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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001061894-04-000003.txt : 20040203
<SEC-HEADER>0001061894-04-000003.hdr.sgml : 20040203
<ACCEPTANCE-DATETIME>20040203165736
ACCESSION NUMBER:		0001061894-04-000003
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040203
FILED AS OF DATE:		20040203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GILDAN ACTIVEWEAR INC
		CENTRAL INDEX KEY:			0001061894
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1003

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		04563694

	BUSINESS ADDRESS:	
		STREET 1:		725 MONTEE DE LIESSE
		STREET 2:		VILLE SAINT LAURENT
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			00000
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		725 MONTEE DE LIESSE
		STREET 2:		ST LAURENT QUE
		CITY:			CANADA
		STATE:			A8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<DESCRIPTION>Q1 EARNINGS RELEASE
<TEXT>
<p align="left">&nbsp;</p>
<p>&nbsp;</p>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font size="4">SECURITIES AND EXCHANGE COMMISSION<br>
  WASHINGTON, DC 20549</font></B></FONT></FONT></P>
<p><font size="4">
  <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
</font></p>
<p>&nbsp; </p>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font size="4">FORM 6-K</font></B></FONT></FONT></P>
<p><font size="4">
  <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
</font></p>
<p>&nbsp; </p>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>REPORT OF FOREIGN PRIVATE ISSUER<br>
  </B></FONT></FONT>Pursuant to Rule 13a-16 or 15d-16 under <br>
  the Securities Exchange Act of 1934</P>
<P ALIGN="CENTER"><br>
</P>
<DIV align=center>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD width="50%"><FONT face="Times New Roman, Times, serif" size=3>For the month of: <STRONG>February, 2004</STRONG></FONT></TD>
      <TD align=right width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>Commission File Number:<STRONG> 1-14830</STRONG></FONT></TD>
    </TR>
    <TR>
      <TD width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>&nbsp;</FONT></TD>
      <TD width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>&nbsp;</FONT></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD colSpan=2><div align="center"><STRONG>GILDAN ACTIVEWEAR INC.</STRONG></div></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD colSpan=2><div align="center"><FONT face="Times New Roman, Times, serif"
      size=2><EM>(Translation of Registrant's name into English)</EM></FONT></div></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>&nbsp;</FONT></TD>
      <TD width="50%"><p>&nbsp;</p>
          <p>&nbsp;</p></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD colSpan=2><div align="center">
          <P ALIGN="CENTER"><strong><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">725 Mont&eacute;e de LiesseVille <BR>
            Saint-Laurent, Quebec <br>
          </FONT></FONT><font size="2">Canada H4T 1P5</font></strong></P>
      </div></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD colSpan=2><div align="center"><FONT face="Times New Roman, Times, serif"
      size=2><EM>(Address of principal executive offices)</EM></FONT></div></TD>
    </TR>
    <TR vAlign=bottom align=middle>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</DIV>
<p>&nbsp;</p>
<p><FONT face="Times New Roman, Times, serif" size=3>Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </FONT></p>
<p>&nbsp; </p>
<DIV align=center>
  <TABLE cellSpacing=0 cellPadding=0 border=0>
    <TR align=middle>
      <TD vAlign=top width=200>Form 20-F <U>&nbsp;&nbsp; &nbsp;&nbsp;</U>
      <TD vAlign=top width=200>Form 40-F <U>&nbsp;&nbsp;&nbsp;<strong>X</strong>&nbsp;&nbsp;</U></TD>
    </TR>
  </TABLE>
  <p align="left">&nbsp;</p>
</DIV>
<P>
<P>
<P><FONT face="Times New Roman, Times, serif" size=3>Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>
<P>
<P>
<DIV align=center>
  <TABLE cellSpacing=0 cellPadding=0 border=0>
    <TR align=middle>
      <TD vAlign=top width=150>Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
      <TD vAlign=top width=150>No <U>&nbsp;&nbsp;<strong>X</strong>&nbsp;&nbsp;</U></TD>
    </TR>
  </TABLE>
</DIV>
<P>
<P>
<P><FONT face="Times New Roman, Times, serif" size=3>If</FONT><FONT color=#0000ff><FONT
color=#0000ff><FONT face=serif
size=2>&nbsp;</FONT></FONT></FONT><FONT face="Times New Roman, Times, serif" size=3> &#8220;Yes&#8221; is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): 82-_<strong>N/A</strong>_.</FONT>
<P>
<P>
<HR color=gray noShade SIZE=3>
<p align="left"> <font size="2" face="Times New Roman, Times, serif">
<!-- MARKER FORMAT-SHEET="Left Head Bold/Italic" -->
</font> </p>
<P ALIGN="center"><img src="logo.gif" width="263" height="109"></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom align=middle>
    <TD><div align="left"></div></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom align=middle>
    <TD><div align="left"></div></TD>
    <TD><div align="right"><font size="2" face="Times New Roman, Times, serif"><em><strong>For immediate publication </strong></em></font></div></TD>
  </TR>
  <TR vAlign=bottom align=middle>
    <TD><div align="left"></div></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom align=middle>
    <TD><div align="left"></div></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom align=middle>
    <TD width="21%"><div align="left"><font size="2" face="Times New Roman, Times, serif">Contact:</font></div></TD>
    <TD width="79%"><div align="left"><font size="2" face="Times New Roman, Times, serif">Laurence G. Sellyn, Executive Vice President Finance</font></div></TD>
  </TR>
  <TR vAlign=bottom align=middle>
    <TD>&nbsp;</TD>
    <TD><div align="left"><font size="2" face="Times New Roman, Times, serif"> and Chief Financial Officer</font></div></TD>
  </TR>
  <TR vAlign=bottom align=middle>
    <TD><div align="left"></div></TD>
    <TD><div align="left"><font size="2" face="Times New Roman, Times, serif">Tel: (514) 343-8805</font></div></TD>
  </TR>
  <TR vAlign=bottom align=middle>
    <TD><div align="left"></div></TD>
    <TD><div align="left"><font size="2" face="Times New Roman, Times, serif"><U>Email: lsellyn@gildan.com</U></font></div></TD>
  </TR>
  <TR vAlign=bottom align=middle>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</font></P>
<P ALIGN="center"><FONT size="2" FACE="Times New Roman, Times, serif"><B><font size="3"><u>Gildan Activewear Announces Higher Than Expected First Quarter Sales and <br>
  Earnings </u></font><u><br>
  </u><br>
</B><strong>&#151; Unit Sales up 21.9% Against Background of Strong Industry Demand &#151; </strong></FONT></P>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Para Hang Roman In 1" -->
  <BR>
  <strong>Montreal, Tuesday, February 3, 2004</strong> &#8212; Gildan Activewear Inc. (NYSE: GIL; TSX: GIL.A) today announced its results for its first fiscal quarter ended January 4, 2004, and also commented on the factors impacting its outlook for the balance of the year. With effect from the beginning of the 2004 fiscal year, the Company has adopted the U.S. dollar as its functional and financial reporting currency, and accordingly the first quarter financial statements are presented in U.S. dollars.
  <!-- MARKER FORMAT-SHEET="Left Head Underline" -->
</font></p>
<p align="justify"><FONT SIZE="2" face="Times New Roman, Times, serif"><U>First quarter sales and earnings<br>
  <br>
  </U></FONT><FONT SIZE="2" face="Times New Roman, Times, serif">The Company reported net earnings of U.S. $2.9 million, or U.S. $0.10 per diluted share, down respectively 21.6% and 23.1% compared with U.S. $3.7 million or U.S. $0.13 per diluted share in the first quarter of fiscal 2003. Consensus analyst expectations for the quarter were in the range of U.S. $0.08-$0.09 per diluted share. The Company's results for the quarter reflect increases in cost of sales and depreciation expense as a result of the upward revaluation of opening inventories and fixed assets required in order to give effect to the change to U.S. functional currency. Net earnings for the first quarter of fiscal 2004 were U.S. $5.5 million or U.S. $0.18 per diluted share before reflecting the accounting treatment of these adjustments resulting from the change to U.S. functional currency, up respectively 48.6% and 38.5% from the first quarter of last year.
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
</FONT> </p>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Compared to last year, the higher first quarter results reflected further manufacturing efficiencies and increased unit sales, including the timing impact of distributors building inventory in anticipation of a January price increase, as well as more favourable product-mix. These factors were partially offset by lower selling prices, combined with higher cotton costs, increased selling, general and administration expenses and higher depreciation as a result of the Company&#146;s recent major capital investment projects.</FONT> </P>
<div align="justify">
  <HR color=gray noShade SIZE=3>
  <font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Sales in the quarter were U.S. $78.0 million, up 20.0% from U.S. $65.0 million in the first quarter of fiscal 2003. The higher sales were due to a 21.9% increase in unit shipments and a higher valued product-mix, partially offset by lower selling prices. The higher unit sales reflected 12.3% growth in overall industry shipments of T-shirts in the U.S. wholesale distributor market, the impact of increased shipments into the channel in anticipation of the price increase, and continuing market share penetration in sport shirts and fleece achieved by Gildan compared with the first quarter of last year.</FONT> </P>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gildan maintained its market leadership position in the overall T-shirt category, with a share of 30.5% in the first quarter of fiscal 2004, compared with 31.4% in the corresponding quarter of last year. During the first quarter, the Company focused on higher-valued product-lines within the T-shirt category, and decided not to fully participate in highly discounted white T-shirt promotions.</FONT> </div>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Although overall industry shipments in the sport shirt segment through the U.S. distributor channel declined by 7.6%, Gildan continued to achieve significant penetration in this segment where its unit shipments grew by 27.5% compared with the first quarter of last year and its market share increased to 20.4%, versus 14.7% a year ago. Gildan&#146;s share in the fleece category also increased in the first quarter to 13.9%, compared with 10.3% a year ago, as the Company expanded its offering of fleece products. Industry demand in this segment increased by 1.9% versus the first quarter of last year.</FONT> </P>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">All U.S. market and market share data is based on the S.T.A.R.S. Report produced by ACNielsen Market Decisions.
      <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gross margins were 27.1% in the first quarter, compared with 29.4% in the first quarter of fiscal 2003. Before the impact of the adjustments resulting from the change to U.S. functional currency, gross margins in the first quarter of fiscal 2004 were 29.8%. Gross margins were positively impacted by the Company&#146;s recent capital investments, in particular the significantly higher proportion of overall production from the new low-cost integrated textile manufacturing facility at Rio Nance, Honduras. The resulting reductions in manufacturing costs, together with the impact of more favourable product-mix, were offset by lower selling prices, as well as higher cotton costs and the impact of the stronger Canadian dollar.</FONT> </P>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Left Head Underline" -->
  </font><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Earnings Outlook</U></FONT></div>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company is continuing to project a diluted EPS range of U.S. $2.25 &#151; $2.30 for fiscal 2004, up 25.7% &#151; 28.5% from fiscal 2003, before taking account of the estimated U.S. $0.16 per diluted share impact as a result of revaluing opening inventories and fixed assets. After reflecting the adjustments resulting from the transition to U.S. functional currency, the Company&#146;s EPS forecast for fiscal 2004 is U.S. $2.10 &#151; $2.15, up 17.3% &#151; 20.1% from fiscal 2003.</FONT> </P>
<div align="justify">
  <HR color=gray noShade SIZE=3>
  <font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">These full year projections assume a 15% increase in unit sales volumes combined with a slight increase in selling prices in fiscal 2004 over fiscal 2003, to reflect partial pass-through of significantly higher cotton costs. Although there is currently some promotional activity in February following the implementation of the January 2004 selling price increase, the Company expects that upward pressure on selling prices will continue as manufacturers consume inventories which include higher-cost cotton.</FONT> </P>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Left Head Underline" -->
</font><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Cash Flow</U></FONT></div>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">In the first quarter, the Company used $35.8 million of cash, defined as cash flows from operating activities less cash used in investing activities, due to a U.S. $35.7 million use of cash for the planned seasonal build-up of inventories. The Company used U.S. $16.1 million in the quarter for capital expenditures, primarily to implement its continuing offshore capacity expansion plans and its investment in a 50%/50% joint venture to acquire a yarn spinning facility. The Company ended the quarter with surplus cash reserves of U.S. $37.5 million.</FONT> </P>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company expects to invest approximately U.S. $60 million in capital expenditures for the full fiscal year, and to generate approximately U.S. $5 &#150; $10 million of free cash flow, defined as cash flow from operating activities less cash flow from investing activities. The Company intends to use U.S. $17.5 million of its surplus cash to meet the first scheduled installment of its U.S. senior note repayment on June 10, 2004.</FONT> </div>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">As of January 31, 2004, there were 23,453,443 Class A subordinate shares and 6,094,000 Class B multiple voting shares issued and outstanding along with 811,985 options outstanding.</FONT> </P>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Left Head Underline" -->
</font><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Profile </U></FONT></div>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gildan Activewear is a public, vertically-integrated manufacturer and marketer of premium quality branded basic activewear for sale principally in the wholesale imprinted activewear segment of the Canadian, U.S., European and other international markets. The company manufactures and sells premium quality 100% cotton and 50% cotton/50% polyester T-shirts, placket collar sport shirts and sweatshirts in a variety of weights, sizes, colours and styles. The company sells its products as blanks, which are ultimately decorated with designs and logos for sale to consumers. Gildan employs more than 9,000 full-time employees.</FONT> </P>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>Certain statements included in this press release may constitute &#147;forward-looking statements&#148; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. We refer you to the Company&#146;s filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities for a discussion of the various factors that may affect the Company&#146;s future results.</I></FONT> </div>
<div align="justify">
  <HR color=gray noShade SIZE=3>
  <p><font size="2" face="Times New Roman, Times, serif"><U>Information for shareholders</U></font></p>
</div>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">Gildan Activewear Inc. will hold a conference call to discuss these results today at 5:00 PM Eastern Time. Interested parties can join the call by dialling 1-800-475-3716 (Canada & U.S.) or 719-457-2728 (international) and entering passcode 196509. The conference call can also be accessed via live webcast at www.gildan.com ("Investor Relations" section).
    <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">If you are unable to call in at this time, a replay of the conference call will be available starting the same day at 7:00 PM Eastern Time by dialling 888-203-1112 (Canada and U.S.) or 719-457-0820 and entering passcode 196509, until February 10, 2004 at midnight, or by wound webcast on Gildan&#146;s Internet site for 30 days.</FONT> </P>
<div align="center">
  <p><font size="2" face="Times New Roman, Times, serif">&#8211; 30 &#8211;</font> </p>
  <p>&nbsp;</p>
</div>
<HR color=gray noShade SIZE=3>
<p align="left">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><strong>Gildan Activewear Inc.
                                                          </strong><br>
  Consolidated Statements of Earnings
  <br>
  (In thousands of U.S. dollars, except per share data)


                                                             </font></p>
<p align="center">&nbsp; </p>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="90%">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH>
     <TH></TH></TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="3" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Three months ended </font></div></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT"><div align="right"></div></TD>
  <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">January 4,<br>
    2004<br>
  </font></TD>
  <TD ALIGN="LEFT"><div align="right"></div></TD>
  <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">December 29,<br>
    2002</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT"><div align="right"></div></TD>
  <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
  <TD ALIGN="LEFT"><div align="right"></div></TD>
  <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="4" ALIGN="LEFT">&nbsp;</TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="73%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sales</font></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">77,959</font></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
     <TD WIDTH="12%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">65,000</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cost of sales</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">56,859</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">45,915</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Gross profit</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">21,100</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,085</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Selling, general and administrative expenses</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">11,397</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">10,084</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings before interest, income taxes,</font></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;depreciation and amortization (EBITDA)</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9,703</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9,001</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Depreciation and amortization</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,932</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,496</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Interest expense</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,589</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,445</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings before income taxes</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,182</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,060</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Income taxes</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">310</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">369</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="4" ALIGN="LEFT"><hr size="1" noshade></TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings</font></TD><TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;2,872</font></TD>
        <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;3,691</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="4" ALIGN="LEFT"><hr size="2" noshade></TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Basic EPS</font></TD><TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;0.10</font></TD>
        <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;0.13</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Diluted EPS</font></TD><TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;0.10</font></TD>
        <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;0.13</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Weighted average number of shares outstanding (in thousands)</font></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,524</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,945</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></TD><TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,792</font></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,600</font></TD>
  </TR>
</TABLE>


<p><font size="2" face="Times New Roman, Times, serif"><br>
  See accompanying notes to interim consolidated financial statements.
</font></p>
<HR color=gray noShade SIZE=3>
<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"> <strong>Gildan Activewear Inc.</strong> <br>
  Consolidated Statements of Cash Flows <br>
  (In thousands of U.S. dollars) </font></p>
<p>&nbsp; </p>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="90%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="3" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Three months ended</font></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">January 4,<br>
    2004</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">December 29,<br>
      2002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> (unaudited)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> (unaudited)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="68%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash flows from operating activities:</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="10%" ALIGN="RIGHT"></TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="12%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;2,872</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;3,691</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Adjustments for:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,932</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,496</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">122</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">144</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(175</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7,933</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7,156</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net changes in non-cash working capital balances:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,201</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,992</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(35,745</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(23,322</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,118</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(382</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(9,978</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,562</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">21</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(196</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(19,686</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,810</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash flows from financing activities:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Repayment of capital leases and other long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,171</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,006</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Increase in secured debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,125</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">96</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">263</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">797</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred financing charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&#8212;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(26</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,217</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(139</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash flows from investing activities:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Purchase of fixed assets, net of disposals</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(16,123</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(11,440</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Decrease in other assets</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">52</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(16,104</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(11,388</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Effect of exchange rate changes on cash</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">723</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">572</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net decrease in cash and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(31,850</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(5,145</font></TD>
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during the period</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents, beginning of period</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;69,340</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;45,010</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents, end of period</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;37,490</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;39,865</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="3" ALIGN="RIGHT"><hr size="2" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>
<p><font size="2" face="Times New Roman, Times, serif">See accompanying notes to interim consolidated financial statements. </font></p>
<HR color=gray noShade SIZE=3>
<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"> <strong>Gildan Activewear Inc. </strong><br>
  Consolidated Balance Sheets <br>
  (in thousands of U.S. dollars) </font></p>
<p>&nbsp; </p>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="90%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">January 4,<br>
    2004</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">October 5,<br>
    2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">December 29,<br>
    2002</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(audited)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="52%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Current assets:</font></TD>
    <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="9%" ALIGN="RIGHT"></TD>
    <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="9%" ALIGN="RIGHT"></TD>
    <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="9%" ALIGN="RIGHT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,490</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,340</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,865</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">45,760</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">64,260</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">35,300</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">139,248</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">103,503</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">96,432</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,967</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,849</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,734</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Future income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,049</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,682</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,424</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">233,514</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">245,634</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">177,755</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Fixed assets</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">190,295</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">180,349</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">140,724</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other assets</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,520</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,681</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,072</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Total assets</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427,329</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429,664</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322,551</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="5" ALIGN="RIGHT"><hr size="2" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Current liabilities:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,643</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,278</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,872</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,016</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,909</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,908</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,409</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,481</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,970</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">80,068</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">90,668</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">58,750</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">57,198</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">54,077</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">72,088</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Future income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">22,725</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">20,716</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">13,304</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Shareholders' equity:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Share capital</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">75,753</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">75,490</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">71,800</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">220</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">220</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">220</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">165,117</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">162,245</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">112,780</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Cumulative translation adjustment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26,248</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26,248</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(6,391)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">267,338</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">264,203</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">178,409</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Total liabilities and shareholders' equity</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427,329</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429,664</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322,551</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="5" ALIGN="RIGHT"><hr size="2" noshade></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<font size="2" face="Times New Roman, Times, serif">See accompanying notes to interim consolidated financial statements. </font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR color=gray noShade SIZE=3>
<p> <font size="2" face="Times New Roman, Times, serif">
<!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </p>
<P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif">For complete notes to the interim consolidated financial statements please refer to filings with the various securities regulatory authorities.</FONT> </P>
<font size="2" face="Times New Roman, Times, serif">
<!-- MARKER FORMAT-SHEET="Left Head Bold" -->
</font><font size="2" face="Times New Roman, Times, serif">
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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2" face="Times New Roman, Times, serif"><B>1) </B></FONT></TD>
    <TD><P ALIGN="LEFT"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Change in Functional Currency:</B></FONT></P></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="3%">&nbsp;</TD>
    <TD><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">As a result of a significant portion of its revenues, expenses, assets and liabilities being denominated in U.S. dollars and the increasing international expansion of its sales and manufacturing operations, the Company adopted the U.S dollar as its functional and reporting currency effective October 6, 2003, the beginning of its 2004 fiscal year. All opening assets and liabilities were translated into U.S. dollars using the exchange rate in effect on October 6, 2003. For comparative purposes, historical financial statements and notes thereto up to and including October 5, 2003 have been restated into U.S dollars in accordance with generally accepted accounting principles. The change in the functional currency resulted in a positive currency translation adjustment of $26.2 million as at October 5, 2003, which is reflected as a separate component of shareholders&#146; equity.</FONT> </P></TD>
  </TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif">
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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
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    <TD><FONT SIZE="2" face="Times New Roman, Times, serif"><B>2)</B></FONT></TD>
    <TD><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Investment in Joint Venture:</B></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="3%">&nbsp;</TD>
    <TD><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">During the first quarter of fiscal 2004, the Company invested in a 50%/50% owned joint venture with Frontier Spinning Mills, Inc. The new joint venture company acquired the equipment and real estate of an existing yarn-spinning facility in Cedartown, Georgia. The total cost of the acquisition, including Frontier&#146;s 50% share in the investment, amounted to $12.5 million. The joint venture is accounted for using the proportionate consolidated method whereby the Company&#146;s proportionate share of revenues, expenses, assets and liabilities is included in these financial statements.</FONT> </P></TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<p><font size="2" face="Times New Roman, Times, serif"><BR>
  </font>
</p>
<HR color=gray noShade SIZE=3>
<p>&nbsp;</p>
<P>
<P align=center><FONT face="Times New Roman, Times, serif"
size=3><STRONG>SIGNATURE</STRONG></FONT>
<P align=left>
<P align="left"><FONT face="Times New Roman, Times, serif"
size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securitiecs Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT>
<P>
<P>
<P>
<DIV align=right>
  <TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>
    <TR>
      <TD><STRONG><FONT face="Times New Roman, Times, serif" size=3>GILDAN ACTIVEWEAR INC. </FONT></STRONG></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>(Signed) St&eacute;phane Lemay
          <HR noShade SIZE=1>
    </TR>
    <TR>
      <TD><FONT face="Times New Roman, Times, serif" size=3>St&eacute;phane Lemay </FONT></TD>
    </TR>
    <TR>
      <TD><FONT face="Times New Roman, Times, serif" size=3>Vice-President, Public and Legal Affairs </FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</DIV>
<P align="left">
<div align="left">
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      <TD><strong>Date</strong> February 3, 2004</TD>
    </TR>
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      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P>
<p align="left">&nbsp;</p>
<p align="left"><FONT color=#0000ff></FONT></p>
<p></p>
<p>&nbsp;</p>

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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
