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.
Browning West, a shareholder owning 5% of Gildan Activewear's shares, announced the dismissal of two lawsuits filed by Gildan's Board. The Quebec Superior Court dismissed a Hart-Scott-Rodino Act violation claim, asserting that the issue should be settled at the upcoming shareholders' meeting on May 28, 2024. The Quebec Financial Markets Administrative Tribunal also dismissed another application, stating it served private interests. Browning West aims to elect eight new board members, including reinstating Glenn Chamandy as CEO, to implement a plan for long-term shareholder value.
Gildan Activewear's Board of Directors has issued a letter urging shareholders to vote “FOR” all Gildan's nominees, including Karen Stuckey and J.P. Towner, on the BLUE proxy card at the upcoming 2024 Annual Meeting on May 28. The activist investor, Browning West, seeks to replace eight directors and reinstall former CEO Glenn Chamandy. The Board argues this poses a threat to investment stability and emphasizes the newly refreshed Board's mix of experience and skills, including five recently appointed independent directors. The Board highlights Chamandy's past performance issues and the disruptions his reinstatement could cause.
Browning West, LP, a long-term shareholder of Gildan Activewear (NYSE: GIL), released a presentation urging the election of eight new directors to Gildan's Board at the upcoming Annual and Special Meeting on May 28, 2024. Browning West, owning 5% of Gildan's shares, argues for an urgent leadership change to improve returns for shareholders. The proposed slate includes Michael Kneeland, Glenn J. Chamandy, Michener Chandlee, Ghislain Houle, Mélanie Kau, Peter Lee, Karen Stuckey, and J.P. Towner. More details and voting instructions are available at www.SuperchargeGildan.com.
Gildan Activewear Inc. (GIL; TSX and NYSE) published an investor presentation for its 2024 Annual Meeting, emphasizing the company's strategic moat, EBITDA expansion plans, strong leadership under Vince Tyra, and the need for a refreshed board. The presentation highlights the reasons for CEO Glenn Chamandy's termination and the appointment of Vince Tyra as the new CEO. The Board recommends voting for Gildan's director nominees and outlines the differences between Gildan's sustainable growth strategy and Browning West's questionable plans.
Gildan Activewear Inc. announced a C$200 million private placement financing deal with CDPQ, issuing senior unsecured notes to fund share repurchase and debt repayment. The notes bear 6.0% interest and mature in 5 years. The agreement includes commitments to maintain local leadership, headquarters, and become a Global Minimum Taxpayer for 7 years. The transaction is expected to close around June 4, 2024, subject to due diligence.
Gildan Activewear Inc. reported net sales of $696 million for the first quarter of 2024, with an operating margin of 15.1% and adjusted operating margin of 18.0%. GAAP diluted EPS was $0.47, down 13%, while adjusted diluted EPS was $0.59, up 31%. The company returned $57 million to shareholders during the quarter and reconfirmed its full-year 2024 guidance. Despite a 1% decline in net sales, Gildan saw positive trends in activewear and international sales, with a 410 basis point improvement in gross margin. SG&A expenses included charges related to shareholder matters, CEO separation costs, and special retention awards. Operating income was $105 million, down from $128 million last year. Cash flows used in operating activities decreased due to lower working capital investments, resulting in $71 million of free cash flow consumed. Capital returned to shareholders through share repurchases amounted to $57 million, with net debt of $1,143 million and a leverage ratio of 1.6 times net debt to adjusted EBITDA.
Browning West, a shareholder of Gildan Activewear, filed a proxy circular urging shareholders to vote for its highly qualified director candidates to upgrade leadership and supercharge returns. The circular highlights the opportunity to elect legendary value creators Glenn Chamandy as CEO and Michael Kneeland as Chairman. Browning West emphasizes the importance of voting for its slate to implement a superior value creation plan and reinstate Mr. Chamandy. Shareholders are encouraged to visit SuperchargeGildan.com for more information on voting and campaign updates.
Gildan Activewear Inc. has filed its management proxy circular for its 2024 Annual Meeting of Shareholders, to be held on May 28, 2024, urging shareholders to vote for the recommended slate of director candidates. The company also announced the launch of its 2024 Annual Meeting website and a letter to shareholders from the Board of Directors.
The Board recommends voting on the BLUE proxy card “FOR” ALL of Gildan’s qualified director nominees and for the elections of Karen Stuckey and J.P. Towner, who have been nominated by a shareholder, Browning West. The recommended slate of Director candidates for the 2024 Annual Meeting includes Tim Hodgson, Lee Bird, Dhaval Buch, Marc Caira, Jane Craighead, Sharon Driscoll, Lynn Loewen, Anne Martin-Vachon, Vincent (Vince) J. Tyra, Les Viner, Karen Stuckey, and J.P. Towner. The Board is confident with the new Board members who bring value and expertise in driving Gildan forward and has outlined strategic priorities aimed at delivering shareholder value. The Board also addressed the CEO succession and emphasized the need for a fresh perspective to ensure Gildan continues to serve its oversight function on behalf of all shareholders.
Gildan Activewear, a global company with 45,000 employees, prioritizes workplace safety and employee well-being through various initiatives like healthcare support and mental health services. In a recent interview, company executives shared insights on their commitment to safety and health.
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?
