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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001061894-04-000013.txt : 20040504
<SEC-HEADER>0001061894-04-000013.hdr.sgml : 20040504
<ACCEPTANCE-DATETIME>20040504162715
ACCESSION NUMBER:		0001061894-04-000013
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040504
FILED AS OF DATE:		20040504

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:		04778076

	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
<TEXT>
<title>Q2 2004 Results</title><p align="center">&nbsp;</p>
<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>May, 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 Liesse<br>
            Ville
            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>
<div align="center"><font size="2" face="Times New Roman, Times, serif"><img src="logo.gif" width="263" height="109"><br>
      <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
</font> </div>
<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 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&#8211;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">Email: <U>lsellyn@gildan.com</U></font></div></TD>
  </TR>
  <TR vAlign=bottom align=middle>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<p align="center"><FONT size="2" FACE="Times New Roman, Times, serif"><B><U>Gildan Activewear Announces Record Second Quarter Results </U></B></FONT></p>
<font size="2" face="Times New Roman, Times, serif">
<!-- MARKER FORMAT-SHEET="Para In 1" -->
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD><P ALIGN="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#150; Unit Sales up 24.6% Due to Continuing Strong Market Share Penetration and Overall Industry <br>
        Demand Growth &#150; </B> <B><br>
&#150; Short-term Capacity Constraints and Industry Price Competition Likely to Reduce Full Year EPS <br>
        Growth Relative to Prior Guidance &#150;</B></font> </P></TD>
  </TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>
<strong>Montreal, Tuesday, May 4, 2004 </strong>&#8211; Gildan Activewear Inc. (NYSE: GIL; TSX: GIL.A) today announced its results for its second fiscal quarter and six months ended April 4, 2004, and also updated its sales and earnings outlook for the balance of the fiscal year.
<!-- MARKER FORMAT-SHEET="Left Head Underline" -->
</font>
<P ALIGN="LEFT"><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Second quarter sales and earnings</U></FONT></P>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company reported record second quarter net earnings of U.S. $14.3 million, or U.S. $0.48 per diluted share, up 6.7% from U.S. $13.4 million or U.S. $0.45 per diluted share in the second quarter of fiscal 2003. Analyst expectations for the quarter were in the range of U.S. $0.45 - U.S. $0.49 per diluted share.
      <!-- MARKER FORMAT-SHEET="Para Flush" -->
</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company&#146;s results for the quarter include increases in cost of sales and depreciation expense due to the upward revaluation of opening inventories and fixed assets required under U.S. and Canadian GAAP to give effect to the change to U.S. functional currency. The gain on revaluation of opening assets was reflected directly in opening shareholders&#146; equity. Net earnings for the second quarter of fiscal 2004 were U.S. $15.9 million, or U.S. $0.53 per diluted share, before reflecting the accounting treatment of these adjustments resulting from the change to U.S. functional currency, up 18.7% and 17.8% respectively from the second quarter of fiscal 2003.</FONT> </P>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Compared to last year, the higher second quarter earnings reflected higher unit sales, further manufacturing efficiencies and more favourable product-mix. These factors were partially offset by increased cotton costs, lower selling prices, higher SG&amp;A costs due to the Company&#146;s sales growth and higher depreciation expense as a result of the Company&#146;s capital investment program.</FONT> </div>
<div align="right"><br>
    <br>
    <font size="2" face="Times New Roman, Times, serif">1</font><br>
</div>
<HR color=gray noShade SIZE=3>
<p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Sales in the quarter were U.S. $141.4 million, up 24.5% from U.S. $113.6 million in the second quarter of fiscal 2003. The higher sales were due to a 24.6% increase in unit shipments combined with a higher valued product-mix, partially offset by lower selling prices. The higher unit sales reflected continuing market share penetration in all target market segments, together with strong overall industry demand growth in the U.S. wholesale distributor channel.</FONT> </p>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">With effect from the beginning of calendar 2004, the Company&#146;s largest customer decided to discontinue its participation in the S.T.A.R.S. report by ACNielsen Market Decisions. This report is the basis for market and market share data provided by the Company for the U.S. wholesale distributor channel. As a result, the S.T.A.R.S. market share data for the second quarter of fiscal 2004 excludes the effect of sales through our largest customer. On this basis, Gildan&#146;s share in the T-shirt segment of the U.S. wholesale distributor market increased to 31.2% from 29.1% in the second quarter of fiscal 2003, even though the Company focussed on higher-valued product-lines within the T-shirt category, and continued to not fully participate in highly discounted white T-shirt promotions. During the second quarter, Gildan&#146;s share of the sport shirt segment increased to 24.4% from 18.4% in the corresponding quarter of last year. Gildan
 became the leading brand within the sport shirt category during the quarter. Gildan&#146;s share of the fleece category was 14.3% in the second quarter, up from 10.7% in the second quarter a year ago.</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 table below summarizes the unit sales growth for the calendar quarter ended March 31, 2004 compared to the quarter ended March 31, 2003 for Gildan and for the industry overall through the U.S. wholesale distributor channel, as reported by S.T.A.R.S. after adjusting the prior period comparatives to exclude sales through our largest customer:</FONT> </P>
<div align="justify">
  <TABLE WIDTH="50%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
    <TR VALIGN="BOTTOM">
      <TH COLSPAN="2"></TH>
      <TH COLSPAN="2"></TH>
      <TH COLSPAN="3"></TH>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD colspan="2" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif"><strong>Gildan<br>
          Unit growth</strong></font></div></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD colspan="2" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif"><strong>Industry <br>
          Unit growth </strong></font></div></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD WIDTH="37%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">T-shirts</font></TD>
      <TD WIDTH="4%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD WIDTH="15%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">30</font></TD>
      <TD WIDTH="11%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.3%</font></TD>
      <TD WIDTH="8%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD WIDTH="14%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">11</font></TD>
      <TD WIDTH="11%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.6%</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sport shirts</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">34</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.7%</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.1%</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Fleece</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">39</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.2%</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">13</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.8%</font></TD>
    </TR>
  </TABLE>
  <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 noted that, in addition to the strong overall industry growth for T-shirts and fleece, the sport shirt category also showed positive growth, indicating that the steady decline in demand in this segment since 2001 may have ceased, reflecting a recovery in corporate promotional spending.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">In parallel with the growth realized by Gildan with the S.T.A.R.S. distributors as per the table above, the Company also achieved a comparable rate of growth in its unit sales to its largest distributor during the second fiscal quarter, versus the corresponding quarter of fiscal 2003.</FONT></P>
<P ALIGN="right"> <br>
    <font size="2" face="Times New Roman, Times, serif">2</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">Gildan&#146;s unit shipments in Europe increased by 38.9% over the second quarter last year, and shipments in Canada were up by 10.2%. Selling prices in the Canadian market were negatively impacted as a result of the lower landed selling prices for U.S. competitors in the Canadian market, due to the decline in the relative value of the U.S. dollar.</FONT> </P>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gross margins in the second quarter were 26.6%, compared with 29.6% in the second quarter of fiscal 2003. Before the adjustments due to the change to U.S. functional currency, gross margins in the second quarter of fiscal 2004 were 27.3%. The favourable impact on percentage gross margins of the higher-valued product-mix, continuing manufacturing efficiencies and the non-recurrence of a prior year special charge (the closure of the Montreal sewing plant) was more than offset by the negative effect of higher cotton costs and lower industry selling prices. Promotional pricing activity during the quarter included additional discounts resulting from the higher than projected unit sales growth.</FONT> </div>
<div align="justify">
  <p><font size="2" face="Times New Roman, Times, serif"><U>Six Months Earnings<br>
      <br>
    </U></font><font size="2" face="Times New Roman, Times, serif">Net earnings for the first six months of fiscal 2004 were $17.2 million or U.S. $0.58 per diluted share, essentially the same as the first six months of fiscal 2003 when the Company generated net earnings of U.S. $17.1 million or U.S. $0.58 per diluted share. Before the adjustments due to the change to U.S. functional currency, net earnings for the first six months of fiscal 2004 were U.S. $21.4 million, or U.S. $0.72 per share, up 25.1% and 24.1% respectively from the first six months of fiscal 2003. <br>
      <br>
    </font><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Earnings Outlook </U></FONT></p>
</div>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company has previously indicated that it expects its EPS for the full fiscal year to be in the range of U.S. $2.25 &#150; U.S. $2.30, up 25.7% &#151; 28.5% from fiscal 2003 before the adjustments due to the change to U.S. functional currency. After reflecting the adjustments resulting from the transition to U.S functional currency, the Company&#146;s EPS guidance range for fiscal 2004 was U.S. $2.10-$2.15, up 17.3% &#151; 20.1% from fiscal 2003. This guidance was based on 15% projected growth in unit sales volumes and modest selling price increases to partially pass through the higher cost of cotton.</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 and second fiscal quarters, the Company has achieved its EPS growth projections by offsetting higher than anticipated promotional pricing activity with higher than projected unit sales volumes. Due to the higher unit sales in the first two quarters, and its resulting lower than planned inventory levels at the second quarter-end, the Company expects to have insufficient capacity in the third quarter to fully satisfy the projected growth in sales reflected in its prior forecast. Therefore, achievement of its original EPS guidance for the full year will depend upon improved selling prices being realized. Many industry fundamentals &#150; including strong industry demand, overall inventories within the distributor channel being in reasonable balance, and higher raw material costs for both cotton and polyester &#150; appear to support higher pricing in the second half of the fiscal year. However, it is difficult to predict the out
look for industry pricing with any degree of certainty. Therefore, while the Company is projecting some gross margin improvement in the third and fourth quarter due to reduced promotional activity and a higher proportion of fleece sales in the balance of the year, the Company believes that, based on its short-term capacity constraints in the third quarter and the assumed continuation of aggressive industry pricing competition, it is more realistic to lower its projected EPS growth in the second half of the fiscal year. On this basis, the Company is now projecting EPS for the full fiscal year to be in the range of U.S. $2.05 &#150; U.S. $2.15 per diluted share before the U.S. functional currency adjustments, up approximately 15% &#151; 20% from fiscal 2003. After reflecting the adjustments resulting from the transition to U.S. functional currency, the Company&#146;s revised EPS forecast for fiscal 2004 is U.S. $1.90 &#151; $2.00, up approximately 6% &#151; 12% from fiscal 2003.</FONT> </P>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Times New Roman, Times, serif">3</font></P>
<div align="justify">
  <HR color=gray noShade SIZE=3>
  <br>
</div>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company now expects to achieve diluted EPS of U.S. $0.80 &#150; U.S. $0.85 in the third quarter before functional currency adjustments, up approximately 10% &#151; 16% from the third quarter of fiscal 2003, which included an extra week due to the Company&#146;s floating fiscal year-end. In the fourth quarter, Gildan now expects diluted EPS of U.S. $0.55 &#150; U.S. $0.60 before functional currency adjustments, up approximately 15% &#151; 25% from fiscal 2003. The functional currency adjustments in the third and fourth quarter of the fiscal year will be limited to the impact on depreciation expense, and will therefore not be material.</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">Going forward, Gildan expects to achieve its objective of minimum 15% EPS growth beyond fiscal 2004, in addition to achieving 15% &#151; 20% EPS growth in the current fiscal year, even if industry pricing continues to decline. Gildan is slightly ahead of schedule with its timetable for construction of its Dominican Republic textile facility. As the Company brings this facility on stream, it expects to continue to lower its manufacturing costs and to have capacity available to further accelerate its market share penetration in the wholesale distributor channel in fiscal 2005, as well as to implement its plans to enter the retail channel.</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 second fiscal quarter, the Company used U.S. $16.7 million of cash, defined as cash flow from operating activities less cash used in investing activities, due to the seasonal financing of trade receivables (which reflected days sales outstanding of 45 days compared with 48 days a year ago) and the ongoing capital expenditure requirements to implement the Company&#146;s continuing offshore capacity expansion plans. The Company ended the quarter with surplus cash of U.S. $21.4 million.</FONT> </P>
<div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company intends to utilize U.S. $17.5 million of its surplus cash to meet the first scheduled instalment of its senior note repayment on June 10, 2004. Also, the Company now expects to invest approximately U.S. $65 million in capital expenditures for the full fiscal year, up from the previous estimate of approximately U.S. $60 million, due mainly to the accelerated timing for the Dominican Republic facility.</FONT> </div>
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</font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">As of April 30, 2004, there were 29,627,619 Class A subordinate shares issued and outstanding along with 679,635 options outstanding.</FONT> </P>
<div align="justify">
  <p>&nbsp;</p>
  <P ALIGN="right"><font size="2" face="Times New Roman, Times, serif">4</font></P>
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  <p><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Profile </U></FONT></p>
</div>
<div 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 9,300 full-time employees.</FONT> </div>
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<P 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> </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>Information for shareholders</U></FONT></div>
<div align="justify"><font size="2" face="Times New Roman, Times, serif"><br>
  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 800-263-8506 (Canada & U.S.) or 719-457-2681 (international) and entering passcode 255442. The conference call can also be accessed via live webcast at <U>www.gildan.com</U
  > ("Investor Relations" section). </font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">If you are unable to participate in the conference call, a replay will be available starting that same day at 8:00 PM EDT by dialing 888-203-1112 (Canada &amp; U.S.) or 719-457-0820 (international) and entering passcode 255442, until May 11, 2004 at midnight, or by sound web cast 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 ALIGN="right"><font size="2" face="Times New Roman, Times, serif">5</font></P>
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<p align="center"><font size="2" face="Times New Roman, Times, serif"><strong></strong></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><strong>Gildan Activewear Inc.<br>
  Consolidated Statements of Earnings</strong></font><font size="2" face="Times New Roman, Times, serif"><br>
  <font size="1">(In thousands of U.S. dollars, except per share data)
  </font>  </font></p>
<p><font size="2" face="Times New Roman, Times, serif">                    </font>
</p>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="94%">
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<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="3" ALIGN="RIGHT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Three months ended</font></strong></div></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="3" ALIGN="RIGHT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Six months ended </font></strong></div></TD>
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<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">April 4, 2004</font></div></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">March 30, 2003</font></div></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">April 4, 2004</font></div></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">March 30, 2003</font></div></TD>
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  <TD ALIGN="LEFT">&nbsp;</TD>
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  <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
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  <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"><div align="right"><font size="2" face="Times New Roman, Times, serif"> (unaudited)</font></div></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></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>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="41%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Sales</font></strong></TD>
     <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$141,369</font></strong></TD>
        <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$113,615</font></strong></TD>
        <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$219,328</font></strong></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$178,615</font></strong></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">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">103,832</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">80,031</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">160,691</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">125,946</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>
  <TD colspan="3" ALIGN="RIGHT"><hr size="1" 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>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Gross profit</font></strong></TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">37,537</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">33,584</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">58,637</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">52,669</font></strong></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>
  <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">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">15,151</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">13,528</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26,548</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">23,612</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>
  <TD colspan="3" ALIGN="RIGHT"><hr size="1" 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>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Earnings before interest, income taxes,</font></strong></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>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">depreciation and amortization (EBITDA)</font></strong></TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">22,386</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">20,056</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">32,089</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,057</font></strong></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>
  <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">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,249</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,704</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">10,181</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7,200</font></TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Interest</font></TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,755</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,713</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,344</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,158</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>
  <TD colspan="3" ALIGN="RIGHT"><hr size="1" 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>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Earnings before income taxes</font></strong></TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">15,382</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">14,639</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">18,564</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">18,699</font></strong></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>
  <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">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,049</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,228</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,359</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,597</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>
  <TD colspan="3" ALIGN="RIGHT"><hr size="1" 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>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Net earnings</font></strong></TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;14,333</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;13,411</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;17,205</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;17,102</font></strong></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Basic EPS</font></strong></TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59</font></strong></TD>
  </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58</font></strong></TD>
  </TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Diluted EPS</font></strong></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>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</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>
  <TD ALIGN="LEFT">&nbsp;</TD>
  <TD ALIGN="RIGHT">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
  <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Weighted average number of shares outstanding (in thousands)</font></strong></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>
  <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">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,576</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,160</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,550</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,053</font></strong></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">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,866</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,715</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,829</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,658</font></strong></TD>
  </TR>
</TABLE>



<p><font size="2" face="Times New Roman, Times, serif"><br>
  See accompanying note to interim consolidated financial statements.</font></p>
<p>&nbsp;</p>
<div align="justify">
  <HR color=gray noShade SIZE=3>
  <div align="center">
    <p><font size="2" face="Times New Roman, Times, serif"> <strong>Gildan Activewear Inc.<br>
    Consolidated Statements of Cash Flows</strong><br>
    <font size="1"><em>(In thousands of U.S. dollars) </em></font></font></p>
    <p align="left"><font size="2" face="Times New Roman, Times, serif"><br>
    </font></p>
  </div>
  <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
    <TR VALIGN="BOTTOM">
      <TH></TH>
      <TH COLSPAN="3"></TH>
      <TH COLSPAN="3"></TH>
      <TH COLSPAN="3"></TH>
      <TH COLSPAN="3"></TH>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="5" 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>
      <TD colspan="5" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Six months ended </font> </div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">April 4, 2004</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">March 30, 2003</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">April 4, 2004</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">March 30, 2003</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif"> (unaudited)</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif"> (unaudited)</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><div align="right"><font size="2" face="Times New Roman, Times, serif"> (unaudited) </font> </div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD WIDTH="40%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash flows from operating activities:</font></TD>
      <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
      <TD WIDTH="12%" ALIGN="RIGHT"></TD>
      <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
      <TD WIDTH="12%" ALIGN="RIGHT"></TD>
      <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
      <TD WIDTH="10%" ALIGN="RIGHT"></TD>
      <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
      <TD WIDTH="14%" 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="RIGHT"><font size="2" face="Times New Roman, Times, serif">$</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 14,333</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 13,411</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 17,205</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 17,102</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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,249</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,704</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">10,181</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7,200</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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,339</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,727</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,461</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,871</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;Stock-based compensation expense</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">184</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&#8212;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">184</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&#8212;</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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(68</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">16</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(61</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(159</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="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">21,037</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,858</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,970</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26,014</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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(39,820</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(33,657</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(20,619</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(13,665</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;Inventories</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9,140</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,505</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(26,605</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(18,817</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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,710</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,551</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(2,828</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,933</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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,963</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,554</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(3,015</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">8,116</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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,786</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,213</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,765</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,409</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="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(6,176</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(7,504</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(25,862</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(1,694</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Cash flows from financing activities:</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(453</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,103</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,624</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(2,109</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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&#8212;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&#8212;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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">&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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,259</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,511</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,522</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,308</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">806</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">408</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">4,023</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">295</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Cash flows from investing activities:</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(10,450</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(9,533</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(26,573</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(20,973</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) decrease in other assets</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(91</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">131</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(72</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">157</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(10,541</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(9,402</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(26,645</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(20,816</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Effect of exchange rate changes on cash</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;and cash equivalents</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(166</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(372</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">557</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">200</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Net decrease in cash and cash equivalents</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;during the period</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(16,077</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(16,870</font></strong></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(47,927</font></strong></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(22,015</font></strong></TD>
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents, beginning of period</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 37,490</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 39,865</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 69,340</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 45,010</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Cash, end of period</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 21,413</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 22,995</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 21,413</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 22,995</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="2" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="2" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
  </TABLE>
  <p><font size="2" face="Times New Roman, Times, serif">See accompanying note to interim consolidated financial statements. </font></p>
</div>
<p>&nbsp;</p>
<div align="justify">
  <HR color=gray noShade SIZE=3>
  <div align="center">
    <p><font size="2" face="Times New Roman, Times, serif"> <strong>Gildan Activewear Inc.<br>
    Consolidated Balance Sheets</strong><br>
    <font size="1"><em>(In thousands of U.S. dollars) </em></font><br>
    </font><font size="2" face="Times New Roman, Times, serif"> </font> </p>
  </div>
  <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
    <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">April 4, 2004</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">October 5, 2003</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">March 30, 2003</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 WIDTH="52%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Current assets:</font></strong></TD>
      <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="14%" ALIGN="RIGHT"></TD>
      <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="13%" ALIGN="RIGHT"></TD>
      <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="13%" 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">$&nbsp;&nbsp;&nbsp;&nbsp;21,413</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&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;22,995</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">85,386</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">70,180</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">130,108</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">97,618</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">6,677</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">4,481</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">6,294</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">3,448</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 colspan="3" 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">249,878</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">198,722</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"><strong><font size="2" face="Times New Roman, Times, serif">Fixed assets</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">195,577</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">155,034</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Other assets</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,426</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">3,122</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 colspan="3" ALIGN="RIGHT"><hr size="1" noshade>
      </TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Total assets</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;448,881</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;429,664</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;356,878</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><hr size="2" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="3" ALIGN="RIGHT"><hr size="2" noshade>
      </TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Current liabilities:</font></strong></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">$&nbsp;&nbsp;&nbsp;&nbsp;63,270</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&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;60,333</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">2,175</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">675</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">19,098</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">3,567</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 colspan="3" 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">84,543</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">64,575</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"><strong><font size="2" face="Times New Roman, Times, serif">Long-term debt</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">57,029</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">71,696</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Future income taxes</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">24,195</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">15,788</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"><strong><font size="2" face="Times New Roman, Times, serif">Shareholders' equity:</font></strong></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">77,012</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">73,311</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">404</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">179,450</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">126,191</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">5,097</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 colspan="3" 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">283,114</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">204,819</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 colspan="3" ALIGN="RIGHT"><hr size="1" 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"><strong><font size="2" face="Times New Roman, Times, serif">Total liabilities and shareholders' equity</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;448,881</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;429,664</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;356,878</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><hr size="2" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="3" 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>
  <font size="2" face="Times New Roman, Times, serif"><br>
See accompanying note to interim consolidated financial statements.</font></div>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<div align="justify">
  <HR color=gray noShade SIZE=3>
  <font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
   </font><font size="2"> </font>
  <P ALIGN="CENTER"><FONT SIZE="2" face="Times New Roman, Times, serif"><B>Gildan Activewear Inc. &#150; Note to interim consolidated financial statements</B></FONT></P>
   <font size="2" face="Times New Roman, Times, serif">
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
  </font>
  <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> <br>
  <TABLE WIDTH="95%" CELLPADDING="0" CELLSPACING="0">
    <TR VALIGN="TOP">
      <TD><FONT SIZE="2" face="Times New Roman, Times, serif"><B>1)</B></FONT></TD>
      <TD width="93%"><FONT SIZE="2" face="Times New Roman, Times, serif"><B> Change in Functional Currency:</B></FONT></TD>
    </TR>
    <TR VALIGN="TOP">
      <TD WIDTH="7%">&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"><BR>
  </font> </div>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<div align="justify">
  <HR color=gray noShade SIZE=3>
</div>
<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">
  <TABLE width="50%" border=0 cellPadding=0 cellSpacing=0>
    <TR>
      <TD><strong>Date</strong> May 4, 2004</TD>
    </TR>
    <TR>
      <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>

</TEXT>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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