In 2024, Gildan Activewear anticipates flat to low-single digits growth in revenue, and an adjusted operating margin slightly above the high end of its 20 per cent target range.

Despite a 1 per cent decline in sales to $696 million in the first quarter, Vince Tyra, CEO remains optimistic about the company's performance. Describing the Q1 financial results as ‘solid,’ Tyra attributes the slight decrease in revenue to lower net selling prices and an unfavorable product mix. During the quarter, the company’s shipments remained consistent with expectations, with activewear sales increasing by 1 per cent to $592 million. This growth was driven by increased shipments and positive trends in point-of-sale across various regions, along with seasonal replenishment at distributors.

Notably, national account customers contributed to the strong momentum in activewear sales, while international sales showed signs of stabilisation and recovery in certain regions.

However, sales in the hosiery and underwear category declined by 10 per cent compared to the previous year, primarily due to an unfavorable product mix and the phasing out of the Under Armour business.

In terms of financial performance, Gildan Activewear’s net sales for Q1 2024 declined by 1 per cent to $695.8 million from the same period last year. Operating income declined by 17.9 per cent to $105.1 million, and net income declined by 19.4 per cent to $78.7 million.

Despite these challenges, Tyra remains optimistic, emphasising the company's strong business model and focus on key priorities. He highlights the positive momentum in ring spun and fleece products .