-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Nm+zJssFG/ufPgZ9YFaIRsKIqf9mjAtwNf2VqS3HOSoK70Cr6thNNVYtYNiObQGH
 3zAVRMQPJQeStqsy06ttwA==

<SEC-DOCUMENT>0001204459-07-000618.txt : 20070503
<SEC-HEADER>0001204459-07-000618.hdr.sgml : 20070503
<ACCEPTANCE-DATETIME>20070503161625
ACCESSION NUMBER:		0001204459-07-000618
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070503
FILED AS OF DATE:		20070503
DATE AS OF CHANGE:		20070503

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:		07815754

	BUSINESS ADDRESS:	
		STREET 1:		725 MONT?E DE LIESSE
		STREET 2:		MONTREAL
		CITY:			CANADA
		STATE:			A8
		ZIP:			H4T 1P5
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		725 MONT?E DE LIESSE
		STREET 2:		MONTREAL
		CITY:			CANADA
		STATE:			A8
		ZIP:			H4T 1P5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GILDAN ACTIVEWEAR INC
		DATE OF NAME CHANGE:	19980515
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>gildan6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<head>
<title>Gildan Activewear Inc. - Form 6-K - Prepared By TNT Filings Inc.</title>
</head>

<html>

<body>

<div style="font-family: 'Times New Roman',Times,serif">
  <div style="border-top: 1px solid; padding-top: 1px">
    <hr color="#000000" SIZE="5">
  </div>
  <div style="font-size: 14pt; margin-top: 12pt" align="center">
    <b><font size="5">SECURITIES AND EXCHANGE COMMISSION</font></b><font size="5">
    </font>
  </div>
  <div style="font-size: 12pt" align="center">
    <b><font size="2">Washington, DC 20549</font></b><font size="2"> </font>
  </div>
  <div style="font-size: 18pt; margin-top: 12pt" align="center">
    <b>Form&nbsp;6-K</b>
  </div>
  <div style="font-size: 12pt; margin-top: 12pt" align="center">
    <b><font size="2">Report of Foreign Private Issuer<br>
    Pursuant to Rule&nbsp;13a-16 or 15d-16 of<br>
    the Securities Exchange Act of 1934</font></b><font size="2"> </font>
  </div>
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    For the month of: May&nbsp;2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission File Number: 1-14830
  </div>
  <div style="font-size: 24pt; margin-top: 12pt" align="center">
    <b><font size="5">GILDAN ACTIVEWEAR INC.</font></b><font size="5"> </font>
  </div>
  <div style="font-size: 10pt" align="center">
    (<i>Translation of Registrant's name into English</i>)</div>
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    <b>725 Mont&#233;e de Liesse<br>
    Montr&#233;al, Qu&#233;bec<br>
    Canada H4T 1P5</b><br>
    (<i>Address of Principal Executive Offices</i>)
  </div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    Indicate by check mark whether the registrant files or will file annual
    reports under cover of Form 20-F or Form 40-F:</div>
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    Form&nbsp;20-F <font style="font-family: Wingdings">o</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F
    <font style="font-family: Wingdings">&#254;</font>
  </div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    Indicate by check mark if the registrant is submitting the Form 6-K in paper
    as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1):
    <font style="font-family: Wingdings">o</font></div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    Indicate by check mark if the registrant is submitting the form 6-K in paper
    as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7):
    <font style="font-family: Wingdings">o</font></div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    Indicate by check mark whether by furnishing the information contained in
    this Form, the registrant is also thereby furnishing the information to the
    Commission pursuant to Rule&nbsp;12g3-2(b) under the Securities Exchange Act of
    1934:</div>
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    Yes <font style="font-family: Wingdings">o</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
    <font style="font-family: Wingdings">&#254;</font>
  </div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    If &quot;Yes&quot; is marked, indicate below the file number assigned to the
    registrant in connection with Rule&nbsp;12g3-2(b): N/A
    <hr color="#000000" SIZE="5">
    <p style="page-break-before: always">&nbsp;</div>
</div>
<div style="font-family: 'Times New Roman',Times,serif">
  <!-- link1 "SIGNATURES" -->
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    <b>SIGNATURES</b>
  </div>
  <div style="font-size: 10pt; margin-top: 6pt" align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934,
    the registrant has duly caused this report to be signed on its behalf by the
    undersigned, thereunto duly authorized.
  </div>
  <table style="font-size: 10pt; border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
    <tr>
      <td width="48%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="35%">&nbsp;</td>
      <td width="15%">&nbsp;</td>
    </tr>
    <tr>
      <td vAlign="top" align="left">&nbsp;</td>
      <td align="left" colSpan="3"><b>GILDAN ACTIVEWEAR INC.</b><br>
      &nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">Date: May 3, 2007&nbsp;</td>
      <td vAlign="top">By:&nbsp;&nbsp;</td>
      <td style="border-bottom: 1px solid #000000" align="left" colSpan="2">/s/
      Lindsay Matthews &nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td>&nbsp;</td>
      <td vAlign="top">Name:&nbsp;&nbsp;</td>
      <td align="left">Lindsay Matthews&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td>&nbsp;</td>
      <td vAlign="top">Title:&nbsp;&nbsp;</td>
      <td align="left">Director, Legal Services and<br>
      Corporate Secretary&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td colSpan="5">&nbsp;</td>
    </tr>
  </table>
  <p style="font-size: 10pt" align="center">&nbsp; </p>
  <hr color="#000000" SIZE="5">
  <p style="page-break-before: always">&nbsp;</div>
<div style="font-family: 'Times New Roman',Times,serif">
  <!-- link1 "EXHIBIT INDEX" -->
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    <b>EXHIBIT INDEX</b>
  </div>
  <div align="center">
    <table style="font-size: 10pt; border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0" height="46">
      <!-- Begin Table Head -->
      <tr vAlign="bottom">
        <td width="5%" height="15"></td>
        <td width="2%" height="15"></td>
        <td width="93%" height="15"></td>
      </tr>
      <tr style="font-size: 8pt" vAlign="bottom">
        <td style="border-bottom: 1px solid #000000" noWrap align="left" height="16"><b>
        <font size="2">Exhibit</font></b></td>
        <td height="16"><font size="2">&nbsp;</font></td>
        <td style="border-bottom: 1px solid #000000" noWrap align="middle" height="16"><b>
        <font size="2">Description of Exhibit</font></b></td>
      </tr>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <tr vAlign="bottom">
        <td vAlign="center" height="15" bgcolor="#E6E6E6">
        <div style="text-indent: 0px; margin-left: 0px">
          <a href="exh991.htm" style="text-decoration: none">99.1 </a>
        </div>
        </td>
        <td height="15" bgcolor="#E6E6E6"></td>
        <td vAlign="center" height="15" bgcolor="#E6E6E6">
        <a href="exh991.htm" style="text-decoration: none">Gildan Activewear
        Announces Second Quarter Results and 2-for-1 Stock Split</a></td>
      </tr>
      <!-- End Table Body -->
      <tr vAlign="bottom">
        <td vAlign="center" height="15">
        <a href="exh992.htm" style="text-decoration: none">99.2</a></td>
        <td height="15"></td>
        <td vAlign="center" height="15">
        <a href="exh992.htm" style="text-decoration: none">Material Change
        Report</a></td>
      </tr>
      <tr vAlign="bottom">
        <td vAlign="center" height="15">
        </td>
        <td height="15"></td>
        <td vAlign="center" height="15">
        </td>
      </tr>
      </table>
  </div>
</div>
<hr color="#000000" SIZE="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>

<title>Gildan Activewear Inc.: Exhibit 99.1 - Prepared by TNT Filings Inc.
</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<p align="center"><img border="0" src="exh9911.jpg" width="209" height="63"></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="14%"><font FACE="Times New Roman PSMT" size="2">Contact:</font></td>
    <td WIDTH="86%"><font FACE="Times New Roman PSMT" size="2">Laurence G.
    Sellyn, Executive Vice-President,</font></td>
  </tr>
  <tr>
    <td WIDTH="14%">&nbsp;</td>
    <td WIDTH="86%"><font FACE="Times New Roman PSMT" size="2">Chief Financial
    and Administrative Officer</font></td>
  </tr>
  <tr>
    <td WIDTH="14%">&nbsp;</td>
    <td WIDTH="86%"><font FACE="Times New Roman PSMT" size="2">Tel: (514)
    343-8805</font></td>
  </tr>
  <tr>
    <td WIDTH="14%">&nbsp;</td>
    <td WIDTH="86%"><font FACE="Times New Roman PSMT" size="2">Email: <u>lsellyn@gildan.com</u></font></td>
  </tr>
</table>
<font FACE="Times New Roman PS"><i><b>
<p align="right"><font size="2">For Immediate Release</font></b></i><font size="2">
</font></p>
</font><b><font FACE="Times New Roman PS" size="5">
<p ALIGN="center"><u>Gildan Activewear Announces Second Quarter Results and
2-for-1 Stock Split <br>
</u></font><font FACE="Times New Roman PS" size="2">&#150; EPS U.S. $0.01 Above
Previous Earnings Guidance &#150; <br>
&#150; Company Reconfirms Full Year EPS Guidance &#150; </p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">Montr&#233;al, Thursday, May 3, 2007</font></b><font FACE="Times New Roman PS" SIZE="2">
&#150; Gildan Activewear Inc. (GIL; TSX and NYSE) today announced its financial
results for its second quarter ended April 1, 2007, as well as a 2-for-1 stock
split. The Company also reiterated its earnings guidance for its 2007 fiscal
year, and further updated its capital expenditure plans. </p>
<p align="justify" style="line-height: 14pt"><u>Second Quarter Sales and
Earnings </u></p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">Gildan reported second quarter net
earnings of U.S. $21.1 million and diluted EPS of U.S. $0.35, after recording a
restructuring charge in the quarter of U.S. $16.4 million after-tax or U.S $0.27
per share, which was primarily related to the previously announced restructuring
of the Company&#146;s Canadian and Mexican manufacturing facilities. Before
reflecting the restructuring charge, adjusted net earnings and adjusted diluted
EPS for the second quarter of fiscal 2007 amounted to U.S. $37.5 million or U.S.
$0.62, up respectively 21.0% and 21.6% from net earnings of U.S. $31.0 million
and diluted EPS of U.S. $0.51 in the second quarter of fiscal 2006, and U.S.
$0.01 per share higher than the earnings guidance previously provided by the
Company. The growth in EPS compared to last year was due to higher gross margins
for activewear and continuing growth in activewear unit sales volumes, partially
offset by increased selling, general and administrative and depreciation
expenses. The impact of the Kentucky Derby Hosiery acquisition on the Company&#146;s
results in the second quarter was dilutive by U.S. $0.03 per share, due
primarily to short-term inefficiencies in manufacturing and distribution costs
which are expected to be eliminated by the fourth quarter, as the Company
progresses with the implementation of its integration plan. </p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">Sales in the second quarter
amounted to U.S. $232.1 million, up 26.3% from U.S. $183.8 million in the second
quarter of last year. The increase in sales revenues was due to U.S. $32.8
million of sock sales pursuant to the acquisition of Kentucky Derby Hosiery and
an 11.2% increase in unit sales volumes for activewear, partially offset by a
reduction in unit selling prices for activewear of approximately 2% compared to
last year. </p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY" style="line-height: 14pt">The growth in activewear unit sales
was primarily due to continuing market share penetration in all product
categories in the U.S. distributor channel. The table below summarizes the
S.T.A.R.S. data for market shares and industry growth in the U.S. distributor
channel for the quarter ended March 31, 2007. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Gildan</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Gildan</u></b></font></td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Gildan</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Industry</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Market Share</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Market Share</u></b></font></td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Unit Growth</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Unit Growth</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q2 2007</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q2 2006</u></b></font></td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q2 2007 vs.</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q2 2007 vs.</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q2 2006</u></b></font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PS" SIZE="2"><b>
    <u>Q2 2006</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    47.4%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    38.7%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    All products</font></td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    14.4%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    (0.4)%</font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    48.2%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    39.6%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    T-shirts</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    12.8%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    (0.8)%</font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    42.5%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    30.5%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    Fleece</font></td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    59.8%</font></td>
    <td WIDTH="20%" align="center" bgcolor="#EFEFEF"><font FACE="Times New Roman PSMT" SIZE="2">
    11.5%</font></td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
    <td WIDTH="20%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    35.7%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    32.5%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    Sport shirts</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    10.9%</font></td>
    <td WIDTH="20%" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    (4.7)%</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify" style="line-height: 14pt">The slight decline in overall U.S.
industry unit shipments for T-shirts in the March quarter is attributed
primarily to unseasonably cold weather conditions, which, however, had a
positive impact on shipments for fleece. In addition, shipments into the U.S.
wholesale distributor channel were negatively impacted by the consolidation of
warehouses being undertaken by the largest distributor, in order to reduce its
inventory levels. </p>
<p align="justify" style="line-height: 14pt">Growth in Gildan&#146;s activewear sales
in international markets in the second quarter was strong. In particular, unit
shipments in Europe increased by 34% compared with the second quarter of fiscal
2006. </p>
<p align="justify" style="line-height: 14pt">In March, the Company began
shipment of its first branded sock program to a national retailer. Initial
sell-through of Gildan branded product to consumers has exceeded expectations.
</p>
<p align="justify" style="line-height: 14pt">Gross margins in the second quarter
of fiscal 2007 were 33.9%, versus 33.4% in the second quarter of fiscal 2006.
The increase in gross margins was due to higher margins for activewear, largely
offset by the impact of margins from the sale of socks, which do not yet reflect
the anticipated cost synergies from the planned rationalization of the Company&#146;s
sock manufacturing operations. Excluding the impact of sock sales, gross margins
in the second quarter of fiscal 2007 were 37.2%. The increase in gross margins
for activewear compared to last year was due to further manufacturing
efficiencies, together with more favourable product-mix, partially offset by
lower selling prices and higher cotton costs compared to the low point in cotton
prices in the first half of last year, and the non-recurrence of a U.S. $1.1
million reversal of a litigation reserve which positively impacted gross margins
by 0.6% in the second quarter of fiscal 2006. </p>
<p align="justify" style="line-height: 14pt">Selling, general and administrative
expenses in the second quarter were U.S. $28.5 million, or 12.3% of sales,
compared to U.S. $20.7 million, or 11.3% of sales, in the second quarter of last
year. The increase in selling, general and administrative expenses was due to
the impact of the acquisition of Kentucky Derby Hosiery, higher volume-related
distribution costs, increased administration and information technology costs to
support the Company&#146;s continuing growth, and the non-recurrence of a
<font FACE="Times New Roman" SIZE="2">favourable adjustment to bad debt reserves
recorded in the second quarter of fiscal 2006. The increase of U.S. $1.8 million
in depreciation and amortization expenses was due to the Company&#146;s continuing
investments in capacity expansion, combined with the impact of the Kentucky
Derby Hosiery acquisition. </font></p>
</font>
<p align="right"><font size="2">2</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman" SIZE="2">
<p ALIGN="JUSTIFY" style="line-height: 14pt">Restructuring and other charges in
the second quarter amounted to U.S. $16.4 million, or U.S. $0.27 per share,
primarily related to the previously announced restructuring of the Company's
Canadian and Mexican operations, and the resulting relocation of Gildan&#146;s
corporate office. The restructuring charges for the quarter include severance
and other cash costs of U.S. $13.6 million, and U.S. $2.8 million of asset
impairment losses and accelerated depreciation, net of gains on asset disposals.
The Company continues to expect that restructuring and other charges in fiscal
2007 will total U.S. $0.41 per share, including U.S. $0.06 per share of
accelerated depreciation, as previously announced. </p>
<p style="line-height: 14pt"><u>Year-to-date Sales and Earnings</u></p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">Sales for the six months ended
April 1, 2007 were U.S. $418.0 million, up 37.4% compared to the same period
last year. The growth in sales reflected U.S. $75.4 million of sock sales, an
increase of 12.7% in unit sales volumes for activewear and a higher-valued
activewear product-mix, partially offset by a decrease in unit selling prices
for activewear. </p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">For the first six months of fiscal
2007, net earnings amounted to U.S. $36.8 million, or U.S. $0.61 per share on a
diluted basis compared to net earnings of U.S. $47.2 million, or U.S. $0.78 per
share, for the same period in fiscal 2006. Before the impact of restructuring
and other charges, adjusted net earnings increased to U.S. $54.5 million, or
U.S. $0.90 per share on a diluted basis. The increase in adjusted net earnings
and adjusted diluted EPS was due to favourable manufacturing efficiencies,
growth in activewear unit sales volumes and a higher-valued product-mix for
activewear, partially offset by lower unit selling prices for activewear, higher
cotton costs, increased SG&amp;A and depreciation expenses and the impact of the
Kentucky Derby Hosiery acquisition. </p>
<p style="line-height: 14pt"><u>Cash Flow </u></p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">During the second quarter of fiscal
2007, cash flow from operating activities less cash flow from investing
activities amounted to a net cash use of U.S. $43.3 million. The Company used
U.S. $34.4 million for seasonal working capital requirements, in line with its
requirements to support its projected sales in the peak summer selling season
for T-shirts in the third quarter of the fiscal year. In addition, U.S. $45.1
million of cash was utilized for capital investments, primarily for the
Company&#146;s major textile and sock manufacturing expansion projects in Honduras
and the Dominican Republic, as well as for its new U.S. retail distribution
centre and the expansion of its sewing capacity. The Company continues to have
significant unused debt financing capacity and financing flexibility to invest
in capital expenditures for further capacity expansion and cost reduction
initiatives in excess of its current plans, as well as to pursue potential
acquisition opportunities. </p>
</font>
<p align="right"><font size="2">3</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<p style="line-height: 14pt"><u>Outlook </u></p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">The Company has reiterated its most
recent full year diluted EPS guidance of approximately U.S. $2.20. Before
restructuring charges, adjusted diluted EPS for fiscal 2007 is projected to be
approximately U.S. $2.61. The Company expects adjusted diluted EPS before
restructuring charges for the third and fourth quarters to be respectively
25%-30% and 30%-35% higher than the corresponding quarters of fiscal 2006. </p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">The Company has also announced that
it is increasing its planned fiscal 2007 capital expenditures to U.S. $170
million, compared with its most recent projection of approximately U.S. $145
million. The further increase is primarily due to two new major cost reduction
projects, which will primarily be undertaken during fiscal 2008. The total
combined capital investment required for the two projects amounts to
approximately U.S. $60 million, to be spent over the next 18-24 months. The
projects are expected to result in annual savings in energy and chemical costs
totalling approximately U.S. $15 million once completed. In addition, the
Company continues to expect to achieve significant further manufacturing
efficiencies in fiscal 2008 compared to fiscal 2007, primarily as a result of
the continuing ramp-up of its new offshore textile and sock manufacturing
facilities, combined with the previously announced restructuring of its North
American manufacturing operations. </p>
<p style="line-height: 14pt"><u>Stock Split </u></p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">The Company announced that its
Board of Directors has approved a 2-for-1 stock split, to be effected in the
form of a stock dividend. The split is applicable to all shareholders of record
on May 18, 2007. On or about May 25, 2007, the Company&#146;s registrar and transfer
agent will mail new certificates for the additional shares to all registered
Gildan shareholders as at May 18, 2007. The Company&#146;s shares are expected to
commence trading on a post-split basis on May 16, 2007 on the TSX and on May 28,
2007 on the NYSE. </p>
<p style="line-height: 14pt"><u>Disclosure of Outstanding Share Data </u></p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">As of April 30, 2007, there were
60,174,423 common shares issued and outstanding along with 460,558 stock options
and 503,500 dilutive restricted share units (Treasury RSUs) outstanding. Each
stock option entitles the holder to purchase one common share at the end of the
vesting period at a pre-determined option price. Each Treasury RSU entitles the
holder to receive one common share at the end of the vesting period, without any
monetary consideration being paid to the Company. However, the vesting of 50% of
the restricted share grant is dependent upon the financial performance of the
Company, relative to a benchmark group of Canadian publicly-listed companies.
</p>
<p style="line-height: 14pt"><u>Information for shareholders </u></p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">Gildan will hold a conference call
to discuss these results today at 10:00 AM Eastern Daylight Time. The conference
call can be accessed by dialing 800-261-3417</font><font FACE="Times New Roman PS" SIZE="2"><b>
</b></font><font FACE="Times New Roman PSMT" SIZE="2">(Canada &amp; U.S.) or
617-614-3673 (international) and entering passcode 33653033, or by live sound
webcast on Gildan's Internet site (&quot;Investor Relations&quot; 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 91810860, until May 10, 2007 at midnight, or by audio webcast
on Gildan's web site for 30 days. </font></p>
<p align="right"><font size="2">4</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<p style="line-height: 14pt"><u>Profile </u></p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">Gildan is a vertically-integrated
marketer and manufacturer of quality branded basic apparel. The Company is the
leading supplier of activewear for the wholesale imprinted sportswear market in
the U.S. and Canada, and also a leading supplier to this market in Europe. The
Company sells T-shirts, sport shirts and fleece in large quantities to wholesale
distributors as undecorated &quot;blanks&quot;, which are subsequently decorated by
screenprinters with designs and logos. Consumers ultimately purchase the
Company&#146;s products, with the Gildan label, in venues such as sports,
entertainment and corporate events, and travel and tourism destinations. Other
end-uses include work uniforms and similar applications to convey individual,
group and team identity. In addition to continuing its growth within the
wholesale channel, Gildan is implementing a major new growth initiative to sell
athletic socks, underwear and activewear to mass-market retailers in North
America. </p>
</font><font FACE="Times New Roman PS" SIZE="2"><i>
<p ALIGN="JUSTIFY" style="line-height: 14pt">Certain statements included in this
press release may constitute &quot;forward-looking statements&quot; within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995 and Canadian
securities legislation and regulations. Such forward-looking statements involve
assumptions and known and unknown risks, uncertainties and other factors,
including, but not limited to: general economic conditions such as currency
exchange rates, commodity prices and other factors over which we have no
control; the impact of economic and business conditions, industry trends and
other external and political factors in the countries in which we operate; the
intensity of competitive activity; changes in environmental, tax, trade and
other laws and regulations; our ability to implement our strategies and plans;
our ability to complete and successfully integrate acquisitions; changes in
customer demand for our products and our ability to maintain customer
relationships and grow our business; the seasonality of our business; our
ability to attract and retain key personnel; changes in accounting policies and
estimates; and, disruption to manufacturing and distribution activities due to
the impact of weather, natural disasters and other unforeseen adverse events,
which could cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. You should not place
undue reliance on these forward-looking statements, which are made only as of
the date of this press release. 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 other factors that may affect the Company&#146;s
future results. </p>
<p style="line-height: 14pt"><u>Non-GAAP Financial Measures </u></p>
<p ALIGN="JUSTIFY" style="line-height: 14pt">This release includes reference to
certain non-GAAP financial measures such as adjusted net earnings, adjusted
diluted earnings per share, and free cash flow. These non-GAAP measures do not
have any standardized meanings prescribed by Canadian GAAP and are therefore
unlikely to be comparable to similar measures presented by other companies.
Accordingly, they should not be considered in isolation. The terms and
definitions of the non-GAAP measures used in this press release and a
reconciliation of each non-GAAP measure to the most directly comparable GAAP
measure are provided below. </p>
</i></font>
<p align="right"><font size="2">5</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PS" SIZE="2"><i>
<p ALIGN="JUSTIFY" style="line-height: 14pt">Adjusted net earnings and adjusted
diluted earnings per share are calculated as net earnings and earnings per share
excluding restructuring and other charges, as discussed in Note 1 to the
condensed interim consolidated financial statements. The Company uses and
presents these non-GAAP measures to assess its operating performance from one
period to the next without the variation caused by restructuring and other
charges that could potentially distort the analysis of trends in our business
performance. Excluding these items does not imply they are necessarily
nonrecurring. </p>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="100%" colspan="5"><font FACE="Times New Roman PS" SIZE="2"><i>(in
    US$ millions, except per share amounts)</i></font></td>
  </tr>
  <tr>
    <td WIDTH="44%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman PS" SIZE="2"><b>Q2 2007</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman PS" SIZE="2">Q2 2006</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman PS" SIZE="2"><b>YTD 2007</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman PS" SIZE="2">YTD 2006</font></td>
  </tr>
  <tr>
    <td WIDTH="44%" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">Net earnings</font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2"><b>
    21.1</b></font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">31.0</font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2"><b>
    36.8</b></font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">47.2</font></td>
  </tr>
  <tr>
    <td WIDTH="44%"><font FACE="Times New Roman PS" SIZE="2">Restructuring and
    other charges</font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2"><b>
    16.4</b></font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2">-</font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2"><b>
    17.7</b></font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="44%" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">Less: income tax
    effect thereon</font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2"><b>-</b></font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">-</font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2"><b>-</b></font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="44%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 4">
    <font FACE="Times New Roman PS" SIZE="2">Adjusted net earnings</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 4">
    <font FACE="Times New Roman PS" SIZE="2"><b>37.5</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 4">
    <font FACE="Times New Roman PS" SIZE="2">31.0</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 4">
    <font FACE="Times New Roman PS" SIZE="2"><b>54.5</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 4">
    <font FACE="Times New Roman PS" SIZE="2">47.2</font></td>
  </tr>
  <tr>
    <td WIDTH="44%" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="44%" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">Diluted EPS</font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2"><b>
    0.35</b></font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">0.51</font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2"><b>
    0.61</b></font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">0.78</font></td>
  </tr>
  <tr>
    <td WIDTH="44%"><font FACE="Times New Roman PS" SIZE="2">Restructuring and
    other charges, net of tax</font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2"><b>
    0.27</b></font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2">-</font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2"><b>
    0.29</b></font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="44%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2">Adjusted diluted EPS</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2"><b>0.62</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2">0.51</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2"><b>0.90</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2">0.78</font></td>
  </tr>
</table>
<font FACE="Times New Roman PS" SIZE="2"><i>
<p ALIGN="JUSTIFY" style="line-height: 14pt">Free cash flow is defined as cash
from operating activities including net changes in non-cash working capital
balances, less cash flow used in investing activities excluding business
acquisitions. We consider free cash flow to be an important indicator of the
financial strength and performance of our business, because it shows how much
cash is available after capital expenditures to repay debt and to reinvest in
our business. We believe this measure is commonly used by investors and analysts
when valuing a business and its underlying assets. </p>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="44%"><font FACE="Times New Roman PS" SIZE="2"><i>(in US$
    millions)</i></font></td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="14%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="44%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman PS" SIZE="2"><b>
    <p style="margin-right: 4">Q2 2007</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman PS" SIZE="2">
    <p style="margin-right: 4">Q2 2006</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman PS" SIZE="2"><b>
    <p style="margin-right: 4">YTD 2007</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman PS" SIZE="2">
    <p style="margin-right: 4">YTD 2006</font></td>
  </tr>
  <tr>
    <td WIDTH="44%" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2"><b>Cash flows from
    operating activities</b></font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2"><b>
    <p style="margin-right: 4">0.3</b></font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">
    (18.0)</font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2"><b>
    <p style="margin-right: 4">39.8</b></font></td>
    <td WIDTH="14%" align="right" bgcolor="#EFEFEF"><font FACE="Times New Roman PS" SIZE="2">
    <p style="margin-right: 4">14.0</font></td>
  </tr>
  <tr>
    <td WIDTH="44%"><font FACE="Times New Roman PS" SIZE="2">Cash flows used in
    investing activities</font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2"><b>
    (43.6)</b></font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2">
    (24.0)</font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2"><b>
    (74.5)</b></font></td>
    <td WIDTH="14%" align="right"><font FACE="Times New Roman PS" SIZE="2">
    (36.5)</font></td>
  </tr>
  <tr>
    <td WIDTH="44%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2"><b>Free cash flow</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2"><b>(43.3)</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2">(42.0)</font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2"><b>(34.7)</b></font></td>
    <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font FACE="Times New Roman PS" SIZE="2">(22.5)</font></td>
  </tr>
  <tr>
    <td WIDTH="102%" COLSPAN="5"><font FACE="Times New Roman PS" SIZE="2"><i>
    <p align="justify">Certain minor rounding variances exist between the
    financial statements and these summaries.</i></font></td>
  </tr>
</table>
<font FACE="Times New Roman PS" SIZE="2"><i>
<p align="center">- 30 - </p>
</i></font>
<p align="right"><font size="2">6</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><b><font FACE="Times New Roman" size="5">
<p align="center">Gildan Activewear Inc.</font><font FACE="Times New Roman" SIZE="2"><br>
</font><font FACE="Times New Roman" size="4">Consolidated Statements of Earnings<br>
</font></b><font FACE="Times New Roman" SIZE="2">(In thousands of U.S. dollars,
except per share data)</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="32%" COLSPAN="3" align="center"><font SIZE="2"><i><b>Three months
    ended</b></i></font></td>
    <td WIDTH="3%" align="center">&nbsp;</td>
    <td WIDTH="28%" COLSPAN="3" align="center"><font SIZE="2"><i><b>Six months
    ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><u>April 1, 2007</u></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><u>April 2, 2006</u></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><u>April 1, 2007</u></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><u>April 2, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(unaudited)</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF"><font SIZE="2"><b>Sales</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>232,134</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>183,783</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>417,963</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>304,093</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">Cost of sales</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">153,386</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">122,375</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">285,337</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">199,790</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF"><font SIZE="2"><b>Gross profit</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>78,748</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>61,408</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>132,626</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>104,303</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">Selling, general and administrative expenses</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">28,540</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">20,706</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">54,650</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">38,769</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF"><font SIZE="2">Restructuring and other charges (note 1)</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">16,359</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">-</font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">17,750</font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Earnings before the undernoted items</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>33,849</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>40,702</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>60,226</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>65,534</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF"><font SIZE="2">Depreciation and amortization</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2">9,475</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2">7,712</font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2">18,249</font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2">15,142</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">Interest, net</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">1,077</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">703</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">2,048</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">1,269</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF"><font SIZE="2">Non-controlling interest in income of</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF"><font SIZE="2">consolidated joint venture</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">186</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">156</font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">122</font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">48</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Earnings before income taxes</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>23,111</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>32,131</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>39,807</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>49,075</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF"><font SIZE="2">Income taxes</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2">1,965</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2">1,116</font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2">3,050</font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2">1,865</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Net earnings</b></font></td>
    <td WIDTH="2%" align="right"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>21,146</b></font></td>
    <td WIDTH="2%" align="right"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>31,015</b></font></td>
    <td WIDTH="3%" align="right"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>36,757</b></font></td>
    <td WIDTH="3%" align="right"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>47,210</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2"><b>Basic EPS</b></font></td>
    <td WIDTH="2%" align="right"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>0.35</b></font></td>
    <td WIDTH="2%" align="right"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>0.52</b></font></td>
    <td WIDTH="3%" align="right"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>0.61</b></font></td>
    <td WIDTH="3%" align="right"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>0.79</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF"><font SIZE="2"><b>Diluted EPS</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>0.35</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>0.51</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>0.61</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>0.78</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="60%" COLSPAN="3"><font SIZE="2"><b>Weighted average number of
    shares outstanding (in thousands)</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Basic</font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>60,160</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>60,054</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>60,149</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>60,012</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">
    <p style="margin-left: 26">Diluted</font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>60,764</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>60,647</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>60,744</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>60,603</b></font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'><b><font FACE="Times New Roman" SIZE="5">
<p align="center">Gildan Activewear Inc.<br>
</font><font FACE="Times New Roman" size="4">Consolidated Statements of Cash
Flows</font><font FACE="Times New Roman" SIZE="2"><br>
</font></b><font SIZE="2" face="Times New Roman">(In thousands of U.S. dollars)</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="482">&nbsp;</td>
    <td WIDTH="26" align="right">&nbsp;</td>
    <td WIDTH="223" COLSPAN="3" align="center"><font SIZE="2"><i><b>Three months
    ended</b></i></font></td>
    <td WIDTH="26" align="center">&nbsp;</td>
    <td WIDTH="225" COLSPAN="3" align="center"><font SIZE="2"><i><b>Six months
    ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="482">&nbsp;</td>
    <td WIDTH="26" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">
    <p style="margin-right: 4"><u>April 1, 2007</u></font></td>
    <td WIDTH="26" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">
    <p style="margin-right: 4"><u>April 2, 2006</u></font></td>
    <td WIDTH="26" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">
    <p style="margin-right: 4"><u>April 1, 2007</u></font></td>
    <td WIDTH="27" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">
    <p style="margin-right: 4"><u>April 2, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="482">&nbsp;</td>
    <td WIDTH="26" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="26" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="26" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="27" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">(unaudited)</font></td>
  </tr>
  <tr>
    <td WIDTH="482">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2"><b>Cash flows from operating activities:</b></font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="margin-left: 26">Net earnings</font></td>
    <td WIDTH="26" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">21,146</font></td>
    <td WIDTH="26" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">31,015</font></td>
    <td WIDTH="26" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">36,757</font></td>
    <td WIDTH="27" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">47,210</font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Adjustments for:</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Depreciation and amortization</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">10,477</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">7,712</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">20,375</font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">15,142</font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Impairment loss and writedown
    of property, plant and equipment</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">3,560</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">3,560</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">(Gain) loss on disposal of
    assets held for sale and property, plant and equipment</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2">(2,096)</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">302</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">(1,738)</font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">342</font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Stock-based compensation costs</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">310</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">248</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">778</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">525</font></td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Future income taxes</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">1,235</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">191</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">1,479</font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">418</font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Non-controlling interest</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">186</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">156</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">122</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">48</font></td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Unrealized foreign exchange
    (gain) loss</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">(130)</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">(136)</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">(1,588)</font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">119</font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">34,688</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">39,488</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">59,745</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">63,804</font></td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="margin-left: 26">Changes in non-cash working capital balances:</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Accounts receivable</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">(37,971)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">(51,573)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">29,446</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">5,256</font></td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Inventories</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2">(9,075)</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">(7,747)</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">(41,936)</font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">(51,730)</font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Prepaid expenses and deposits</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">(397)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">(624)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">(1,317)</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">505</font></td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Accounts payable and accrued
    liabilities</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">14,209</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">2,485</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">(4,235)</font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">(3,792)</font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="text-indent: -26; margin-left: 78">Income taxes payable</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">(1,169)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">(73)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">(1,945)</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">(15)</font></td>
  </tr>
  <tr>
    <td WIDTH="482">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">285</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>(18,044)</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">39,758</b></font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">14,028</b></font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2"><b>Cash flows from (used in) financing
    activities:</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Increase in revolving term credit facility</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">43,000</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">43,000</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="margin-left: 26">Net decrease in long-term debt</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2">(974)</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">(673)</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">(2,682)</font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">(581)</font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Proceeds from the issuance of shares</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">
    <p style="margin-right: 4">400</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">
    <p style="margin-right: 4">587</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">
    <p style="margin-right: 4">769</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">
    <p style="margin-right: 4">1,447</font></td>
  </tr>
  <tr>
    <td WIDTH="482">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">42,426</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>(86)</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">41,087</b></font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">866</b></font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2"><b>Cash flows used in investing activities:</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Purchase of property, plant and equipment</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">(45,109)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">(23,849)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">(75,451)</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2">(36,223)</font></td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2">
    <p style="margin-left: 26">Proceeds from assets held for sale</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">1,995</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">1,995</font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Increase in other assets</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">(487)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">(144)</font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">(1,008)</font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">(251)</font></td>
  </tr>
  <tr>
    <td WIDTH="482">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2"><b>(43,601)</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>(23,993)</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>(74,464)</b></font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>(36,474)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2"><b>
    <p style="text-indent: -26; margin-left: 52">Effect of exchange rate changes
    on cash and cash equivalents denominated in foreign currencies</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>
    <p style="margin-right: 4">42</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>(44)</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>
    <p style="margin-right: 4">93</b></font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><b>(93)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF">
    <p style="text-indent: -26; margin-left: 52">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2"><b>
    <p style="text-indent: -26; margin-left: 52">Net (decrease) increase in cash
    and cash equivalents during the period</b></font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2"><b>(848)</b></font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2"><b>(42,167)</b></font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2"><b>
    <p style="margin-right: 4">6,474</b></font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2"><b>(21,673)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="482">
    <p style="text-indent: -26; margin-left: 52">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482"><font SIZE="2"><b>
    <p style="text-indent: -26; margin-left: 52">Cash and cash equivalents,
    beginning of period</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">36,329</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">90,296</b></font></td>
    <td WIDTH="26" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">29,007</b></font></td>
    <td WIDTH="27" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom"><font SIZE="2"><b>
    <p style="margin-right: 4">69,802</b></font></td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" valign="bottom" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" bgcolor="#EFEFEF">
    &nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" bgcolor="#EFEFEF">
    &nbsp;</td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" bgcolor="#EFEFEF">
    &nbsp;</td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" valign="bottom" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium" bgcolor="#EFEFEF">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="482" bgcolor="#EFEFEF"><font SIZE="2"><b>
    <p style="text-indent: -26; margin-left: 52">Cash and cash equivalents, end
    of period</b></font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="98" align="right" valign="bottom" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>
    <p style="margin-right: 4">35,481</b></font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="99" align="right" valign="bottom" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>
    <p style="margin-right: 4">48,129</b></font></td>
    <td WIDTH="26" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="99" align="right" valign="bottom" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>
    <p style="margin-right: 4">35,481</b></font></td>
    <td WIDTH="27" align="right" valign="bottom" bgcolor="#EFEFEF"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="99" align="right" valign="bottom" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>
    <p style="margin-right: 4">48,129</b></font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'><b><font FACE="Times New Roman" size="5">
<p align="center">Gildan Activewear Inc.</font><font FACE="Times New Roman" SIZE="2"><br>
</font><font FACE="Times New Roman" size="4">Consolidated Balance Sheets</font><font FACE="Times New Roman" SIZE="2"><br>
</font></b><font SIZE="2" face="Times New Roman">(in thousands of U.S. dollars)</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="614">&nbsp;</td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2"><u>April 1, 2007</u></font></td>
    <td WIDTH="123" COLSPAN="2" align="right"><font SIZE="2"><u>October 1, 2006</u></font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2"><u>April 2, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="614">&nbsp;</td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">(audited)</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">(unaudited)</font></td>
  </tr>
  <tr>
    <td WIDTH="614">&nbsp;</td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2"><b>Current assets:</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2">
    <p style="margin-left: 26">Cash and cash equivalents</font></td>
    <td WIDTH="24" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="98" align="right"><font SIZE="2">35,481</font></td>
    <td WIDTH="25" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="98" align="right"><font SIZE="2">29,007</font></td>
    <td WIDTH="25" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="99" align="right"><font SIZE="2">48,129</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Accounts receivable</font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">139,754</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">165,870</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">103,376</font></td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2">
    <p style="margin-left: 26">Inventories</font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">242,589</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">200,653</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">186,591</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Prepaid expenses and deposits</font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">7,074</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">5,757</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">3,889</font></td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2">
    <p style="margin-left: 26">Future income taxes</font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">5,038</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">5,298</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">10,580</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">429,936</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">406,585</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">352,565</font></td>
  </tr>
  <tr>
    <td WIDTH="614">&nbsp;</td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2"><b>Property, plant and equipment</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">348,809</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">302,677</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">282,086</font></td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2"><b>Intangible assets</b></font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">9,191</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">9,513</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2"><b>Assets held for sale</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">2,895</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">-</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">5,027</font></td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2"><b>Other assets</b></font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">4,724</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">4,501</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">4,135</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2"><b>Total assets</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>795,555</b></font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>723,276</b></font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>643,813</b></font></td>
  </tr>
  <tr>
    <td WIDTH="614">&nbsp;</td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2"><b>Current liabilities:</b></font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Bank indebtedness</font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF"><font SIZE="2">$</font></td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">3,500</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF"><font SIZE="2">$</font></td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">3,500</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF"><font SIZE="2">$</font></td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">3,980</font></td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2">
    <p style="margin-left: 26">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">113,086</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">117,984</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">83,413</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Income taxes payable</font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">237</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">2,269</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">2,209</font></td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2">
    <p style="margin-left: 26">Current portion of long-term debt</font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">21,449</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">21,820</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">19,712</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">138,272</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">145,573</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">109,314</font></td>
  </tr>
  <tr>
    <td WIDTH="614">&nbsp;</td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2"><b>Long-term debt (note 2)</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">52,730</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">12,041</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">26,854</font></td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2"><b>Future income taxes</b></font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">29,908</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">29,443</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">32,461</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2"><b>Non-controlling interest in consolidated
    joint venture</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">5,776</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">5,654</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">5,442</font></td>
  </tr>
  <tr>
    <td WIDTH="614">&nbsp;</td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2"><b>Shareholders' equity:</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2">
    <p style="margin-left: 26">Share capital</font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">87,353</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">86,584</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">85,624</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Contributed surplus</font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">3,143</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF"><font SIZE="2">2,365</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF"><font SIZE="2">2,121</font></td>
  </tr>
  <tr>
    <td WIDTH="614"><font SIZE="2">
    <p style="margin-left: 26">Retained earnings</font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">452,125</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right"><font SIZE="2">415,368</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right"><font SIZE="2">355,749</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-left: 26">Accumulated other comprehensive income</font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">26,248</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">26,248</font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#EFEFEF">
    <font SIZE="2">26,248</font></td>
  </tr>
  <tr>
    <td WIDTH="614">&nbsp;</td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">568,869</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">530,565</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">469,742</font></td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="98" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF">&nbsp;</td>
    <td WIDTH="99" align="right" bgcolor="#EFEFEF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="614" bgcolor="#EFEFEF"><font SIZE="2"><b>Total liabilities and shareholders' equity</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>795,555</b></font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>723,276</b></font></td>
    <td WIDTH="25" align="right" bgcolor="#EFEFEF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#EFEFEF">
    <font SIZE="2"><b>643,813</b></font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'><font size="5"><b>
<p>Gildan Activewear Inc. &#150; Notes to interim consolidated financial statements
<br>
</b></font><font size="2">(tabular amounts in thousands of U.S. dollars) </p>
<p style="line-height: 14pt">For complete notes to the interim consolidated
financial statements, please refer to filings with the various securities
regulatory authorities. </p>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<p style="line-height: 14pt">1.</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font FACE="Arial MT" SIZE="2">The following table summarizes the
components of restructuring and other charges:</font><font FACE="Times New Roman PSMT" size="2">
</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 26">&nbsp;</td>
    <td WIDTH="498" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="242" colspan="3" align="center" style="border-bottom-style: none; border-bottom-width: medium">
    <p align="center"><font size="2">Three months ended</font></td>
    <td WIDTH="245" colspan="3" align="center" style="border-bottom-style: none; border-bottom-width: medium">
    <font size="2">Six months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 26">&nbsp;</td>
    <td WIDTH="498" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="126" COLSPAN="2" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><u>April 1, 2007</u></font></td>
    <td WIDTH="116" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><u>April 2, 2006</u></font></td>
    <td WIDTH="129" COLSPAN="2" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><u>April 1, 2007</u></font></td>
    <td WIDTH="116" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2"><u>April 2, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 26">&nbsp;</td>
    <td WIDTH="498" bgcolor="#EFEFEF"><font SIZE="2">Accelerated depreciation (a)</font></td>
    <td WIDTH="11" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="115" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">1,002</font></td>
    <td WIDTH="116" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="13" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="116" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">2,126</font></td>
    <td WIDTH="116" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 26">&nbsp;</td>
    <td WIDTH="498"><font SIZE="2">Gain on disposal of long-lived assets (b)</font></td>
    <td WIDTH="11" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="115" align="right"><font SIZE="2">(1,778)</font></td>
    <td WIDTH="116" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="13" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="116" align="right"><font SIZE="2">(1,778)</font></td>
    <td WIDTH="116" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 26">&nbsp;</td>
    <td WIDTH="498" bgcolor="#EFEFEF"><font SIZE="2">Asset impairment loss (c)</font></td>
    <td WIDTH="11" align="right" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="115" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">3,560</font></td>
    <td WIDTH="116" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="13" align="right" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="116" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">3,560</font></td>
    <td WIDTH="116" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 26">&nbsp;</td>
    <td WIDTH="498"><font SIZE="2">Severance (c)</font></td>
    <td WIDTH="11" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="115" align="right"><font SIZE="2">
    <p style="margin-right: 4">11,858</font></td>
    <td WIDTH="116" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="13" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="116" align="right"><font SIZE="2">
    <p style="margin-right: 4">12,062</font></td>
    <td WIDTH="116" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 26">&nbsp;</td>
    <td WIDTH="498" bgcolor="#EFEFEF"><font SIZE="2">Other (d)</font></td>
    <td WIDTH="11" align="right" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="115" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">1,717</font></td>
    <td WIDTH="116" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="13" align="right" bgcolor="#EFEFEF">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="116" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">1,780</font></td>
    <td WIDTH="116" align="right" bgcolor="#EFEFEF"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 26">&nbsp;</td>
    <td WIDTH="498" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="11" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">16,359</font></td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="13" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">17,750</font></td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p align="justify" style="text-indent: -30; line-height: 14pt; margin-left: 30">
(a)&nbsp;&nbsp;&nbsp;&nbsp; In September 2006, the Company announced a
restructuring of its Canadian manufacturing operations, involving the closure of
its textile manufacturing facility in Valleyfield, Quebec and the downsizing of
its Montreal, Quebec knitting facility, to take effect in December 2006. In the
fourth quarter of fiscal 2006, the Company recorded severance charges of $2.1
million and other exit costs of $1.6 million relating to this restructuring. In
addition, during the fourth quarter of fiscal 2006, the Company recorded an
impairment loss of $15.1 million on all Canadian textile and related
manufacturing assets, and reduced its estimate of the remaining economic lives
of these assets. The effect of this change in estimate, amounting to $1.0
million in the second quarter of fiscal 2007 and $2.1 million for the first six
months of fiscal 2007, has been classified as accelerated depreciation and
included in restructuring and other charges. An additional $1.2 million of
accelerated depreciation will be recorded in the second half of fiscal 2007. </p>
<p align="justify" style="text-indent: -30; line-height: 14pt; margin-left: 30">
(b)&nbsp;&nbsp;&nbsp;&nbsp; During the fourth quarter of fiscal 2006, the
Company announced the relocation and consolidation of its U.S. retail
distribution centres, which was substantially completed by the end of the second
quarter of fiscal 2007, and the closure of its Canadian distribution centre in
Montreal, effective October 2006. The Company also announced the closure and
downsizing of sock manufacturing capacity located in North Carolina and
Virginia. During the second quarter of fiscal 2007, the Company sold some of the
assets related to these facilities and recorded a gain of $1.8 million. </p>
<p align="justify" style="text-indent: -30; line-height: 14pt; margin-left: 30">
(c)&nbsp;&nbsp;&nbsp;&nbsp; On March 27, 2007, the Company announced plans to
close its two remaining textile facilities in Montreal, Canada, as well as its
cutting facility in Bombay, N.Y., in the fourth quarter of fiscal 2007. In
addition, the Company closed two sewing facilities in Mexico, which had been
supplied with fabric from Gildan&#146;s Canadian textile operations. In the second
quarter of fiscal 2007, the Company recorded severance costs of $11.9 million
primarily relating to these plant closures. The Company expects to recognize
additional severance of $4.0 million during the balance of fiscal 2007.
Concurrent with the restructuring of the Canadian textile operations, the
Company also announced plans to relocate its corporate office, which is
currently located in the same building as its Montreal knitting facility, into
leased premises in the Montreal area. In the second quarter of fiscal 2007, the
Company recorded a $3.6 million asset impairment loss relating to its corporate
head office facility. </p>
<p align="justify" style="text-indent: -30; line-height: 14pt; margin-left: 30">
(d)&nbsp;&nbsp;&nbsp;&nbsp; Other costs of $1.7 million relate to exit costs
incurred in connection with the closures noted above, including carrying and
dismantling costs associated with assets held for sale. The Company expects to
incur additional exit costs relating to these closures of approximately $2.1
million, which will be accounted for as incurred during the balance of fiscal
2007. </p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'>
<p><font size="5"><b>Gildan Activewear Inc. &#150; Notes to interim consolidated
financial statements <br>
</b></font><font size="2">(tabular amounts in thousands of U.S. dollars) </font>
</p>
<font FACE="Arial MT" SIZE="2">
<p align="justify" style="text-indent: -26; line-height: 14pt; margin-left: 26">
2.&nbsp;&nbsp;&nbsp;&nbsp; As at April 1, 2007, long-term debt includes $43.0
million drawn on the Company&#146;s $200 million revolving term credit facility,
which matures in July 2009. There were no amounts drawn under this facility at
October 1, 2006 or April 2, 2006. </p>
<p align="justify" style="text-indent: -26; line-height: 14pt; margin-left: 26">
3.&nbsp;&nbsp;&nbsp;&nbsp; The Company announced that its Board of Directors has
approved a 2-for-1 stock split, to be effected in the form of a stock dividend.
The split is applicable to all shareholders of record on May 18, 2007. On or
about May 25, 2007, the Company&#146;s registrar and transfer agent will mail new
certificates for the additional shares to all registered Gildan shareholders as
at May 18, 2007. The Company&#146;s shares are expected to commence trading on a
post-split basis on May 16, 2007 on the TSX and on May 28, 2007 on the NYSE. All
earnings per share and share amounts in these interim consolidated financial
statements are stated prior to the stock split. </p>
<p align="justify" style="text-indent: -26; line-height: 14pt; margin-left: 26">
4.&nbsp;&nbsp;&nbsp;&nbsp; Certain comparative figures have been reclassified in
order to conform to the current period&#146;s presentation </p>
</font>
<dir>
  <dir>
    <p>&nbsp;</p>
  </dir>
</dir>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>

<head>
<title>Gildan Activewear Inc. - Exhibit 99.2 - Prepared By TNT Filings Inc.</title>
</head>

<body>

<div style="border-top: 1px solid; padding-top: 1px">
    <hr color="#000000" SIZE="5">
  </div>
<b>
<p align="center">Form 51-102F3 </p>
<p align="center">MATERIAL CHANGE REPORT</b> </p>
<font size="2"><b>
<p>Item 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name and Address of Company </p>
</b>
<p style="margin-left: 52">Gildan Activewear Inc. <br>
725 Mont&#233;e de Liesse <br>
Montr&#233;al, QC H4T 1P5 </p>
<b>
<p>Item 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of Material Change </p>
</b>
<p style="margin-left: 52">May 3, 2007. </p>
<b>
<p>Item 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News Release </p>
</b>
<p style="margin-left: 52">Gildan Activewear Inc. (&quot;Gildan&quot;) issued a press
release on May 3, 2007. A copy of the press release is annexed hereto and forms
an integral part hereof. </p>
<b>
<p>Item 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summary of Material Change </p>
</b>
<p style="margin-left: 52">On May 3, 2007, Gildan announced that its board of
directors (the &quot;Board&quot;) declared a one-for-one stock dividend on all of Gildan&#146;s
outstanding common shares. </p>
<b>
<p>Item 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full Description of Material Change </p>
</b>
<p style="margin-left: 52">On May 3, 2007, Gildan announced that its Board
declared a one-for-one stock dividend on all of Gildan&#146;s outstanding common
shares. The Board has fixed Friday, May 18, 2007 as the record date for the
determination of the shareholders entitled to receive such dividend. It is
expected that the share certificates for the stock dividend will be mailed to
the shareholders on or about May 25, 2007. </p>
<b>
<p>Item 6&nbsp;&nbsp;&nbsp;&nbsp; Reliance on subsection 7.1(2) or (3) of
National Instrument 51-102 </p>
</b>
<p style="margin-left: 52">Not applicable. </p>
<b>
<p>Item 7&nbsp;&nbsp;&nbsp;&nbsp; Omitted Information </p>
</b>
<p style="margin-left: 52">Not applicable. </p>
<b>
<p>Item 8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive Officer </p>
</b></font>
<p style="margin-left: 52"><font size="2">Laurence G. Sellyn <br>
Executive Vice-President, Chief Financial Officer and Administrative Officer
</font></p>
<font size="2"><b>
<p>Item 9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of Report </p>
</b>
<p style="margin-left: 52">May 3, 2007 </p>
<hr color="#000000" size="5"></font>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>exh9911.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 exh9911.jpg
M_]C_X``02D9)1@`!``$`&@`4``#__@`?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$``@&!@<&!0@'!P<*"0@*#18.#0P,#1L3%!`6(!PB(1\<
M'QXC*#,K(R8P)AX?+#TM,#4V.3HY(BL_0SXX0S,X.3<!"0H*#0L-&@X.&C<D
M'R0W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W
M-S<W-S<W-__$`:(```$%`0$!`0$!```````````!`@,$!08'"`D*"P$``P$!
M`0$!`0$!`0````````$"`P0%!@<("0H+$``"`0,#`@0#!04$!````7T!`@,`
M!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I
M*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'
MB(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7
MV-G:X>+CY.7FY^CIZO'R\_3U]O?X^?H1``(!`@0$`P0'!00$``$"=P`!`@,1
M!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)B<H
M*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#A(6&
MAXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76
MU]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_``!$(`#\`T0,!$0`"$0$#$0'_V@`,
M`P$``A$#$0`_`/?Z`"@`H`*`#-`!0`9H`,T`%`!0`4`%`!0`4`%`!0`4`%`!
M0`4`%`!0`4`%`!0`4`%`!0`4`9NM:Y8:!8&\U";RX@=H`&2Q]`.]:4Z4JLN6
M!E4JQI1YI'GU_P#&*-9"NGZ2SH.CSR;3^0!_G7IPRMV]^1YD\S5_<17MOC'.
M&`NM'0KW,4Q!'X$53RM6]V1,<S?VHG=:!XMLO$6F7-Y91RK]F'SI*`#G&>V:
M\^MAI49J,NIZ-'$PK0<H]#B?^%RM_P!`,?\`@3_]C7=_9?\`>.#^T[?9.F'C
M=O\`A`SXF^P='V^1YO\`M[/O8_'I7)]5_?\`L;_U:YU_6OW'MK',_P#"Y6_Z
M`?\`Y,__`&-=G]F/^8Y/[3Z<IZE;2F>UBE(V[U#8],BO(:LVCUXNZ3*6OZH=
M$T.[U(0^=]G3=LW;<\@=:NE#VDU#N9UJGLX.?8\Z_P"%RM_T`_\`R9_^QKU/
M[+_O'E_VG_=`?&4YYT/C_KY_^QH_LM_S!_::_E-O2/BIHFH2I#=I+8R.<9DP
MR9_WAT^I`KGJY?5@KQU.BEF%*;M+0[M6#`$'(/0UYYZ(M`',>(O&5CX>U73[
M&?EKEOWA_P">2'@,?Q_0&NFCA9UH2E'H<M;$QHS47U.F!!Z5S'4+0!Y]XE^)
M3>'M>N-,_LKS_)"GS//VYRH/3:?6O1H8'VU-3O8\VOCO8S<+;%KPI\1K3Q%?
MFQGMC97+<Q*9-XD]1G`Y]JC$8&5"/,G=%X?&QK/E:LSML\5PG>>>>(?B<V@Z
M]=:9_9(F\@@>9Y^W.5!Z;3ZUZ5#`>U@I\UKGEU\?[*HX6V-'PAXY;Q3+>)_9
MQM_LR!^)=Y;.>.@]*RQ.$^KV=]S;#XOV]U;8W=%U@ZJTX-N8O*(&=VX'.?\`
M"N:<.39G13J<_0UJS-@H`*`&R.L<;.S!549)/84`]#YU\7>))?$NMR719A:H
M2EO&?X5]?J>I_P#K5]/A<.J$+=3Y?$UW7G?H2>&/!>I>*&9[8I#:QG#329QG
MT`[FEB,5"AH]65A\+.OJM$=;<?!N=8<VVLQO+_=DA*@_B"?Y5Q+-%?WH'9++
M';21N>!_#VH>'-(UNVU")49OF1E;*L-IY'_UZY\56A6J0E`Z,+1G1ISC,\3%
M>^CP'N>G+_R0AO\`KK_[7KR/^8_^NQZZ_P!P_KN>95[!Y'4^H=/_`.0;:_\`
M7)?Y"OD9_&SZZG\",7QY_P`B1JO_`%R_]F%;83^/'U,<7_!D?._:OJ#Y='>V
MOPKU.]T:WO[:_MF,\*RK&P9>H!QG\:\QYC",W%K8]&.7SE!231Q5Y9W&GWDM
MG=1&*>)MKH>QKT8SC.*<=F<$X.$N66Y[!\*?$!O](ETJ=RT]F<H2>L9Z#\#Q
M]"*\+,*/)/G74]S+ZW-#D?0[N\O(;"RFN[AMD,*%W;T`&:\^,7)J*W/1E)13
MD]CYOU[5Y==UNZU&7(\UOE7^ZHX`_*OJ:-)4::@NA\M6JNM-S9[5\/->36?#
M$$3.3=68$,H/4X^Z?Q'Z@UX&-H^RJOLSW\'6]K25]T==7&=AX#\2O^1\U#Z1
M_P#HM:^DP'^[KY_FSYO'_P`>7R_(Y6.1X9$EB=DD0AE93@@CH178TFK,XTW%
MW1[QX%\8Q^);#R)_DU&W4>:.@<?WA_7T-?-XO#.A*Z^%GT>$Q*K1L]T>7?$=
M=GC[4O?RS_Y#6O9P/^[Q^?YL\;&_QY?UT.C^#G_(1U7_`*Y)_,URYG\,3KRS
MXI'KH&*\0]L6@`H`*`,3Q?,UOX/U:1#AOLS@?B,?UK?#I.K%/NC#$/EHR:['
MSA7U1\KT/HCP3:QV?@S2TB`P\`D/N6^8_J:^6Q4G*M)L^GPL5&BK'`O\8-12
M1U&EVW!Q]]J]-99!J_,SSGF4T[<J.E\)^,[GQ99:NL]I%!]FB&-C$YW!O7Z5
MR8C"QP\H6=[LZL/B7B(SNK6/#Q7T*/G^IZ*+^V'P6-EYG[\R9VX/_/;/6O'_
M`.8_^NQZ_P#S`?UW/.Z]AGD=3WJV\6&.RMTCL\[8U&6D]OI7R4U[S/K8/W48
M_BSQ)<7GAC4(&@C5'CP<9SU%;81?OXF.*_@2/':^G/F#V71?$=_!H6GPH8@J
M6\:C*]@HKY6LE[27J?54'^[CZ'!>/+A[OQ`MS)M\R2%=VT8S@D?R`KV,N?[I
MKLSQLRBE53[H3P%J4VE^)1)"%)DA9&#=,<'^E5F$4Z-R<O=JQUOB[Q5<:K!#
MX?54B>[=?-9<Y5,_U(_3WKS\)2Y;UWLMCT<7/F<:"ZD%MI-A:0>3':QE>Y9<
MD_4FN>>(JSES-G3"A3A'E2%T&"7P[XJ2\LU`T^==EQ%G[ON!['G\ZWGB(UJ7
M)4^);&$</*E5YJ?PO<],BUO39CA+M`?]KY?YUY]CNN>(?$AE?QU?,I!5A'@C
MH?W:U])@&OJZ^9\YCU^_;]#G(;&YGM+BZBB+PVQ7S6'\&[."?;BNISC%J+W9
MRJ$I1<DM$2Z1JMUHFJ0ZA9OMFB/&>C#N#[&E5I1JPY9#I572ES1+WBW6(->\
M0R:E;JR+-''N5NJL%`(_,5EAJ4J--0?0UQ-55:G.NIV7P;_Y".J_]<D_F:XL
MS^&)VY9\4CUVO$/;"@`H`*`,[7K-M0\/ZA9HH+SV[HH/J5./UK2E)0J1D^C,
MZL>>G**['S.RLC%6!5E."",$5]9TNCY)JSL>R_#[Q=IG_"-0:?>7BPW=ME-L
MAY9<Y&WUX./PKP,=AYQJN:6C/?P5>,J:@WJCS3Q-HT&C74:P7ANA-N8DQ>7C
MGZG/Z5ZF$Q#K)W5K'F8K#^QDM=S8\!I>R6^L+9^;M\M/,V''9NOZURYC\5/U
M_P`CJR[X:GI_F<6.E>LCR>IW2Z4__"IVU$RKLWX"8Y_UN*\C_F/_`*['K_\`
M,!_7<X8]*]9GD=3Z'T^W\/K8VY9[3=Y:YW2@\X^M?*SA/F>A]7"I#E6IG^,(
MM*;P9JS6:VK.D0YCVDCD>E:X52C7C==3+%2BZ,K,\'[5],?,GT7H/V"W\(Z7
M-<>1&BV<19Y,`#Y!U)KY6K&3JM)=3ZFC**I)M]#QOQYJUIK'BF::P(:VB18D
M91@-C))'XDU[N"I.G1L]SPL;552M>.Q?^&EM"=<N]0O$3[%9VS/(\@RJDD8_
M0-^59Y@[P4%NS7`*TW-[)'/ZAJ_VGQ-+JL2E4\_?&F`,(#P/;CBNB%!*C[,Y
MY5VZWM/,]%TQ9-8LEO+&&66$DC(0\$=17SM6E*E+EEN?14ZD:L>:.QS%YXOC
MM[YXX;<S1)P26V9/?C%>C3RYR@G)V9Y]3,8PDU%71TOAL_\`"3V<LMFT:RPM
MB2%V^89Z'IT/]*XL1AWAY:['9A\1&O'3<J:M<:;8W\FG:FT(GCQN1TW`9`(Y
MQCH:=*C7<5.G>P5*U!2<*EKECP])I5LU[]AMX;B&XC"7$2-D%>>HYQU/I15G
M7T]I?05*G0U]G;4XK4?"M[#=2M:1B6`L2@#?,J]@0?\`Z]>M2Q]*2M)V9Y-7
M`58N\5=&+<6=S:-B>WDB_P!]2*[(5(2^%W..5*</B5CT?X-_\A'5?^N2?S->
M;F?PQ/2RSXI'KM>(>V%`!0!#<74%JF^>58U[;CUH`HRZE<2KBQL9)?1W^1?U
MY-`F>5>-?`NJ1W$VLV]NDJ3$O-%`"2A[D#TKVL%C(\JIS>J/%QN$ES.I!:'G
MV"#CH17K:,\G9BL[O]]BV.F3FA)+8;DV>D_"=2+/Q"V#@Q(`?P>O*S'XJ?K_
M`)'JY?\`#4]/\SS05ZR/)>YZ:O\`R0@_]=?_`&O7C[8_^NQZ_P#S`?UW/,Z]
MBQY`8HL(ZSPMQX5\6?\`7M%_Z$:X<3_&I>IW8?\`@U/0Y(=*[CB'F20KM+L5
M]">*E12V0W)OJ3V.GWFIW*VUC;27$QZ*@S_^JIG4A35YNQ4*<INT4=;KT9\)
M>%(O#H91J-\PN+TISM7^%,_A^A]:XJ-L15=7[*T1W5E]7I*EU>YR>F:=/JNI
MVUA;#,T[A%ST'J3[`<UVU)JG%RET.*G!U)*,>I]):3I=OHVEV^GVRXBA3:/4
MGN3[D\U\K4FZDG-[L^IITU3BHKH>*_$CP^^C^(Y+N./%I>DR(0.`W\0_/G\:
M][`UE4I\KW1X..H^SJ<RV93\!ZZF@^*()9WV6LX,,I[`'H3]#C]:TQE'VM)I
M;HC!UO954WLR;XDD'QW?D>D?_HM:6`3]A'Y_F/'_`,=_(VO@^<:YJ">MN#^3
M#_&N?,_@B=&6?')'IFMZ%'J>G310E;:Y(S',BC*MVSZCVKQJ<E&2;5T>S4BY
M1:3LSQ>]UG5](OI=.UBSBE>,X9'7&1V(/0C\*]J.$I58\])V/%EC*M-\E57.
MI^'M[#)?7LNC:=LDV+Y\;/@$9.-O-<>,IU8)>T=SLP<Z,VW35CT=-6B0`7<4
MEJW_`$T'RG_@0XKSCT2\KJZAE((/((H`=0`PQ1M('**7'`8CD4`/H`3%`&=>
M>'](U!R]YIEK.YZL\*D_GUK2-6I#2,FC*5&G)WDD10>%]!MCNAT:R5O7R%S_
M`"JG7JO1R?WB5"E':*-188TC\M44)C&T#C'TK$ULMBC_`&!HX_YA5E_X#K_A
M6GM:G\S,_8T_Y43_`-FV7V3[)]D@^S9SY7EC9USTZ=:GFE?FOJ5R1Y>6VA!_
M8&C_`/0*LO\`P'3_``JO:U/YG]XO94_Y4']@Z/\`]`FR_P#`=/\`"CVM3^9A
M[*G_`"K[B1-'TV*.2..PMDCE&'585`8>XQS2=2;U;8_9P6B2(QH&C_\`0*LO
M_`=/\*?M:G\S%[*'\J^X/[`T?_H%67_@.G^%'M:G\S#V5/\`E7W%NWM+>T39
M;P1PI_=C0*/TJ')O=E1C&.R(I]+L+F4RSV5O+(>K/$K'\R*:G):)B<(MW:$A
MTJPMI1+!96\4B]&2)5(_$"ASD]&P5.*=TBY4ED%Q9V]V@2Y@CF0'($B!@#^-
M--QV=B914MT5_P"Q-*_Z!EI_WX7_``JO:37VF3[*G_*ON%ET;3)Y#)-I]K(Y
M`&YX5)XZ<D4*I.*LFQNG!ZM(?;:98V4ADM;*W@<C!:.(*2/3BDYRE\3N$81C
MK%6+=265+G2[&\D$EU96\[@8#21*Q`].:J,Y15DR'",MT+:Z;96+,UI:00%N
M"8HPN?RHE.4OB81A&'PJQ9(!!!&14EB1QI$NV-0B^BC`H`=0`4`%`!0`4`%`
I!0`4`%`!0`4`%`!0`4`%`!0`4`%`!0`4`%`!0`4`%`!0`4`%`!0!_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
