HanesBrands (asi/59528), a global apparel maker whose products sell in the promotional products market and other channels, reported that its sales for the first quarter of 2021 rose 25.3% over the same period the prior year to $1.51 billion.

Still, the Winston-Salem, NC-headquartered corporation experienced a net loss of $263.26 million, or -$0.75 per share. That was the result of an approximately $390 million non-cash impairment charge related to moving its European innerwear business into discontinued operations.

The sales increase was based on a year-over-year assessment of continuing operations. For Q1 2021, income from continuing operations totaled $128 million, or $0.37 per diluted share, compared to income from continuing operations of $5 million, or $0.01 per diluted share, in the prior year period.

Adjusted income from continuing operations excluding after-tax charges totaled $136 million, or $0.39 per diluted share, compared to adjusted income from continuing operations of $26 million, or $0.07 per diluted share a year ago.

“Double-digit growth in both global innerwear and activewear businesses was driven by strong point-of-sale performance across all major channels, led by 82% growth in online channels, and market share gains in key categories,” HanesBrands said in a statement.

The company continued: “First-quarter sales growth also benefited from a comparison with the initial pandemic shutdowns in the year-ago period and certain one-time contributions, including government stimulus and retailer restocking.”

Analysts note that HanesBrands’ shares have climbed 50% since the beginning of 2021. The stock has more than doubled in the last 12 months.

The company forecasts its earnings from continuing operations for the second quarter, which ends with June, to be between $0.32 and $0.35. Adjusted earnings per share from continuing operations are forecasted to range from $0.37 to $0.40.

HanesBrands expects Q2 sales to be $1.56 billion to $1.59 billion, which it says represents 2% growth at the midpoint of the expected range.

As HanesBrands announced its Q1 performance, it also released a three-year growth plan designed to drive approximately $1.2 billion in incremental revenue and expand operating margins to 14.3% by 2024. The plan includes focusing on growing the Champion brand, “reigniting” the innerwear business and more.