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<SEC-DOCUMENT>0001061894-05-000029.txt : 20050803
<SEC-HEADER>0001061894-05-000029.hdr.sgml : 20050803
<ACCEPTANCE-DATETIME>20050803144720
ACCESSION NUMBER:		0001061894-05-000029
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050803
FILED AS OF DATE:		20050803
DATE AS OF CHANGE:		20050803

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:		05995295

	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>Q3 2005 EARNINGS PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K - Q3 2005 Earnings Release</TITLE>
</HEAD>
<BODY>


<p align="center">&nbsp;</p>
<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>August 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>
<p align="center"></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><img src="logo.gif" width="263" height="109"></font></p>
<p align="right"><font size="2" face="Times New Roman, Times, serif"><b><i>For Immediate Release</i></b></font></p>
<p align="justify">&nbsp;</p>

<div align="justify">
  <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 valign="top"> <font size="2" face="Times New Roman, Times, serif">Laurence G. Sellyn, Executive Vice-President, Finance <br>
        and </font> <font size="2" face="Times New Roman, Times, serif">Chief Financial Officer<br>
        Tel: (514) 343-8805 <br>
        Email: <u>lsellyn@gildan.com</u><br>
      </font></td>
    </tr>
  </table>
</div>
<p align="justify">&nbsp;</p>
<p align="justify">&nbsp;</p>
<P ALIGN="justify">&nbsp;</P>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><strong><u>Gildan Activewear Announces Record Quarterly Sales and Earnings and Reconfirms Recent <br>
  Upward Revision of Full Year Guidance</u></strong><u><strong><br>
  </strong></u><strong>&#8212; Third Quarter E.P.S. up by 29.5% over Strong Prior Year Comparative &#8212;</strong><br>
  <strong>&#8212; Company Announces Capacity Expansion Plans for Fiscal 2006 to Pursue Growth Strategy and Enter<br>
Athletic Sock Market &#8212;</strong></font></p>
<p align="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><B>Montr&eacute;al,
    Wednesday, August 3, 2005</B> &#150; Gildan Activewear Inc. (GIL; TSX and NYSE)
    today announced its financial results for the third quarter and nine months
    ended July 3, 2005. The Company also reconfirmed its recently increased earnings
    guidance for the balance of the fiscal year, and announced its capital
expenditure and capacity expansion plans for fiscal 2006.</FONT></p>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><U>Third
Quarter Sales and Earnings </U></FONT></P>

<div align="justify"><font size="2" face="Times New Roman, Times, serif">Gildan  reported  third quarter net earnings of U.S. $34.1 million or U.S. $0.57 per share,  up  respectively  30.2% and 29.5% from the
  third  quarter of last year.  Gildan had  announced on July 12, 2005 that it expected  E.P.S.  for the third quarter to be at least 10%
  above the top end of its previous  guidance for the third quarter,  which had called for E.P.S. of approximately  U.S. $0.50 per share.
  Gildan's third quarter results were a record for the Company for any fiscal quarter.


  </font>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Compared
to last year, the increase in third quarter net earnings was driven by
continuing strong growth in unit volume sales, more favourable product-mix and
lower costs of cotton. These positive factors were partially offset by lower
selling prices, increased costs for transportation, and higher selling, general
and administrative expenses.</FONT> </P>


<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Sales
in the third quarter amounted to U.S. $198.9 million, up 18.1% from the third
quarter a year ago, reflecting a 15.3% increase in unit shipments and more
favourable product-mix, partially offset by lower selling prices. The Company
continued to achieve strong market share increases in all product categories, in
spite of capacity constraints which restricted its ability to maximize sales
growth in the quarter.</FONT> </P>
<HR color=gray noShade SIZE=3>
<P ALIGN="justify"><font size="2" face="Times New Roman, Times, serif">The value of the S.T.A.R.S.  market growth and market share data for the U.S. wholesale  distribution market continues to be reduced by
  non-participation  by major distributors.  With this caveat, the table below summarizes the S.T.A.R.S.  data for the quarter ended June
  30, 2005. 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.


</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>
        Q3 2005</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>
        Q3 2004</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>
        Q3 2005 vs Q3 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>
        Q3 2005 vs Q3 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">36.2 %</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">29.6 %</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">27.8 %</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">3.8 %</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">32.4 %</font></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">23.0 %</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">39.2 %</font></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">(3.1) %</font></div></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;25.3 %</font></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">16.4 %</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">101.3 %</font></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">29.4 %</font></div></TD>
  </TR>
</TABLE>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gross
margins in the third quarter were 31.6%, compared with 30.3% in the third
quarter of last year. The increase in gross margins was due to more favourable
product-mix and lower cotton costs, partially offset by the impact of higher
transportation costs.</FONT> </P>


<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Selling,
general and administration expenses were U.S. $19.1 million, or 9.6% of sales,
compared with U.S. $15.6 million, or 9.3% of sales, in the third quarter of
fiscal 2004. The higher SG&amp;A expenses reflected higher distribution
expenses, provision for higher performance-related compensation expenses, and
the stronger Canadian dollar, in addition to the continuing development of the
organization to support the Company&#146;s ongoing growth strategy. The cost of
operating the Company&#146;s U.S. distribution center was negatively impacted in
the third quarter by the start-up of a new warehouse management system to
increase distribution capacity. Although the new system was implemented quickly
and successfully, it resulted in additional costs during the start-up phase.</FONT> </P>


<div align="justify"><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Nine Months
Earnings<br>

</U></FONT></div>
<div align="justify">
  <p><font size="2" face="Times New Roman, Times, serif">Net earnings for the first nine months of fiscal 2005 were U.S.  $64.6  million,  or U.S.  $1.08 per share,  before the special  charge
    recorded in the second quarter for the closure and  relocation of the Canadian  yarn-spinning  facilities.  These results were up 38.3%
    and 38.5%  respectively  from net earnings of U.S. $46.7 million or U.S.  $0.78 per share in the first nine months of last year,  after
    adjusting  last year's  earnings for the negative  impact of the functional  currency  change on cost of sales as a result of revaluing
    opening  inventories  which were consumed in the first half of fiscal 2004. Net earnings and E.P.S. for the first nine months of fiscal
    2005 were U.S. $56.8 million and U.S. $0.95 per share after the special  charge,  compared with net earnings and E.P.S.  as reported of
    U.S. $43.4 million and U.S. $0.73 per share in the first nine months of fiscal 2004.
</font></p>
  <P ALIGN="justify">&nbsp;</P>
  <P ALIGN="right"><font size="2" face="Times New Roman, Times, serif">2</font></P>
  <HR color=gray noShade SIZE=3>
  <p><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">On July 12, 2005, the Company increased its E.P.S.  guidance for the full 2005 fiscal year from  approximately  U.S. $1.40 per share to
  approximately U.S. $1.50 per share before the special charge for the closure and relocation of the Canadian  yarn-spinning  operations,
  and  approximately  U.S. $1.37 per share after the charge.  The Company  continues to be  comfortable  with its revised  guidance.  The
  Company is projecting E.P.S. of approximately U.S. $0.42 per share for the fourth quarter,  up approximately  23.5% from U.S. $0.34 per
  share in the fourth  quarter of fiscal  2004,  before the special  charge in the fourth  quarter of last year to reflect the  Company's
  contractual obligations to H. Greg Chamandy.



  </font>
</div>
<P ALIGN="justify"><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Cash Flow
and Capacity Expansion Plans</U></FONT></P>
<div align="justify"><font size="2" face="Times New Roman, Times, serif">During the third quarter,  the Company  generated  U.S.  $15.9 million of free cash flow.  (Free cash flow is defined as cash flow from
  operating  activities less cash flow from investing  activities.) Capital  expenditures  amounted to U.S. $23.6 million,  including the
  investment  in a new  yarn-spinning  facility  by Gildan's  joint  venture  with  Frontier  Spinning  Mills,  Inc.,  which is now fully
  consolidated in Gildan's  financial  statements.  The Company utilized U.S. $17.5 million in the third quarter for the second scheduled
  principal repayment of Gildan's U.S. senior notes, and ended the quarter with cash and cash equivalents of U.S. $30.8 million.

Gildan continues to project capital  expenditures of approximately  U.S. $85 million for the full 2005 fiscal year. The Company expects
  to  generate  free  cash flow of  approximately  U.S.  $10  million  in  fiscal  2005,  and to end the  fiscal  year with cash and cash
  equivalents of approximately U.S. $65 million.


  </font>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gildan
also announced that it planned to spend approximately U.S. $105 million for its
capital expenditure program in fiscal 2006. In addition to completing the
ramp-up and expansion of the Company&#146;s new textile facility in the
Dominican Republic, the Company intends to construct two new facilities at its
Rio Nance site in Honduras, one for the manufacture of its existing products,
and one for production of athletic socks. Gildan believes that entry into the
athletic sock market represents a significant growth opportunity for the
Company, which will complement its overall retail strategy and leverage its
existing core competencies and low-cost offshore manufacturing expertise.</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>Disclosure
of Outstanding Share Data</U></FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">As of
July 29, 2005 there were 59,877,705 common shares issued and outstanding along
with 644,089 options outstanding. The number of shares and options outstanding
reflects the 2-for-1 stock split which was approved by Gildan&#146;s Board of
Directors on May 4, 2005, and effected early in the third quarter.</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 9,000 full-time employees.</FONT> </P>
<P ALIGN="right"><font size="2" face="Times New Roman, Times, serif">3</font></P>
<HR color=gray noShade SIZE=3>
<P ALIGN="justify">&nbsp;</P>
<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>


<P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"><I>This
release includes reference to certain Non-GAAP Financial Measures such as net
earnings and earnings per share before the special charge, net earnings and
earnings per share before the impact of the functional currency adjustment on
cost of sales, and free cash flow. The Company uses and presents certain
Non-GAAP Financial Measures because it believes such measures provide meaningful
information on the Company&#146;s performance and operating results. However,
investors should know that such Non-GAAP Financial Measures have no standardized
meaning as prescribed by GAAP and may not be comparable to similar measures
presented by other companies. Accordingly, they should not be considered in
isolation.</I></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
10:00 AM 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 73386768, 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 12:00 PM EDT by dialing
888-286-8010 (Canada &amp; U.S.) or 617-801-6888 (international) and entering
passcode 41582395, until Wednesday August 10, 2005 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">4</font></P>
                                                                  <HR color=gray noShade SIZE=3>
                                                                  <p align="center"><font size="2" face="Times New Roman, Times, serif"><font size="3"><strong>Gildan Activewear Inc.<br>
  Consolidated Statements of Earnings </strong></font><br>
  (In thousands of U.S. dollars, except per share data) <br>
                                                                  </font><font size="2" face="Times New Roman, Times, serif"> </font> </p>
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                                                                    <TR VALIGN="BOTTOM">
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD colspan="3" ALIGN="RIGHT"><div align="left"><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="left"><strong><font size="2" face="Times New Roman, Times, serif">Nine months ended</font></strong></div></TD>
                                                                    </TR>
                                                                    <TR VALIGN="BOTTOM">
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD ALIGN="RIGHT"><div align="left"><u><font size="2" face="Times New Roman, Times, serif">July 3, 2005</font></u></div></TD>
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD ALIGN="RIGHT"><div align="left"><u><font size="2" face="Times New Roman, Times, serif">July 4, 2004</font></u></div></TD>
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD ALIGN="RIGHT"><div align="left"><u><font size="2" face="Times New Roman, Times, serif">July 3, 2005</font></u></div></TD>
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD ALIGN="RIGHT"><div align="left"><u><font size="2" face="Times New Roman, Times, serif">July 4, 2004</font></u></div></TD>
                                                                    </TR>
                                                                    <TR VALIGN="BOTTOM">
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD ALIGN="RIGHT"><div align="left"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
                                                                      <TD ALIGN="LEFT"><div align="left"></div></TD>
                                                                      <TD ALIGN="RIGHT"><div align="left"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
                                                                      <TD ALIGN="LEFT"><div align="left"></div></TD>
                                                                      <TD ALIGN="RIGHT"><div align="left"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
                                                                      <TD ALIGN="LEFT"><div align="left"></div></TD>
                                                                      <TD ALIGN="RIGHT"><div align="left"><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="46%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Sales</font></strong></TD>
                                                                      <TD WIDTH="5%" ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD WIDTH="10%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">198,901</font></strong></TD>
                                                                      <TD WIDTH="3%" ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD WIDTH="10%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">168,429</font></strong></TD>
                                                                      <TD WIDTH="3%" ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD WIDTH="10%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">473,179</font></strong></TD>
                                                                      <TD WIDTH="3%" ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD WIDTH="10%" ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">387,757</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"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">136,091</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">117,443</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">328,309</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">278,134</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"><strong><font size="2" face="Times New Roman, Times, serif">Gross profit</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">62,810</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">50,986</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">144,870</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">109,623</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"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,134</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">15,629</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">53,746</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">42,177</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>
                                                                      <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">Special charge (note 2)</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT">&#8211;</TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT">&#8211;</TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">11,886</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT">&#8211;</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 the undernoted items</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">43,676</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">35,357</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">79,238</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">67,446</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"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,043</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,517</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,413</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">15,698</font></TD>
                                                                    </TR>
                                                                    <TR VALIGN="BOTTOM">
                                                                      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Interest expense</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,191</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,626</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,691</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,970</font></TD>
                                                                    </TR>
                                                                    <TR VALIGN="BOTTOM">
                                                                      <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Earnings of non-controlling interest</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">72</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT">&#8211;</TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">187</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT">&#8211;</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"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">36,370</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">28,214</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">56,947</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">46,778</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 tax expense (note 3)</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,223</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,986</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">101</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,345</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"><strong><font size="2" face="Times New Roman, Times, serif">Net earnings</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;34,147</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;26,228</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;56,846</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;43,433</font></strong></TD>
                                                                    </TR>
                                                                    <TR VALIGN="BOTTOM">
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <TD colspan="3" ALIGN="RIGHT"><hr size="2" noshade></TD>
                                                                      <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      <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>
                                                                      <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"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73</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"><strong><font size="2" face="Times New Roman, Times, serif">Diluted EPS</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73</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 colspan="2" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Weighted average number of shares outstanding (in thousands)</font></strong>
                                                                          <div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">59,816</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">59,256</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">59,613</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">59,152</font></strong></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;&nbsp;&nbsp;Diluted</font></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">60,270</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">59,718</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">60,042</font></strong></TD>
                                                                      <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                      <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">59,678</font></strong></TD>
                                                                    </TR>
                                                                  </TABLE>
                                                                  <div align="left">
                                                                    <p><font size="2" face="Times New Roman, Times, serif"><br>
                                                                    <font size="1">See accompanying notes to interim consolidated financial statements.</font></font>
</p>
                                                                    <HR color=gray noShade SIZE=3>
                                                                    <p align="center"><font size="2" face="Times New Roman, Times, serif"> <font size="3"><strong>Gildan Activewear Inc. <br>
  Consolidated Statements of Cash Flows </strong></font><br>
  (In thousands of U.S. dollars)</font></p>
                                                                    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
                                                                      <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 ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD colspan="4" ALIGN="RIGHT"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">Three months ended</font></strong></div></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD colspan="4" ALIGN="RIGHT"><div align="left"><strong><font size="2" face="Times New Roman, Times, serif">Nine months ended </font></strong></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="center"><u><font size="2" face="Times New Roman, Times, serif">July 3, 2005</font></u></div></TD>
                                                                        <TD ALIGN="LEFT"><div align="center"><u></u></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><u></u></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><u><font size="2" face="Times New Roman, Times, serif">July 4, 2004</font></u></div></TD>
                                                                        <TD ALIGN="LEFT"><div align="center"><u></u></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><u></u></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><u><font size="2" face="Times New Roman, Times, serif">July 3, 2005</font></u></div></TD>
                                                                        <TD ALIGN="LEFT"><div align="center"><u></u></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><u></u></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><u><font size="2" face="Times New Roman, Times, serif">July 4, 2004</font></u></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="center"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
                                                                        <TD ALIGN="LEFT"><div align="center"></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
                                                                        <TD ALIGN="LEFT"><div align="center"></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
                                                                        <TD ALIGN="LEFT"><div align="center"></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"></div></TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD WIDTH="45%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Cash flows from operating activities:</font></strong></TD>
                                                                        <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD WIDTH="11%" ALIGN="RIGHT"></TD>
                                                                        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD WIDTH="10%" ALIGN="RIGHT"></TD>
                                                                        <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD WIDTH="10%" ALIGN="RIGHT"></TD>
                                                                        <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD WIDTH="11%" 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;Net earnings</font></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$</font></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 34,147</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$</font></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 26,228</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$</font></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 56,846</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">$</font></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif"> 43,433</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;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;&nbsp;Depreciation and amortization</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,043</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,517</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,413</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">15,698</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;Future income taxes</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,431</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">320</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(1,943</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">1,781</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;Loss on fixed assets</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">287</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,079</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">8,646</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,138</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;Other</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">629</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(369</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">1,200</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(305</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">42,537</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">32,775</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">83,162</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">61,745</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;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;&nbsp;Accounts receivable</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(23,863</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">(9,270</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">(26,552</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">(29,889</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;&nbsp;Inventories</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9,304</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">16,611</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(14,732</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">(9,994</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;&nbsp;Prepaid expenses and deposits</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">325</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">669</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(3,114</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">(1,010</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;&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">7,548</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,700</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,437</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(2,464</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;&nbsp;Income taxes payable</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">324</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,570</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">400</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(195</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">36,175</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">44,055</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">44,601</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">18,193</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 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;Increase in long-term debt</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,139</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,420</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,125</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;Repayment of long-term debt</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(17,569</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">(19,031</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">(18,495</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">(20,655</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;Contribution by non-controlling interest</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,500</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</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;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">1,310</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">48</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,997</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,570</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">(15,120</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">(18,983</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">(8,578</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">(14,960</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 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;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">(23,563</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">(9,221</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">(66,693</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">(35,794</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;Decrease in assets held for sale</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,599</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,599</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</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;Decrease (increase) in other assets</font></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">676</font></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(118</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>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(190</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">(20,288</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">(9,339</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">(66,027</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">(35,984</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;and cash equivalents</font></strong></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">(26</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">(52</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">117</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">505</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">Net increase (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;during the period</font></strong></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">741</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">15,681</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">(29,887</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">(32,246</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">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">30,043</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">21,413</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">60,671</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">69,340</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 and cash equivalents, end of period</font></strong></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 30,784</font></strong></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 37,094</font></strong></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 30,784</font></strong></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif"> 37,094</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>
                                                                    </TABLE>
                                                                    <p><font size="2" face="Times New Roman, Times, serif"><br>
                                                                        <font size="1">See accompanying notes to interim consolidated financial statements.</font></font>
</p>
                                                                    <p>&nbsp;                                                                    </p>
                                                                    <HR color=gray noShade SIZE=3>
                                                                    <p>&nbsp;</p>
                                                                    <p align="center"><font size="2" face="Times New Roman, Times, serif"> <font size="3"><strong>Gildan Activewear Inc. <br>
  Consolidated Balance Sheets </strong></font><br>
  (in thousands of U.S. dollars) </font></p>
                                                                    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
                                                                      <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"></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"></TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><u><font size="2" face="Times New Roman, Times, serif">July 3, 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">July 4, 2004</font></u></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="47%" ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Current assets:</font></strong></TD>
                                                                        <TD WIDTH="5%" ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD WIDTH="12%" ALIGN="RIGHT"></TD>
                                                                        <TD WIDTH="7%" ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD WIDTH="12%" ALIGN="RIGHT"></TD>
                                                                        <TD WIDTH="7%" ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD WIDTH="10%" ALIGN="RIGHT"></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;Cash and cash equivalents</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;30,784</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;60,671</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;37,094</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;&nbsp;Accounts receivable</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">112,354</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">85,317</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">94,342</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;&nbsp;Inventories</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">131,803</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">116,615</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">113,497</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;&nbsp;Prepaid expenses and deposits</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6,426</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,243</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,694</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;&nbsp;Future income taxes</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9,943</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">8,149</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,558</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"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">291,310</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">273,995</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">254,185</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"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">249,984</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">211,693</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">199,825</font></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Assets held for sale</font></strong></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,426</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</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"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4,928</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,127</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,321</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"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">551,648</font></strong></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">488,815</font></strong></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">457,331</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>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT"><strong><font size="2" face="Times New Roman, Times, serif">Current liabilities:</font></strong></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></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;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;81,425</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;74,607</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><font size="2" face="Times New Roman, Times, serif">$</font></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;64,606</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;&nbsp;Income taxes payable</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2,400</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,966</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3,753</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;&nbsp;Current portion of long-term debt</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19,724</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,610</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18,601</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"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">103,549</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">95,183</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">86,960</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"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">24,159</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">37,979</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">38,430</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"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,373</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28,058</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">22,436</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="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5,548</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT">&#8211;</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"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></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;&nbsp;&nbsp;&nbsp;&nbsp;Share capital</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">83,167</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">78,170</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">77,060</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;&nbsp;Contributed surplus</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1,262</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">681</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">519</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;&nbsp;Retained earnings</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">279,342</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">222,496</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">205,678</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;&nbsp;Cumulative translation adjustment</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26,248</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26,248</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></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="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"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">390,019</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">327,595</font></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"></div></TD>
                                                                        <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">309,505</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 liabilities and shareholders' equity</font></strong></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">551,648</font></strong></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">488,815</font></strong></TD>
                                                                        <TD ALIGN="LEFT"><div align="right"><strong><font size="2" face="Times New Roman, Times, serif">$</font></strong></div></TD>
                                                                        <TD ALIGN="RIGHT"><strong><font size="2" face="Times New Roman, Times, serif">457,331</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>
                                                                    </TABLE>
                                                                    <p><font size="1" face="Times New Roman, Times, serif">See accompanying notes to interim consolidated financial statements. </font></p>
                                                                    <HR color=gray noShade SIZE=3>
                                                                    <P ALIGN="left"><FONT size="2" FACE="Times New Roman, Times, serif"><B>Gildan Activewear Inc. &#150; Notes to Interim consolidated financial statements</B></FONT></P>
                                                                    <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
                                                                      <TR VALIGN="TOP">
                                                                        <TD><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 WIDTH="5%" ALIGN="RIGHT"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">1.</FONT></div></TD>
                                                                        <TD WIDTH="95%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The July 3, 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. Prior to fiscal 2005, the Company accounted for its investment in Cedartown using the proportionate consolidation method. The consolidation of Cedartown at October 4, 2004, the beginning of Gildan&#146;s 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. Under generally accepted accounting principles, the application of either the consolidation or the proportionate consolidation method of accounting for equity interests results in the same net earnings inclusion, and a
ccordingly the Company&#146;s net earnings was not be affected by this change.</FONT></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 WIDTH="5%" ALIGN="RIGHT"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">2.</FONT></div></TD>
                                                                        <TD WIDTH="95%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">During the second quarter of fiscal 2005, the Company closed its two Canadian yarn-spinning operations. A major portion of the equipment was transferred to a new yarn-spinning facility in Clarkton, North Carolina, which is operated by the Company&#146;s joint-venture with Frontier Spinning Mills, Inc. For the nine months ended July 3, 2005 the Company reported closure costs of $7.8 million after tax, or $0.13 per share, which consist mainly of a writedown to their estimated fair value of assets held for sale, as well as severance costs.</FONT></FONT> </P></TD>
                                                                      </TR>
                                                                    </TABLE>
                                                                    <br>
                                                                    <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
                                                                      <TR VALIGN="TOP">
                                                                        <TD WIDTH="5%" ALIGN="RIGHT"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">3.</FONT></div></TD>
                                                                        <TD WIDTH="95%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The income tax expense of $0.1 million for the nine months ended July 3, 2005 included the income tax recovery arising from the special charge of the closure of the Canadian yarn-spinning operations in the second quarter of fiscal 2005. Excluding the impact of the tax recovery due to the closure costs, the tax provision for nine months ended July 3, 2005, was $4.2 million, resulting in a tax rate of 6.1%, compared to a tax rate of 7.2% for the same period last year.</FONT></FONT></P></TD>
                                                                      </TR>
                                                                    </TABLE>
                                                                    <br>
                                                                    <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
                                                                      <TR VALIGN="TOP">
                                                                        <TD WIDTH="5%" ALIGN="RIGHT"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">4.</FONT></div></TD>
                                                                        <TD WIDTH="95%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Adjusted net earnings and adjusted diluted E.P.S.</FONT></FONT></P></TD>
                                                                      </TR>
                                                                    </TABLE>
                                                                    <br>
                                                                    <TABLE WIDTH="95%" BORDER="0" align="right" CELLPADDING="0" CELLSPACING="0">
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TH></TH>
                                                                        <TH width="16%"></TH>
                                                                        <TH width="13%"></TH>
                                                                        <TH width="7%"></TH>
                                                                        <TH width="23%"></TH>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Nine months ended</font></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">Nine months ended </font></div></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">July 3, 2005</font></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">July 4 , 2004</font></div></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD colspan="2" ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD WIDTH="41%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Net earnings  as reported</font></TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,846</font></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Times New Roman, Times, serif">43,433</font></div></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Adjustment</font></TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,801</font></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,251</font></div></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Adjusted</font> net earnings </TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Times New Roman, Times, serif">64,647</font></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Times New Roman, Times, serif">46,684</font></div></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD colspan="2" ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD colspan="2" ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Diluted E.P.S. as reported</font></TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95</font></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73</font></div></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Adjustment</font></TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13</font></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05</font></div></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT">&nbsp;</TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><hr size="1" noshade></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><hr size="1" noshade></TD>
                                                                      </TR>
                                                                      <TR VALIGN="BOTTOM">
                                                                        <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Adjusted diluted E.P.S. </font></TD>
                                                                        <TD colspan="2" ALIGN="LEFT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08</font></div></TD>
                                                                        <TD ALIGN="RIGHT">&nbsp;</TD>
                                                                        <TD ALIGN="RIGHT"><div align="center"><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78</font></div></TD>
                                                                      </TR>
                                                                    </TABLE>
                                                                    <p>&nbsp;</p>
                                                                    <p>&nbsp;</p>
                                                                    <p>&nbsp;</p>
                                                                    <p>&nbsp;</p>
                                                                    <p>&nbsp;</p>
                                                                    <p>&nbsp;</p>
                                                                    <p>&nbsp;</p>
                                                                    <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
                                                                      <TR VALIGN="TOP">
                                                                        <TD WIDTH="5%" ALIGN="RIGHT"><div align="left"></div></TD>
                                                                        <TD WIDTH="95%"><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif"> </FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The adjustment for fiscal 2005 relates to the closure of the Canadian yarn-spinning operations in the second quarter of fiscal 2005, as described in note 2 above. The adjustment for fiscal 2004 relates to the impact of the functional currency change on cost of sales as a result of revaluing opening inventories which were consumed in the first half of fiscal 2004.</FONT></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="5%"><div align="left"><FONT size="2" FACE="Times New Roman, Times, serif">5.</FONT></div></TD>
                                                                        <TD width="95%" ALIGN="LEFT"><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 year&#146;s presentation.</FONT> </P></TD>
                                                                      </TR>
                                                                    </TABLE>
                                                                    <p>&nbsp;</p>
                                                                    <HR color=gray noShade SIZE=3>
                                                                    <p><font size="2" face="Times New Roman, Times, serif"><BR>
                                                                    </font>
                                                                                                                                        </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) Pierre Poirier </font>
                                                                              <HR noShade SIZE=1>
                                                                                                                                            </TR>
                                                                        <TR>
                                                                          <TD><FONT face="Times New Roman, Times, serif" size=2>Pierre Poirier </FONT></TD>
                                                                        </TR>
                                                                        <TR>
                                                                          <TD><FONT face="Times New Roman, Times, serif" size=2>Director, Legal Services </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> August 3, 2005</font></TD>
                                                                        </TR>
                                                                        <TR>
                                                                          <TD>&nbsp;</TD>
                                                                        </TR>
                                                                      </TABLE>
                                                                    </div>
                                                                    <p>&nbsp;                                                                    </p>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
