<SEC-DOCUMENT>0000950142-24-001050.txt : 20240415
<SEC-HEADER>0000950142-24-001050.hdr.sgml : 20240415
<ACCEPTANCE-DATETIME>20240415162545
ACCESSION NUMBER:		0000950142-24-001050
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240415
FILED AS OF DATE:		20240415
DATE AS OF CHANGE:		20240415

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]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		24844945

	BUSINESS ADDRESS:	
		STREET 1:		600 BOULEVARD DE MAISONNEUVE OUEST
		STREET 2:		33RD FLOOR
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 3J2
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		600 BOULEVARD DE MAISONNEUVE OUEST
		STREET 2:		33RD FLOOR
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 3J2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GILDAN ACTIVEWEAR INC
		DATE OF NAME CHANGE:	19980515
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eh240469865_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, DC 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16 of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>


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    <TD STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 48%"><FONT STYLE="font-size: 10pt"><B>For
    the month of:  April 2024</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 48%"><FONT STYLE="font-size: 10pt"><B>Commission File Number: 1-14830</B></FONT></TD></TR>
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 12pt"><B>GILDAN ACTIVEWEAR INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Translation of registrant&rsquo;s name into English)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>600 de Maisonneuve Boulevard West</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>33rd Floor</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Montr&eacute;al, Qu&eacute;bec</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Canada H3A 3J2</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form 20-F <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F <FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <TD COLSPAN="4">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>GILDAN ACTIVEWEAR INC.</B></FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date: April 15, 2024</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Michelle Taylor</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Michelle Taylor</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Vice-President, General Counsel and Corporate Secretary</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 5%">&nbsp;</TD>
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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 90%"><FONT STYLE="font-size: 10pt"><B>Description of Exhibit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="eh240469865_ex9901.htm">News Release</A></TD></TR>
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT 99.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><IMG SRC="image_001.jpg" ALT=""></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><B>Gildan Activewear CEO Vince Tyra provides key
focus strategic priorities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><I>Company Reconfirms 2024 Full Year Guidance</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><I>Announces Preliminary Q1 2024 Revenue</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><I>Company to Host Investor Day in Fall 2024</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Montreal, April 15, 2024</B> &#8211; Gildan Activewear
Inc. (GIL; TSX and NYSE) today announced that its President and CEO, Vince Tyra has unveiled his key focus strategic priorities. Concurrently,
the Company also reconfirmed its 2024 full year guidance and announced preliminary Q1 revenue. Furthermore, the Company intends to hold
an Investor Day in the Fall of 2024 to provide a comprehensive strategic plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Reflecting on his first 90 days, Vince Tyra said,
&#8220;I&#8217;m excited to be leading Gildan at this pivotal time. Having completed 90 days at the helm of Gildan, I wanted to share
with you my key focus strategic priorities and articulate how we can leverage our strengths and accelerate value creation for all stakeholders.
Importantly, these priorities reflect feedback received from shareholders and their desire for us to continue sustainably growing Gildan.
As we continue to execute on the key components of the Gildan Sustainable Growth strategy, my first few months as CEO have confirmed my
belief that Gildan&#8217;s core fundamentals are strong and that we are in a great position to unlock further potential and launch the
next phase of our growth. My management team and I will continue to review the business and we look forward to presenting a fuller view
at an Investor Day this Fall.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">With its three key pillars, Growth, Innovation, and
ESG, the Gildan Sustainable Growth (GSG) strategy has set the foundation for the Company&#8217;s future. Capitalizing on this strong foundation
and the continued execution of the GSG plan which remains core to Gildan&#8217;s business, today Vince Tyra outlined his key focus strategic
priorities to unlock further growth potential while amplifying the Company&#8217;s commercial capabilities. These five key priorities
are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Successfully execute supply chain initiatives
to maintain availability, cost leadership and industry leading margins;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Leverage Gildan&#8217;s unique brands and develop
distinct commercial capabilities to accelerate growth and strengthen the Company&#8217;s market position;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deepen Gildan&#8217;s relationships with existing
and prospective retail partners, strengthening the Company&#8217;s position as the supplier of choice;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Complement Gildan&#8217;s strong North American
market position with renewed focus on select international markets to drive growth; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Empower and build world-class talent and leadership
to ensure long term resilience of Gildan&#8217;s business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Medium-term Targets </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Assuming no deterioration in the current macroeconomic
environment, Gildan is confident that the targeted priorities will position the Company to continue to drive market share gains in key
product categories, unlock further opportunities in targeted markets and deliver on key financial metrics over the 2025-2028 period, reflecting
the following:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net sales growth at a compound annual growth
rate in the mid-single digits range</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Annual adjusted operating margin<SUP>(1)</SUP>
in the range of 18% to 21%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capital expenditures (capex) as a percentage
of sales of about 5% per year, on average, to support long-term growth and vertical integration</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted diluted EPS<SUP>(2)</SUP> growth per
annum in the high-single to low double-digit range</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gildan expects to maintain its capital allocation
priorities which, beyond planned capex deployment, focus on annual dividend growth, continued share repurchases now in line with a leverage
framework of 1.5x to 2x, and value accretive M&amp;A. The combination of the above is expected to drive strong shareholder returns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2024 Outlook and preliminary Q1 2024 revenue</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gildan today reconfirmed its 2024 full year guidance
as announced on February 21, 2024 in its <FONT STYLE="color: Blue"><U>Q4 2023 press release</U></FONT> as well as the assumptions underpinning
this guidance:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenue growth for the full year to be flat to up low-single digits; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted operating margin<SUP>(1)</SUP> slightly above the high end of the
18% to 20% annual target range. This compares to fiscal 2023 adjusted operating margin of 17.3%; fiscal 2023 operating margin was 20.1%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capex to come in at approximately 5% of sales; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted diluted EPS<SUP>(2)</SUP> in the range of $2.92 to $3.07, up significantly
between 13.5% and 19.5% year over year. This compares to 2023 adjusted diluted EPS of $2.57; fiscal 2023 GAAP diluted EPS was $3.03;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Free cash flow above 2023 levels driven by increased profitability, lower
working capital investments and lower capital expenditures than in 2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition, Gildan today announced that its preliminary Q1 2024 net sales
are expected to come in at approximately $695 million, or down about 1% year over year, as previewed in our Q4 2023 press release.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The above outlook as well as the medium-term targets assume no meaningful
deterioration from current market conditions including the pricing and inflationary environment, and no further deterioration in geopolitical
environments. They reflect reasonable industry growth and expected market share gains. Though the timing of the potential enactment of
legislation remains uncertain, we have also incorporated the estimated impact of the implementation of draft Global Minimum Tax legislation
in Canada and Barbados on our effective tax rate, retroactive to January 1, 2024, as well as certain refundable tax credits expected.
In addition, they reflect Gildan&#8217;s expectations as of April 15, 2024 and are subject to significant risks and business uncertainties,
including those factors described under &#8220;Forward-Looking Statements&#8221; in this press release and the annual MD&amp;A for the
year ended December 31, 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Conference Call and Webcast Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">The event will
take place on April 15, 2024, at 4:45 PM ET. The conference call can be accessed by dialing (800) 715-9871 (Canada &amp; U.S.) or (646)
307-1963 (international) and entering passcode 3097304#. <B>A live audio webcast of the conference call and <U>presentation</U>, as well
as a replay, will be available at the following link</B>: <FONT STYLE="color: Blue"><U>Gildan Investor Update</U></FONT>. A replay of
the call will be available for 7 days starting at 10:00 PM ET by dialing (800) 770-2030 (Canada &amp; U.S.) or (609) 800-9909 (international)
and entering the same passcode.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Non-GAAP Financial Measures and Ratios</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company reports its financial results in accordance with International
Financial Reporting Standards (&#8220;IFRS&#8221;). However, we use non-GAAP financial measures and ratios to assess our operating performance
and liquidity. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other
than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly,
they should not be considered in isolation. In this press release, we use non-GAAP financial ratios, including adjusted operating margin
and adjusted diluted EPS, to measure our performance and financial condition from one period to the next, which excludes the variation
caused by certain adjustments that could potentially distort the analysis of trends in our operating performance, and because we believe
such measures provide meaningful information to investors on the Company&#8217;s financial performance and financial condition. We refer
the reader to section 16.0 of the Company&#8217;s Management&#8217;s Discussion and Analysis for the year ended December 31, 2023 (&#8220;FY2023
MD&amp;A&#8221;) entitled &#8220;Definition and reconciliation of non-GAAP financial measures&#8221;, which section is incorporated by
reference into this press release, filed with the securities regulatory authorities in Canada, available on</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SEDAR+
at www.sedarplus.ca and on the Company&#8217;s website at www.gildancorp.com under the &#8220;Investors&#8221; section, for the definition
and complete reconciliation of all non-GAAP financial measures and ratios used and presented by the Company to the most directly comparable
IFRS measures.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted operating margin: </B>Adjusted operating
income is calculated as operating income before restructuring and acquisition-related costs. Adjusted operating income also excludes impairment
(impairment reversal) of intangible assets, the impact of the Company's strategic product line initiatives, net insurance gains, gain
on sale and leaseback (new in 2023) and CEO separation costs and related advisory fees on shareholder matters (new in 2023). Adjusted
operating margin is calculated as adjusted operating income divided by net sales, excluding the sales return allowance for anticipated
product returns related to discontinued SKUs. Further details, including an explanation of the composition and usefulness of this ratio,
as well as a calculation of this ratio, are provided at section 16.0 of the FY2023 MD&amp;A, available on SEDAR+ at www.sedarplus.ca,
which section is incorporated by reference into this press release. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted diluted EPS: </B>Adjusted net earnings
are calculated as net earnings before restructuring and acquisition-related costs, Impairment (impairment reversal) of intangible assets,
net of write-downs, the impact of the Company's strategic product line initiatives, net insurance gains, gain on sale and leaseback (new
in 2023), CEO separation costs and related advisory fees on shareholder matters (new in 2023), and income tax expense or recovery relating
to these items. Adjusted net earnings also excludes income taxes related to the re-assessment of the probability of realization of previously
recognized or de-recognized deferred income tax assets, and income taxes relating to the revaluation of deferred income tax assets and
liabilities as a result of statutory income tax rate changes in the countries in which we operate. Adjusted diluted EPS is calculated
as adjusted net earnings divided by the diluted weighted average number of common shares outstanding. Further details, including an explanation
of the composition and usefulness of this ratio, as well as a calculation of this ratio, are provided at section 16.0 of the FY2023 MD&amp;A,
available on SEDAR+ at www.sedarplus.ca, which section is incorporated by reference into this press release.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Caution Concerning Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">References in this press release to &#8220;Gildan&#8221;, the &#8220;Company&#8221;,
or the words &#8220;we&#8221;, &#8220;us&#8221;, and &#8220;our&#8221; refer, depending on the context, either to Gildan Activewear Inc.
or to Gildan Activewear Inc. together with its subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Certain statements included in this press release constitute &#8220;forward
looking statements&#8221; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities legislation
and regulations, and are subject to important risks, uncertainties, and assumptions. This forward looking information includes, amongst
others, information with respect to our objectives and the strategies to achieve these objectives, including statements related to the
GSG strategy and our key focus strategic priorities , as well as information with respect to our beliefs, plans, expectations, anticipations,
estimates, and intentions, including, without limitation, our expectation with regards to net sales and revenue growth, adjusted operating
margin, working capital, adjusted diluted earnings per share, free cash flow, business dispositions, acquisitions or other business transactions,
capital return and capital investments or expenditures, including our financial outlook set forth in this press release under the sections
&#8220;Medium-term Targets&#8221; and &#8220;2024 Outlook and preliminary Q1 2024 revenue&#8221;. The net sales figure reported above
with respect to the first quarter of 2024 is preliminary, has not been reviewed by Gildan&#8217;s auditors and is subject to change as
our Q1 2024 financial results are finalized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Forward-looking statements generally can be identified by the use of conditional
or forward-looking terminology such as &#8220;may&#8221;, &#8220;will&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;,
&#8220;project&#8221;, &#8220;assume&#8221;, &#8220;anticipate&#8221;, &#8220;plan&#8221;, &#8220;foresee&#8221;, &#8220;believe&#8221;,
or &#8220;continue&#8221;, or the negatives of these terms or variations of them or similar terminology. We refer you to the Company&#8217;s
filings with the Canadian securities' regulatory authorities and the U. S. Securities and Exchange Commission, as well as the risks described
under the &#8220;Financial risk management&#8221;, &#8220;Critical accounting estimates and judgments&#8221;, and &#8220;Risks and uncertainties&#8221;
sections of the FY2023 MD&amp;A for a discussion of the various factors that may affect the Company&#8217;s future results. Material factors
and assumptions that were applied in drawing a conclusion or making a forecast or projection are also set out throughout such document
and this press release, including certain assumptions relating to</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
financial outlook described in this press release under the sections &#8220;Medium-term Targets&#8221; and &#8220;2024 Outlook and preliminary
Q1 2024 revenue&#8221;.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Forward-looking statements are inherently uncertain and the results or
events predicted in such statements, information and outlook may differ materially from actual results or events. Material factors, which
could cause actual results or events to differ materially from a conclusion, forecast, or projection in such forward-looking statements
include, but are not limited to changes in general economic, financial or geopolitical conditions globally or in one or more of the markets
we serve, including the pricing and inflationary environment, and our ability to implement our growth strategies and plans, as well as
those factors listed in the FY2023 MD&amp;A under the &#8220;Risks and uncertainties&#8221; section and &#8220;Caution regarding forward-looking
statements&#8221; sections. These factors may cause the Company&#8217;s actual performance and financial results in future periods to
differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">There can be no assurance that the
expectations represented by our forward-looking statements will prove to be correct. The purpose of the forward-looking statements is
to provide a description of management&#8217;s expectations regarding the Company&#8217;s future financial performance and may not be
appropriate for other purposes. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are
made as of the date of this press release, and we do not undertake any obligation to update publicly or to revise any of the included
statements, information and outlook, whether as a result of new information, future events, or otherwise unless required by applicable
legislation or regulation. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>About Gildan</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gildan is a leading manufacturer of everyday basic apparel. The Company&#8217;s
product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters
or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global
lifestyle brand companies. The Company markets its products in North America, Europe, Asia Pacific, and Latin America, under a diversified
portfolio of Company-owned brands including Gildan&reg;, American Apparel&reg;, Comfort Colors&reg;, GOLDTOE&reg; and Peds&reg;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gildan owns and operates vertically integrated, large-scale manufacturing
facilities which are primarily located in Central America, the Caribbean, North America, and Bangladesh. Gildan operates with a strong
commitment to industry-leading labour, environmental and governance practices throughout its supply chain in accordance with its comprehensive
ESG program embedded in the Company's long-term business strategy. More information about the Company and its ESG practices and initiatives
can be found at <FONT STYLE="color: blue">www.gildancorp.com</FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investor inquiries:</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Jessy Hayem, CFA</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Vice-President, Head of Investor Relations</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(514) 744-8511</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: Blue"><U>jhayem@gildan.com</U></FONT></P></TD>
    <TD STYLE="width: 54%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Media inquiries:</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Genevieve Gosselin</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Director, Global Communications and Corporate Marketing (514) 343-8814</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: Blue"><U>ggosselin@gildan.com</U></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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