I'm joined here today by Glenn Chamandy, our President and Chief Executive Officer; and Laurence Sellyn, our Executive Vice President and Chief Financial & Administrative Officer.
Before Laurence takes you through the results, I would like to remind everyone that certain statements included in this conference call may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve unknown and known risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. We refer you to the company's filings with the U.S. Securities and Exchange Commission and Canadian Securities Regulatory Authority that may affect the company's future results.
I would now like to turn the call over to Laurence.
Laurence G. SellynGood morning. Today, we reported results for our Q4 and the full year, which were in line with our August guidance and initiated guidance for fiscal 2012. We are forecasting a loss of approximately $0.40 per share in the first quarter of fiscal 2012, which will be only the second quarterly loss in our history as a public company followed by an anticipated gradual strengthening in our results during the balance of the year due to assumed significantly lower cotton cost in the second half of the fiscal year as well as increased manufacturing efficiencies. Due to the loss in the first quarter, EPS is currently expected to be approximately $1.30 in fiscal 2012. Adjusted net earnings for the fourth quarter were $0.42 per share compared to $0.48 per share in the fourth quarter of last year and our guidance provided in August of approximately $0.40 per share. Adjusted EPS for the full fiscal year was $2.01, up 20% from fiscal 2010. The decline in EPS in the fourth quarter compared to the fourth quarter of last year was primarily due to the significant increase in the cost of cotton, which was not fully recovered in higher net selling prices, lower unit sales volumes for activewear and the non-recurrence of insurance proceeds and the cotton subsidy received in the fourth quarter of last year.