Gildan reports record 2021 results

Gildan Activewear has announced its full year results ending January 2 with sales totalling $2.9 million.

Gildan’s 2021 sales are up 48% compared to 2020 and up 3.5% compared to 2019, surpassing pre-pandemic levels.

Glenn J. Chamandy, president and CEO of Gildan, said: “I am extremely proud of our team’s performance in 2021 which allowed us to capitalise on improving demand and deliver meaningful benefits from our Back to Basics strategy. We ended the year with a strong finish, growing above
pre-pandemic levels and setting record results to build on.

“As we look to 2022 and beyond, we are building on our Back to Basics principles and heightening our focus towards the next phase of our journey with our Gildan Sustainable Growth plan centred on three key pillars — Enabling growth through Capacity Expansion, Innovation and ESG. By leveraging our competitive advantage as a low-cost vertically integrated manufacturer and executing on projected capacity expansion plans, delivering superior quality, value-driven and innovative products to our customers, and leveraging our strong ESG standing, we are confident that we can drive strong organic revenue growth, profitability and effective asset utilisation to deliver strong shareholder value and make meaningful advancements on our ESG priorities.”

For the fourth quarter, Gildan generated record sales of $784m, up 14% over the prior year and 19% above the fourth quarter of 2019.

Over the next three years Gildan aims to grow its net sales by a further 7 to 10%.