.

For last year, net earnings reached $362.3 million, or $1.61 per share on a diluted basis. That performance surpassed 2016’s $346.6 million, or $1.47 per diluted share. Before reflecting after-tax restructuring and acquisition-related costs in both years, Gildan’s adjusted net earnings for 2017 were $386.9 million, or $1.72 per share, compared to $356.3 million, or $1.51 per share in 2016. “The increase in adjusted diluted EPS was primarily due to higher operating income and the benefit of share repurchases, partly offset by the impact of a higher income tax expense,” Gildan said in a statement.

During the fourth quarter, Gildan’s consolidated net sales rose 11.2% year-over-year to $653.7 million. The printwear segment thrived, with sales soaring 27.6% – a figure that includes revenue from the acquired American Apparel (asi/35297) brand. Meanwhile, sales in the branded apparel segment declined 9.2%. For the quarter, Gildan’s net earnings were $54.9 million, or $0.25 per share on a diluted basis. That was down from $74.3 million, or $0.32 per diluted share, in Q4 2016. Excluding after-tax restructuring and acquisition-related costs of $12.7 million in the fourth quarter and $0.2 million in the same quarter last year, Gildan reported adjusted net earnings of $67.6 million, or $0.31 per share on a diluted basis for the fourth quarter of 2017, down from $74.5 million, or $0.32 per share in the prior year quarter.

“The decline in adjusted diluted EPS versus the prior year was primarily due to the expected non-recurrence of the income tax recovery in the fourth quarter of 2016,” Gildan said in a statement.

Beyond the dollars and cents, Gildan shared that it combined its printwear and branded apparel businesses into a single consolidated divisional operating structure that centralizes marketing, merchandising, sales, distribution and administrative functions. Michael R. Hoffman, who was previously president of printwear, has taken over the combined division. Lehman, who had run the branded apparel segment, will leave Gildan effective June 30.

“The combination of the two operating businesses is intended to drive a leaner and more streamlined organization, which is expected to provide operational efficiencies as the company leverages a common infrastructure to maximize the growth potential of its brands,” Gildan said in a statement. “Anticipated cost savings in 2018 will be initially reinvested in distribution and e-commerce activities.”

Gildan ranked 9th on Counselor’s most recent list of the largest suppliers in the industry with estimated 2016 North American promotional product sales of $150 million.