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Gildan Activewear Reports Results for the Second Quarter of 2023
August 3, 2023 – Gildan Activewear Inc. (GIL: TSX and NYSE) announced results for the second quarter ended July 2, 2023.
“We are pleased with our top line performance which came in ahead of our expectations for the quarter, up against a strong comparative period” said Glenn J. Chamandy, Gildan’s President and CEO. “Further, in a challenging macro environment, we are driving market share gains given our strong competitive position and continued execution on our GSG strategy”.
Highlights from the Q2 report:
- Sales of $840 million
- Operating margin of 21.7%, adjusted operating margin1 of 16.5%
- GAAP diluted EPS of $0.87 and adjusted diluted EPS1 of $0.63
- Cash flow from operations of $182 million and free cash flow1 of $126 million
- Approximately $145 million of capital returned to shareholders during the quarter through dividends and share repurchases
- Company announces renewal of Normal Course Issuer Bid to repurchase up to 5% of issued and outstanding shares
- Company lowers its FY 2023 outlook to reflect the impact of current market conditions
