Gildan Activewear’s Q4 results reveal net sales of $783 million, an increase of 9% compared to the same quarter in 2022, with activewear sales of $644 million, up 8%.

According to the apparel manufacturer, the increase in activewear sales was due to higher volumes, driven by POS (point of sales) as well as higher levels of customer replenishment than in the previous year. Fleece and ringspun products were highlighted as key product categories.

It reported that, “despite a challenging macro-economic backdrop and tough year over year comparative periods, 2023 was a year of strong progress on Gildan’s Sustainable Growth strategy and its three key pillars focused on innovation, manufacturing capacity and ESG.

“Gildan finished the year with strong sales growth in the fourth quarter, an adjusted operating margin at the high end of the company’s target range and a return to growth in EPS. In addition, 2023 cash flow generation was robust and we closed the year with a healthy balance sheet, all of which positions us well for 2024.”

Highly skilled team

Vince Tyra, who took on the role of president and CEO last month, commented: “Outstanding operational execution by our highly skilled team of employees across our global footprint delivered strong Q4 results. As the company celebrates its 40th anniversary this year, I see a bright future ahead, where we can leverage our strengths and continue to enhance value for all stakeholders.

“Since joining the company, I’ve had the opportunity to visit with hundreds of employees in Montreal and Honduras and I’ve met with many of our key customers during the recent industry trade shows in Las Vegas, Nevada and Long Beach, California, which fuelled my excitement for the future.” 

Sustainability Yearbook

Gildan announced last week that the company had been included in CDP’s Leadership band for its 2023 climate change disclosures for the fourth time. CDP is a global non-profit charity that runs the global environmental disclosure system.

The manufacturer was also included in the Sustainability Yearbook 2024 by S&P Global for the 12th consecutive year, based on S&P Global’s Corporate Sustainability Assessment (CSA) in 2023. 

“Gildan’s inclusions in CDP’s Leadership band and the S&P Global’s Sustainability Yearbook highlight the company’s strong commitment to sustainable practices,” said Vince.

“I am impressed by the breadth and depth of the company’s ESG efforts and proud that Gildan continues to be recognised by these important organisations for our ongoing efforts to make apparel with respect.”