• Home
  • News
  • Business
  • Gildan posts increase in Q4 sales and earnings

Gildan posts increase in Q4 sales and earnings

By Prachi Singh


Scroll down to read more


Gildan Activewear in Honduras Credits: Gildan Activewear

Gildan Activewear generated sales of 783 million dollars, up 9 percent for the fourth quarter and operating margins of 22.8 percent.

GAAP and adjusted diluted EPS for the quarter of 89 cents and 75 cents, increased by 89 percent and 15 percent, respectively, marking the resumption of quarterly EPS growth.

The company also announced a dividend increase of 10 percent for 2024 amounting to 0.205 cents per share, payable on April 8, 2024, to shareholders of record on March 13, 2024.

“Outstanding operational execution by our highly skilled team of employees across our global footprint delivered strong Q4 results" said Vince Tyra, president and CEO of the company.

Highlights of Gildan’s Q4 and full year results

Fourth quarter activewear sales of 644 million dollars, were up 8 percent and sales of 139 million dollars in the hosiery and underwear category, rose 11 percent.

Gross profit for the quarter increased to 237 million dollars or 30.2 percent of sales, while adjusted gross profit rose to 237 million dollars or 30.2 percent, resulting in an adjusted gross margin improvement of 110 basis points.

For the full year, net sales of 3,196 million dollars were down 1 percent, reflecting a decrease of 3 percent in activewear and a 10 percent increase in the hosiery and underwear category.

Gross margins for the year of 27.5 percent, was down 310 basis points and adjusted gross margin of 27.4 percent was down 240 basis points. Gildan generated operating income of 644 million dollars or 20.1 percent of sales.

diluted EPS and adjusted diluted EPS of 3.03 dollars and 2.57 dollars, were up 3 percent and down 17 percent respectively.

Gildan expects 2024 revenues to remain flat or up low-single digits

For 2024, the company expects revenue growth to be flat to up low-single digits, adjusted operating margin slightly above the high end of 18 percent to 20 percent annual target range; and adjusted diluted EPS in the range of 2.92 dollars to 3.07 dollars, up between 13.5 percent and 19.5 percent.

The company added that first quarter net sales are expected to be down low single digits year over year, as the impact of higher-than-expected levels of customer replenishment realised in the fourth quarter of 2023 will result in lower levels of replenishment in the first quarter.

Adjusted operating margin is expected to come in around the low end of 18 percent to 20 percent target range.

Gildan Activewear