Gildan Activewear Inc (NYSE:GIL)
$ 48.85 0.15 (0.31%) Market Cap: 7.55 Bil Enterprise Value: 9.04 Bil PE Ratio: 19.31 PB Ratio: 5.03 GF Score: 80/100
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Q3 2024 Gildan Activewear Inc Earnings Call Transcript

Oct 31, 2024 / 12:30PM GMT
Release Date Price: $48.9 (+1.10%)

Key Points

Positve
  • Gildan Activewear Inc (GIL) reported record third-quarter sales of $891 million, up 2.4% from the previous year.
  • The company achieved a record third-quarter adjusted diluted EPS of $0.85, marking a 15% increase year-over-year.
  • International sales increased by 20%, driven by positive performance in Europe and inventory replenishment by distributors.
  • Gildan Activewear Inc (GIL) returned a record $404 million to shareholders in Q3, demonstrating strong capital return commitment.
  • The company is leveraging its Gildan Sustainable Growth Strategy (GSG) with successful execution in capacity expansion, innovation, and ESG initiatives.
Negative
  • Hosiery and underwear sales were down 18% year-over-year, primarily due to the phaseout of the Under Armour business.
  • The company faced unfavorable product mix impacts, particularly with lower fleece sales compared to the previous year.
  • The adjusted effective income tax rate increased to 18.7% from 5.1% last year, impacting net income.
  • The macroeconomic environment remains mixed, with ongoing market weakness in certain categories like underwear.
  • Potential impacts from tariffs and geopolitical instability, such as in Bangladesh, could pose future challenges.
Operator

Good morning and welcome to the third-quarter 2024 Gildan Activewear earnings conference call.

(Operator Instructions)

I would now like to turn the call over to Jessy Hayem, Senior Vice President, Head of Investor Relations and Global Communications. Please go ahead.

Jessy Hayem
Gildan Activewear Inc - Senior Vice President, Head of Investor Relations and Global Communications

Thank you, Angela. Good morning, everyone.

Earlier, we issued a press release announcing our results for the third quarter of 2024 along with our interim shareholder report containing management's discussion and analysis as well as consolidated financial statements. These documents are expected to be filed with the Canadian Securities and Regulatory Authorities and the US Securities Commission today and they'll also be available on our corporate website.

Joining me on the call today are Glenn Chamandy, President and CEO of Gildan; Rhod Harries, Executive Vice President and Chief Financial and Administrative Officer; and Chuck Ward, President, Sales,

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