Printwear & Promotion The Total Promotional Package
For the first quarter of the year ending March 31, Gildan reported net sales of $691m, down 1% on Q1 2023.
Vince Tyra, Gildan’s president and CEO, said: “Our solid first quarter performance highlights the strength of our business model and our strong focus on executing on our priorities. The quarter included several bright spots, including continued market momentum in ring spun and fleece products. I’m pleased with our competitive positioning and our execution which drove significant year over year improvement in our key financial metrics. Our key focus strategic priorities are clear and we are off to a good start to the year.”
These results were in line with guidance previously provided. Overall shipments were essentially in line with the prior year, though slightly ahead of expectations, with the net sales decline driven by lower net selling prices and unfavourable mix.
The company generated gross profit of $211 million , or 30.3% of net sales, versus $188 million, or 26.7% in the prior year.
It is expected that Q2 net sales will be flat to up low single digits year over year.
