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<SEC-DOCUMENT>0001061894-05-000006.txt : 20050201
<SEC-HEADER>0001061894-05-000006.hdr.sgml : 20050201
<ACCEPTANCE-DATETIME>20050201162734
ACCESSION NUMBER:		0001061894-05-000006
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050201
FILED AS OF DATE:		20050201
DATE AS OF CHANGE:		20050201

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:		05566160

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

	MAIL ADDRESS:	
		STREET 1:		725 MONTEE DE LIESSE
		STREET 2:		ST LAURENT QUE
		CITY:			CANADA
		STATE:			A8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<DESCRIPTION>2005 FIRST QUARTER EARNINGS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>Q1 2005 Results</TITLE>
</HEAD>
<BODY>

<p align="left"><br>
  <br>
</p>
<p>&nbsp;</p>
<P ALIGN="CENTER"><FONT size="4" FACE="Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION<br>
  WASHINGTON, DC 20549</B></FONT></P>
<p><font size="4">
</font></p>
<p>&nbsp; </p>
<P ALIGN="CENTER"><FONT size="4" FACE="Times New Roman, Times, Serif"><B>FORM 6-K</B></FONT></P>
<p><font size="4">
</font></p>
<p>&nbsp; </p>
<P ALIGN="CENTER"><FONT size="4" FACE="Times New Roman, Times, Serif"><B>REPORT OF FOREIGN PRIVATE ISSUER<br>
  </B></FONT>Pursuant to Rule 13a-16 or 15d-16 under <br>
  the Securities Exchange Act of 1934</P>
<P ALIGN="CENTER"><br>
</P>
<DIV align=center>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD width="50%"><FONT face="Times New Roman, Times, serif" size=3>For the month of: <STRONG>February 2005</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 size="2" FACE="Times New Roman, Times, Serif">725 Mont&eacute;e de Liesse<br>
            Ville Saint-Laurent, Quebec <br>
          </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 size="2" face="serif">&nbsp;</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">
  <p align="center"><img src="logo.gif" width="263" height="109"></p>
  <p align="right"><font size="2" face="Times New Roman, Times, serif"><b><i>For Immediate Release<br>
  </i></b></font></p>
  <table width="95%"  border="0" align="left" cellpadding="0" cellspacing="0">
    <tr>
      <td><font size="2" face="Times New Roman, Times, serif"><b>Contact:<br>
              <br>
              <br>
              <br>
              <br>
              <br>
      </b></font></td>
      <td> <font size="2" face="Times New Roman, Times, serif"><i>Laurence G. Sellyn, Executive Vice-President, Finance and</i><br>
        </font> <font size="2" face="Times New Roman, Times, serif"><i>Chief Financial Officer</i><br>
        Tel: (514) 343-8805 <br>
        Email: <u>lsellyn@gildan.com</u><br>
      </font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
</div>
<p align="justify">&nbsp;</p>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</font></P>
<P ALIGN="center"><FONT size="2" FACE="Times New Roman, Times, serif"><B><u>Gildan Activewear Announces First Quarter Earnings in Excess of Previous Guidance</u></B></FONT></P>
<TABLE WIDTH="51%" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="94%"><P ALIGN="center"><FONT size="2" FACE="Times New Roman, Times, serif"> &#151; <B>E.P.S. up 64.7% From Last Year, and </B> <B><br>
        U.S. $0.03 Above Top End of Previously Communicated Guidance Range </B>&#151;</FONT> </P></TD>
  </TR>
</TABLE>
<p align="justify"><br>
    <strong><font size="2" face="Times New Roman, Times, serif">Montreal, Tuesday, February 1, 2005</font></strong><font size="2" face="Times New Roman, Times, serif"> &#151; Gildan Activewear Inc. (NYSE: GIL; TSX: GIL.A) today announced its financial results for the first quarter of its 2005 fiscal year, ended January 2, 2005. The Company reported record net earnings for the first quarter of a fiscal year of U.S. $8.4 million or U.S. $0.28 per share, on a diluted basis, compared with U.S. $2.9 million or U.S. $0.10 per share in the first quarter of fiscal 2004. After adjusting prior year results for the impact on cost of sales of revaluing opening inventories, due to the adoption of the U.S. dollar as the Company's functional currency with effect from October 6, 2003, net earnings in the first quarter of fiscal 2004 were U.S. $5.0 million or U.S. $0.17 per share. The year-over-year increase in net earnings and diluted E.P.S. was 68.0% and 64.7% respectively. The Company had provided E.P.S. guidance of U.S. 
$0.20-$0.25 for the first quarter of fiscal 2005. </font></p>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Compared to last year, the increase in first quarter net earnings was driven by continuing growth in unit sales volumes, higher selling prices and more favourable product-mix, together with the continuing ramp-up of the Rio Nance textile facility. These positive factors were partially offset by higher SG&amp;A expenses, increased costs for cotton, energy and transportation and the impact of lower capacity utilization on the efficiency of Gildan&#146;s Canadian yarn-spinning operations.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">&#147;We are pleased to have again delivered sales and earnings performance in excess of expectations,&#148; commented Glenn J. Chamandy, President and Chief Executive Officer. &#147;Industry conditions continue to be strong, and the Gildan brand continues to have excellent momentum in all of our served markets.&#148;</FONT> </P>
<hr size="3" noshade>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Sales in the first quarter were U.S. $109.0 million, representing an increase of 39.8% over the first quarter of fiscal 2004. The significant growth in sales revenues was due to improved selling prices, a 27.5% increase in unit sales volumes, and a higher-valued product-mix within the T-shirt category.</FONT> </P>
<div align="justify">
  <p><font size="2" face="Times New Roman, Times, serif">The S.T.A.R.S. market and market share data for the U.S. wholesale distributor market for the fourth quarter of calendar 2004 excludes sales by three large distributors who have discontinued their participation in the report and the value of the report is therefore reduced compared to prior years. With this caveat, the table below summarizes the S.T.A.R.S. data for the quarter ended December 31, 2004. In calculating year-over-year growth rates, S.T.A.R.S. has adjusted prior period comparatives to exclude sales through distributors no longer participating in the S.T.A.R.S. report. Although prior year market share data have not been restated on a comparable basis by S.T.A.R.S., this information has been extrapolated from the information provided in the S.T.A.R.S. report. <br>
  </font></p>
  <TABLE WIDTH="85%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
    <TR VALIGN="BOTTOM">
      <TH COLSPAN="2"></TH>
      <TH COLSPAN="2"></TH>
      <TH></TH>
      <TH COLSPAN="2"></TH>
      <TH></TH>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Gildan<br>
                  <u>Market Share<br>
          Q1 2004 </u><br>
      </font></strong></div></TD>
      <TD ALIGN="LEFT"><div align="center"></div></TD>
      <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Gildan<br>
                  <u>Market Share <br>
          Q1 2005 </u></font></strong></div></TD>
      <TD ALIGN="LEFT"><div align="center"></div></TD>
      <TD ALIGN="LEFT"><div align="center"></div></TD>
      <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Gildan<br>
                  <u>Unit growth <br>
          Q1 2005 vs Q1 2004</u> </font></strong></div></TD>
      <TD ALIGN="LEFT"><div align="center"></div></TD>
      <TD ALIGN="LEFT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Industry<br>
                  <u>Unit growth <br>
          Q1 2005 vs Q1 2004 </u></font></strong></div></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD WIDTH="15%" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">26.9 %</font></div></TD>
      <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="15%" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">30.2 %</font></div></TD>
      <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="18%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">T-shirts</font></TD>
      <TD WIDTH="21%" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">13.5 %</font></div></TD>
      <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="20%" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">1.1 %</font></div></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">20.9 %</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">24.6 %</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sport shirts</font></TD>
      <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">18.6 %</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">0.8 %</font></div></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;13.5 %</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">18.6 %</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Fleece</font></TD>
      <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">56.2 %</font></div></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">12.9 %</font></div></TD>
    </TR>
  </TABLE>
  <p><br>
      <font size="2" face="Times New Roman, Times, serif">During the first quarter of fiscal 2005, Gildan also experienced strong growth with non-S.T.A.R.S. distributors. </font></p>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gross margins in the first quarter were 29.7%, compared with 27.1% in the first quarter of fiscal 2004. Before the impact of the functional currency adjustment on cost of sales in the first quarter of last year, comparative gross margins were 29.8%. The positive gross margin impact of higher selling prices and more favourable product-mix was offset by higher cotton, energy and transportation costs and higher costs for the Canadian yarn-spinning operations.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Selling, general and administrative expenses were U.S. $16.3 million, or 15.0% of sales, up 43.0% from U.S. $11.4 million, or 14.6% of sales in the first quarter of last year. In addition to reflecting the continuing development of the organization to manage the Company&#146;s growth and expansion plans, SG&amp;A expenses increased due to the strengthening of the Canadian dollar, the timing of professional and consulting fees and increased volume-related selling and distribution costs. As a percentage of sales, SG&amp;A is higher in the first quarter as this is seasonally the lowest sales quarter in the fiscal year.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company reduced its cash position by U.S. $8.3 million during the quarter, after financing U.S. $22.1 million of capital expenditures and its seasonal build-up of inventories for the peak summer selling season. Inventories increased by U.S. $25.8 million during the first quarter. Capital expenditures were primarily incurred for the new textile facility which the Company is constructing in the Dominican Republic, and the expansion of the Company&#146;s U.S. distribution centre to prepare for entry into the retail channel. The Company ended the first quarter with cash and cash equivalents of U.S. $52.4 million.</FONT> </P>
<hr size="3" noshade>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company is maintaining its full year diluted E.P.S. guidance of approximately U.S. $2.60 per share, before a special charge for the closure of its Canadian yarn-spinning facilities. The Company has issued a separate Press Release, concurrent with this earnings release, in which it announces the closure of its Canadian yarn-spinning facilities, and the relocation of the majority of its yarn-spinning assets to a new joint venture facility in the U.S. The resulting special charge, estimated at approximately U.S. $7.8 million after-tax or $0.26 per diluted share, will be reflected in the second quarter of fiscal 2005. After taking account of this charge, full year diluted E.P.S. is estimated at approximately U.S. $2.34. As previously indicated, the Company&#146;s full year earnings guidance reflects unit sales growth of approximately 20% over fiscal 2004, which will fully utilize the Company&#146;s available production capacity, and also 
assumes sequentially lower unit selling prices in the second half of the fiscal year, reflecting the possible flow-through of lower cotton prices. On this basis, full year sales are projected at approximately U.S. $640 million, up approximately 20% from U.S. $533 million in fiscal 2004.</FONT> </P>
<div align="justify">
  <p><font size="2" face="Times New Roman, Times, serif">The Company indicated that it expected to achieve diluted E.P.S. of U.S. $0.60 - U.S. $0.65 in the second quarter of fiscal 2005 before the special charge, up 15% - 25% from the second quarter of fiscal 2004, after increasing the prior year comparative results as reported to reflect the functional currency adjustment impacting cost of sales in the second quarter of last year. Diluted E.P.S. in the second quarter of fiscal 2005 are projected at U.S. $0.34 - U.S. $0.39, after the special charge for the closure of the yarn-spinning facilities. </font></p>
  <p><font size="2" face="Times New Roman, Times, serif">&nbsp;<U>Shares Issued and Outstanding</U></font></p>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">As of January 31, 2005 there were 29,722,207 Class A Subordinate Voting Shares issued and outstanding along with 549,896 options outstanding. There were no Class B Multiple Voting Shares outstanding and shareholders will be asked to approve the elimination of this class of shares at the Company&#146;s Annual and Special Meeting of Shareholders on February 2, 2005. Shareholders will also be asked at the Meeting to create a new class of shares, namely Common Shares, and to subsequently convert each of the issued and outstanding Class A Subordinate Voting Shares into one Common share.</FONT> </P>
<div align="justify"><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Profile </U></FONT></div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gildan Activewear is a 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 7,800 full-time employees.</FONT> </P>
<hr size="3" noshade>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><em>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.</em></FONT> </P>
<div align="justify"><font size="2" face="Times New Roman, Times, serif"> </font> </div>
<P ALIGN="justify"><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Information for shareholders</U></FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gildan Activewear Inc. will hold a conference call to discuss these results today at 5:00 PM Eastern Time. The conference call can be accessed by dialing 800-261-3417 (Canada &amp; U.S.) or 617-614-3673 (international) and entering passcode 39968661, or by live sound web cast on Gildan&#146;s Internet site (&#147;Investor Relations&#148; section) at the following address: www.gildan.com. If you are unable to participate in the conference call, a replay will be available starting that same day at 7:00 PM EST by dialing 888-286-8010 (Canada &amp; U.S.) or 617-801-6888 (international) and entering passcode 93856450, until February 8, 2005 at midnight, or by sound web cast on Gildan&#146;s Internet site for 30 days.</FONT> </P>
<P ALIGN="justify">&nbsp;</P>
<div align="center">
  <p><font size="2" face="Times New Roman, Times, serif">&#151; 30 &#151;</font> </p>
  <hr size="3" noshade>
  <p align="center"><font size="2" face="Times New Roman, Times, serif"> <strong><font size="3">Gildan Activewear Inc. </font><br>
  Consolidated Statements of Earnings </strong><br>
  (In thousands of U.S. dollars, except per share data) <br>
  </font><font size="2" face="Times New Roman, Times, serif"> </font></p>
  <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
    <TR VALIGN="BOTTOM">
      <TH></TH>
      <TH></TH>
      <TH></TH>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="2" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif"><strong>Three months ended </strong></font></div></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"><u>January 2, 2005</u></font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"><u>January 4, 2004</u></font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD WIDTH="68%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Sales</font></strong></TD>
      <TD WIDTH="17%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$108,957</font></strong></TD>
      <TD WIDTH="15%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$77,959</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="RIGHT"><font size="2" face="Times New Roman, Times, serif">76,577</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">56,859</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">32,380</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">21,100</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT"><font size="2" face="Times New Roman, Times, serif">16,327</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">11,397</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT">&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</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">16,053</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">9,703</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,880</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,932</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Interest expense</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,201</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,589</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">8,972</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">3,182</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT"><font size="2" face="Times New Roman, Times, serif">585</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">310</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;8,387</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;2,872</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="2" ALIGN="RIGHT"><hr size="2" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Basic EPS</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;0.10</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Diluted EPS</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;0.10</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&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="RIGHT">&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;&nbsp;Basic</font></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,704</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,524</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,885</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">29,792</font></strong></TD>
    </TR>
  </TABLE>
  <div align="left"><font size="2" face="Times New Roman, Times, serif"><br>
    <br>
  See accompanying notes to interim consolidated financial statements. </font>
  </div>
  <p align="left">&nbsp;</p>
  <hr size="3" noshade>
  <p>&nbsp;</p>
  <p align="center"><font size="2" face="Times New Roman, Times, serif"> <font size="3"><strong>Gildan Activewear Inc.</strong></font><strong><br>
  Consolidated Statements of Cash Flows </strong></font><font size="2" face="Times New Roman, Times, serif"><br>
  (In thousands of U.S. dollars) </font></p>
  <p><font size="2" face="Times New Roman, Times, serif"> </font> </p>
  <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
    <TR VALIGN="BOTTOM">
      <TH></TH>
      <TH COLSPAN="2"></TH>
      <TH COLSPAN="2"></TH>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif"><strong>Three months ended</strong></font></div></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><u><font size="2" face="Times New Roman, Times, serif">January 2, 2005</font></u></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><u><font size="2" face="Times New Roman, Times, serif">January 4, 2004</font></u></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD WIDTH="69%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Cash flows from operating activities:</font></strong></TD>
      <TD WIDTH="15%" ALIGN="RIGHT"></TD>
      <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="14%" ALIGN="RIGHT"></TD>
      <TD WIDTH="1%" 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;Net earnings</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;8,387</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;2,872</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments for:</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,880</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,932</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">200</font></TD>
      <TD ALIGN="LEFT">&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;&nbsp;&nbsp;Future income taxes</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(183</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">122</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;&nbsp;&nbsp;Loss on disposal of fixed assets</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">325</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">40</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;&nbsp;&nbsp;Unrealized foreign exchange gain</font></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>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(33</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 colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">14,450</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7,933</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net changes in non-cash working capital balances:</font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">37,701</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,201</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(25,305</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(35,745</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;Prepaid expenses and deposits</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(2,560</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,242</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;Accounts payable and accrued liabilities</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(12,286</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(9,854</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;Income taxes payable</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">236</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">21</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">12,236</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(19,686</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="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of capital leases and other long-term debt</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(375</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,171</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;Increase in long-term debt</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,281</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,125</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of shares</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">409</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">263</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">1,315</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">3,217</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="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of fixed assets, net of disposals</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(22,089</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(16,123</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;(Increase) decrease in other assets</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(54</font></TD>
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(22,143</font></strong></TD>
      <TD ALIGN="LEFT"><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">(16,104</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="LEFT">&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;&nbsp;and cash equivalents</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">302</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">723</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Net decrease in cash and cash equivalents</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(8,290</font></strong></TD>
      <TD ALIGN="LEFT"><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">(31,850</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during the period</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><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">$&nbsp;60,671</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;69,340</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="1" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Cash and cash equivalents, end of period</font></strong></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;52,381</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$&nbsp;37,490</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="4" ALIGN="RIGHT"><hr size="2" noshade></TD>
    </TR>
  </TABLE>
  <p align="left"><font size="2" face="Times New Roman, Times, serif">See accompanying notes to interim consolidated financial statements. </font></p>
  <hr size="3" noshade>
  <p><font size="2" face="Times New Roman, Times, serif"><font size="3"><strong>Gildan Activewear Inc. </strong></font><strong><br>
  Consolidated Balance Sheets <br>
  </strong>(in thousands of U.S. dollars) </font></p>
  <p align="center"><font size="2" face="Times New Roman, Times, serif"> </font> </p>
  <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
    <TR VALIGN="BOTTOM">
      <TH></TH>
      <TH COLSPAN="2"></TH>
      <TH COLSPAN="2"></TH>
      <TH></TH>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><u><font size="2" face="Times New Roman, Times, serif">January 2, 2005</font></u></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><u><font size="2" face="Times New Roman, Times, serif">October 3, 2004 </font></u></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><u><font size="2" face="Times New Roman, Times, serif">January 4, 2004 </font></u></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(audited)</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD WIDTH="47%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Current assets:</font></strong></TD>
      <TD WIDTH="17%" ALIGN="RIGHT"></TD>
      <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="14%" ALIGN="RIGHT"></TD>
      <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="15%" ALIGN="RIGHT"></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,381</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,671</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,490</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">49,099</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">85,317</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">45,760</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">142,376</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">116,615</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">139,248</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,872</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,243</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,923</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future income taxes</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">8,818</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">8,149</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,049</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <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="RIGHT"><font size="2" face="Times New Roman, Times, serif">258,546</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">273,995</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">233,470</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <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="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="RIGHT"><font size="2" face="Times New Roman, Times, serif">234,992</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">211,693</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">190,295</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="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,739</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,127</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,520</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <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="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 assets</font></strong></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$<strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497,277</strong></font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$<strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong>488,815</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$<strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong>427,285</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><hr size="2" noshade></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD colspan="3" ALIGN="RIGHT"><hr size="2" noshade></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Current liabilities:</font></strong></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,363</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,607</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,599</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,364</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,966</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,016</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,711</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,610</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,409</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <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="RIGHT"><font size="2" face="Times New Roman, Times, serif">87,438</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">95,183</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">80,024</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <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="RIGHT"><font size="2" face="Times New Roman, Times, serif">41,153</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">37,979</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">57,198</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="RIGHT"><font size="2" face="Times New Roman, Times, serif">29,235</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,058</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">22,725</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Non-controlling interest</font></strong></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,860</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&#8212;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&#8212;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <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="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="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;&nbsp;Share capital</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">78,579</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">78,170</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">75,753</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">881</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">681</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;&nbsp;Retained earnings</font></TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">230,883</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">222,496</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">165,117</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative translation adjustment</font></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">26,248</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <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="RIGHT"><font size="2" face="Times New Roman, Times, serif">336,591</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">327,595</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">267,338</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <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"><font size="2" face="Times New Roman, Times, serif">Total liabilities and shareholders' equity</font></TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$<strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong>497,277</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$<strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong>488,815</font></strong></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$<strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong>427,285</font></strong></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <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>
  </TABLE>
  <p align="left"><font size="2" face="Times New Roman, Times, serif">See accompanying notes to interim consolidated financial statements. </font></p>
  <p>&nbsp;</p>
  <hr size="3" noshade>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp; </p>
</div>
<p align="left"> <font size="2" face="Times New Roman, Times, serif"> <strong>Gildan Activewear Inc. &#8212; Notes to Interim consolidated financial statements </strong></font> </p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="6%">&nbsp;</TD>
    <TD width="94%"><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></TD>
  </TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%">&nbsp;</TD>
    <TD ALIGN="LEFT" WIDTH="3%"><FONT size="2" FACE="Times New Roman, Times, serif">1.</FONT></TD>
    <TD WIDTH="91%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> The January 2, 2005 unaudited consolidated financial statements include the consolidation of Cedartown Manufacturing LLC (&#147;Cedartown&#148;) the Company&#146;s 50% owned joint venture with Frontier Spinning Mills, Inc. Historically, the Company has accounted for its investment in Cedartown using the proportionate consolidation method. The consolidation of Cedartown at October 4, 2004, the beginning of its 2005 fiscal year, increased total assets by $7.9 million and total liabilities by $5.0 million, while creating a non-controlling interest of $2.9 million. The Company&#146;s net earnings will not be affected by this change.</FONT> </P></TD>
  </TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%">&nbsp;</TD>
    <TD ALIGN="LEFT" WIDTH="3%"><FONT size="2" FACE="Times New Roman, Times, serif">2.</FONT></TD>
    <TD WIDTH="91%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> The Company announced on February 1, 2005 that it will close its two Canadian yarn-spinning operations at the end of March 2005. A majority of the equipment will be transferred to a new yarn spinning facility in Clarkton, North Carolina, which will be operated by the Company&#146;s yarn-spinning joint-venture with Frontier Spinning Mills Inc. The Company anticipates that the closure costs will be approximately $7.8 million after tax, or $0.26 per diluted share. The closure costs will consist mainly of severance costs and the loss on disposal of fixed assets that are not being transferred. This charge will be recognized in the second quarter of fiscal 2005.</FONT> </P></TD>
  </TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>
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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%">&nbsp;</TD>
    <TD ALIGN="LEFT" WIDTH="3%"><FONT size="2" FACE="Times New Roman, Times, serif">3.</FONT></TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, serif"> Certain comparative figures have been reclassified in order to conform to the current&#146;s year&#146;s presentation.</FONT> </P></TD>
  </TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>
</font>
<div align="justify">
  <div align="justify">
    <hr size="3" noshade>
    <p>&nbsp;</p>
    <p>&nbsp;</p>
  </div>
</div>
<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><font size="2" face="Times New Roman, Times, serif"><STRONG>GILDAN ACTIVEWEAR INC. </STRONG></font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="2" face="Times New Roman, Times, serif">(Signed) St&eacute;phane Lemay </font>
          <HR noShade SIZE=1>
    </TR>
    <TR>
      <TD><FONT face="Times New Roman, Times, serif" size=2>St&eacute;phane Lemay </FONT></TD>
    </TR>
    <TR>
      <TD><FONT face="Times New Roman, Times, serif" size=2>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><font size="2" face="Times New Roman, Times, serif"><strong>Date:</strong> February 1, 2005</font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
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`
end

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