Tyra said Gildan Activewear delivered a “solid” result in the quarter ending 31 March 2024 as shareholders continue to push for him to be replaced.

Total revenue was consistent with guidance previously provided with the 1% decline driven by lower net selling prices and unfavourable mix.

Overall, it said shipments were essentially in line with the prior year, though slightly ahead of expectations and activewear sales of $592m were up 1%. This was said to be driven by higher shipments reflecting positive POS trends across geographies, as well as seasonal replenishment at distributors, which came in slightly below last year’s level.

Activewear sales also reflected strong momentum with national account customers, who service retail markets, as well as continued share gains in key product categories.

International sales were up 1% reflecting a potential stabilisation in POS trends, with noticeable signs of recovery in some regions.

In the hosiery and underwear category, sales were down 10% versus the prior year reflecting unfavourable mix within this category, the phase out of the Under Armour business and broader market weakness in the underwear category.

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Gildan Q1 results

  • Net sales for Q1 2024 was $695.8m which was 1% decline from its Q1 2023 net sales of $702.9m
  • Operating income was down 17.9% to $105.1m from $128.0m in the same prior period.
  • Net income saw a decline of 19.4% to $78.7m from 97.6m in the same quarter last year.

Gildan’s president and CEO Vince Tyra said: “Our solid first quarter performance highlights the strength of our business model and our strong focus on executing our priorities. The quarter included several bright spots, including continued market momentum in ring spun and fleece products. I’m pleased with our competitive positioning and our execution which drove significant year-over-year
improvement in our key financial metrics. Our key focus strategic priorities are clear and we are off to a good start to the year.”

Gildan’s 2024 outlook

Gildan has reconfirmed its guidance as revenue for the full year to be flat to up to low-single digits. adjusted operating margin slightly above the high end of 18% to 20% target range for 2024.

Gildan shareholders quest to oust CEO

On 28 May shareholders are expected to vote to elect members of Gildan Activewear’s board with investor Browning West, which owns approximately 5% of Gildan’s outstanding shares seeking to replace the majority of the organisation’s board of directors and replace Tyra with ousted CEO and founder Glenn Chamandy.

Gildan has also launched a website to share information with shareholders ahead of the meeting.

In a letter to shareholders published earlier this week, Gildan’s board reiterated its commitment to Tyra.

The letter said: “The board is fully aligned behind Vince in his role as CEO and looks forward to helping him continue to execute and enhance the company’s strategy. We encourage shareholders to support Vince in executing our long-term vision as well as our highly skilled, proven, and recently refreshed board.”