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Gildan has reported that its net sales for the second quarter of 2024 rose 3% over the prior year to $862m.
Glenn J. Chamandy, president and CEO, said: “I am proud of the Gildan team’s ongoing dedication, delivering a solid top line performance in the second quarter with strong adjusted operating margin1 and double- digit adjusted diluted EPS1 growth. Further, I am excited to be back leading the company as we continue to focus on our Gildan Sustainable Growth Strategy (GSG) and celebrate a significant milestone with our company’s 40th anniversary this year. This is a period of significant opportunity in our industry, and we believe that Gildan’s competitive position has never been stronger.”
Gildan’s chairman of the board, Michael Kneeland, added “Gildan’s new directors bring a wealth of expertise and fresh perspectives, and the Board is excited about supporting the Company in this next chapter, working closely with Glenn and the senior team and all stakeholders. Together, we look forward to achieving great success.”
During Q2 activewear sales of $737m, up by 6%, were driven by increased activewear shipments reflecting positive POS trends across all channels and markets. Furthermore, these strong sales reflected continued market share gains in key growth categories, including fleece and ring spun.
Gildan also benefited from a positive response to recently introduced products featuring soft cotton technology.
International sales also increased by 7%, as POS trends rebounded across all regions.
Gross profit of $262m, or 30.4% of net sales were achieved during Q2, versus $217m or 25.8% during the same period in 2023. This was primarily driven by lower raw material and manufacturing input costs.
Gildan’s focus on the remainder of 2024 continues to be on executing the Gildan Sustainable Growth strategy initiated in 2022.
