Gildan has announced its results for the first quarter of 2021.
The results show that the company’s sales of $590m are up 28% on last year. However, these results are not yet back to pre-pandemic level and are down approximately 5% on the first quarter of 2019.
Gildan president and CEO, Glenn J. Chamandy, said: “Our first quarter results reflected a strong start to 2021 as continued benefits from our Back to Basics strategy
supported sell-through across all channels and drove strong operating margin performance, allowing us to deliver net
earnings significantly above prior year and first quarter 2019 levels.
“While large events have not yet restarted, we continue to be encouraged by the strength of our imprintables business
and on the retail side we were pleased with strong double-digit growth in underwear and activewear sales compared to
the first quarters of 2020 and 2019.”
Gildan stated that its POS in imprintables channels as it moves from the first quarter into the second quarter has been running slightly better, with overall POS in US and international markets down approximately 10% compared to pre-pandemic 2019 levels. However, large gatherings have not yet restarted and on the supply chain side Gildan is monitoring labour shortages in the US affecting certain industries, including yarn spinners, tightness in raw material inputs, as well as the impact of port backlogs and transportation-related factors globally. All of this means that Gildan remains cautious about the pace of recovery.