Gildan reports record Q1 results for 2022

Gildan has announced record sales of $775 million for the first quarter of 2022.

Glenn J. Chamandy, Gildan president and CEO, said: “Record results in the first quarter and a strong start to 2022 reflect the impact of Gildan’s Sustainable Growth (GSG) strategy.

“Our team’s clear focus on capacity driven growth, innovation and ESG, leveraging our world class, vertically-integrated manufacturing platform, is putting us in a strong position to service customer demand while effectively managing inflationary cost pressures.”

Sales for the first quarter ending April 3, 2022, totalled $775 million, up 31% over the prior year, consisting of activewear sales of $667 million, up 38% over the prior year, and sales in the hosiery and underwear category of $108 million, up 3% over last year.

Gildan says the activewear sales increase was largely driven by volume growth and net selling price increases, as well as favourable product-mix. Activewear volume growth reflected strong demand in North American markets, particularly in the distributor channel, partly offset by lower international shipments due to ongoing demand weakness in Europe and Asia. The overall increase in North American distributor activewear shipments in the quarter was due to higher sell-through driven by continued recovery of large events, travel and other end use markets. Volume growth with distributors also reflected Gildan’s improved production levels compared to last year which allowed the company to better service seasonal inventory requirements and support growth.

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