Welcome to our dedicated page for Gildan Activewear news (Ticker: GIL), a resource for investors and traders seeking the latest updates and insights on Gildan Activewear stock.
Gildan Activewear Inc. (NYSE: GIL, TSX: GIL) stands as a paramount name in the basic apparel industry, revered for its extensive array of branded family apparel. Established in 1984 and headquartered in Montreal, Canada, Gildan has carved out a robust presence in the global market.
Company Overview:
Gildan's product portfolio is expansive, encompassing T-shirts, fleece, sport shirts, underwear, socks, hosiery, and shapewear. The company markets these products under a diversified range of owned brands such as Gildan®, Gold Toe®, Anvil®, and Comfort Colors®. Additionally, Gildan holds licenses for prominent brands including Under Armour® for socks, and Mossy Oak® and New Balance® for other apparel categories.
Market and Distribution:
Gildan is a key supplier in the printwear market across the United States and Canada, and has also established significant footprints in Europe, the Asia-Pacific region, and Latin America. The company serves a wide spectrum of customers, including wholesale distributors, major clothing brands, and screen printers. Moreover, Gildan’s retail initiatives span across North America, offering products directly to consumers through both physical stores and e-commerce platforms.
Manufacturing and Operations:
Gildan operates a vertically integrated business model, owning and managing large-scale manufacturing facilities primarily located in Central America, the Caribbean Basin, North America, and Bangladesh. This integration allows Gildan to maintain stringent quality control and reduce production costs, ensuring competitive pricing.
Recent Achievements and Projects:
Recently, Gildan has expanded its manufacturing capabilities with the opening of a new facility in Bangladesh, bolstering its production capacity. The company has also reaffirmed its commitment to Environmental, Social, and Governance (ESG) principles, aiming to achieve ISO 45001 certification across all its facilities by 2028.
Financial Health and Performance:
In the first quarter of 2024, Gildan reported net sales of $696 million, reflecting a slight 1% decline compared to the previous year. However, the company demonstrated strong gross profit margins at 30.3%, an improvement from the prior year. Gildan continues to focus on strategic priorities aimed at unlocking the next phase of its growth, with a solid financial outlook for 2024.
Employee Welfare and Safety:
Gildan's commitment to employee welfare is evident in its extensive health and safety initiatives, including on-site healthcare services, health fairs, and mental health support. These efforts are part of Gildan’s broader ESG strategy to foster a safe and supportive work environment for its approximately 45,000 employees worldwide.
For more detailed and updated information, including recent news and financial performance, visit Gildan’s official website or their profile on major financial news platforms.
Gildan Activewear's summer internship program welcomed over 30 interns across offices in Canada, Barbados, and the United States in 2024. The program offers opportunities for students and recent graduates to support various functions, develop skills with experienced mentors, and network with professionals. Shannon Preston, Vice-President of Human Resources, emphasizes the program's role in inspiring responsible future leaders.
Seven interns shared their experiences, highlighting diverse projects and learning opportunities. Interns worked in areas such as Customer Service, SOX Compliance, Corporate Marketing and Communications, Legal, Human Resources, and Digital Marketing. They valued the chance to take ownership of projects, collaborate with different departments, and gain insights from company leaders. The program included activities like lunch and learns, workshops, and the celebration of Gildan's 40th anniversary.
Gildan Activewear (GIL: TSX and NYSE) has announced its participation in the 28th Annual Scotiabank Back to School Conference in Toronto on September 18, 2024. Glenn J. Chamandy, President & CEO, and Rhodri J. Harries, Executive Vice-President, CFO and CAO, will represent the company. They will engage in a fireside chat and conduct one-on-one meetings with investors during the event. This conference provides an opportunity for Gildan to interact with the investment community and potentially discuss the company's performance, strategies, and outlook.
Gildan Activewear reported Q2 2024 results with net sales of $862 million, a 3% increase from last year. The operating margin was 16.4%, and adjusted operating margin stood at 22.7%. The company achieved a GAAP diluted EPS of $0.35 and an adjusted diluted EPS of $0.74, marking a 17% year-over-year increase.
Gildan generated cash flow from operations of $140 million and free cash flow of $104 million. The company returned $182 million to shareholders through dividends and share repurchases and announced a repurchase plan for up to 10% of its public float.
The company reconfirmed its full-year 2024 guidance, projecting revenue growth in the flat to low single-digit range and adjusted diluted EPS between $2.92 and $3.07.
Gildan also outlined a three-year outlook with mid-single-digit annual sales growth and mid-teen adjusted diluted EPS growth.
Gildan Activewear Inc. (NYSE: GIL) has announced the date for its 2024 second quarter earnings release. The company will report its Q2 results on Thursday, August 1st, 2024, before markets open. A conference call is scheduled for the same day at 8:30 AM ET to discuss the results.
Investors and analysts can access the call by dialing (800) 715-9871 (Canada & U.S.) or (646) 307-1963 (international) with passcode 5492469#. A 7-day replay will be available starting at 12:30 PM EST. Additionally, a live audio webcast and replay of the conference call will be accessible online.
Gildan Activewear (GIL: TSX, NYSE) has been named one of the Best 50 Corporate Citizens in Canada by Corporate Knights for the third consecutive year. Gildan is the only company in its sector to make the list. Additionally, Gildan has been included in TIME's inaugural World’s Most Sustainable Companies for 2024, one of only 12 Canadian companies featured.
Corporate Knights' list assesses Canadian corporations with revenues over CAD $1 billion on up to 25 performance indicators, including carbon emissions and social equity. TIME's list evaluates over 5,000 global companies on more than 20 data points, including ESG rankings, emissions, energy intensity, and gender diversity in leadership.
CEO Glenn Chamandy emphasized these awards as confirmation of Gildan's commitment to ESG and sustainability, which are core to their growth strategy.
Gildan Activewear (GIL) has released its 20th Environmental, Social, and Governance (ESG) report, marking two decades of ESG reporting.
The 2023 report showcases Gildan's progress towards its Next Generation ESG strategy and 2030 targets. Highlights include achievements like the publication of the first Corporate Citizenship Report in 2004, accreditation by the Fair Labor Association in 2007, and aligning with the Global Reporting Initiative framework in 2008.
The company has also disclosed ESG data according to the Sustainability Accounting Standards Board standards since 2021 and released its standalone Climate Change Disclosure Report in 2022.
CEO Glenn Chamandy emphasized the integral role of ESG in Gildan's operations and its commitment to sustainable practices as the company celebrates its 40th anniversary.
On World Environment Day, Gildan highlighted its two-decade-long commitment to sustainability through its ESG Steering Committee's efforts. The company's next-generation ESG strategy focuses on 12 goals across five areas: Climate, Energy, and Water; Circularity; Human Capital Management; Long-term Value Creation; and Transparency and Disclosure. Key leaders like Peter Iliopoulos, Claudia Sandoval, Juan Carlos Contreras, Carlos Duran, Israel Salinas, Kevin Freeman, and Esther Hackett shared their insights on driving sustainability initiatives. The strategy emphasizes reducing carbon emissions, conserving water, sustainable sourcing, enhancing community well-being, and transparent reporting. Gildan's ongoing projects reflect a dedicated approach to integrating ESG principles into its operations and long-term business strategy.
Gildan Activewear (GIL: TSX and NYSE) has received approval from the Toronto Stock Exchange to amend its Normal Course Issuer Bid (NCIB) to increase the maximum number of shares repurchasable from 8,778,638 to 17,124,249. This decision follows the Annual General Meeting of shareholders on May 28, 2024. The NCIB, originally commenced on August 9, 2023, will now allow Gildan to repurchase up to 10% of its public float as of July 31, 2023. The share buybacks are part of Gildan's broader strategy to return capital to shareholders, supported by strong free cash flow and a robust balance sheet. Purchases may be done through open market transactions on the TSX and NYSE, or via other approved methods. Since the NCIB's inception, Gildan has repurchased and canceled 8,611,018 shares, costing $272.5 million. The Board believes this repurchase program will not hinder Gildan’s ability to pursue organic growth and acquisitions.
Gildan Activewear (GIL) reported the results of its annual shareholder meeting held on May 28, 2024. All eight director nominees were elected by an overwhelming majority, following the resignation of the prior board on May 23, 2024. Additionally, shareholders approved the reappointment of auditors and a non-binding advisory vote on Executive Compensation, while rejecting a shareholder proposal. The vote results for directors ranged from 82.82% to 99.00% in favor. The advisory vote on executive compensation saw 73.77% approval, and the shareholder proposal was rejected by 86.48%.
Gildan Activewear (GIL: TSX and NYSE) has appointed co-founder Glenn J. Chamandy as President and CEO, effective immediately. Michael Kneeland will serve as the non-executive Chair of the Board. Chamandy expressed excitement about his return and confidence in the company's future, crediting the resilience of Gildan's employees and the quality of the new Board. Kneeland highlighted Gildan's strong history and operational results, emphasizing the new Board's focus on accountability and long-term success. The annual shareholder meeting will proceed on May 28, with eight director nominees, including Chamandy and Kneeland, up for election following the resignation of the prior directors.
FAQ
What is the current stock price of Gildan Activewear (GIL)?
What is the market cap of Gildan Activewear (GIL)?
What products does Gildan Activewear Inc. offer?
Which brands are owned by Gildan?
Where are Gildan's products distributed?
Where are Gildan's manufacturing facilities located?
How did Gildan perform financially in the first quarter of 2024?
What recent expansions has Gildan undertaken?
What is Gildan's approach to employee health and safety?
What is Gildan's strategy for future growth?
How does Gildan contribute to ESG initiatives?
Where can I find more information about Gildan Activewear?
