Mr. Vince Tyra reports

GILDAN ACTIVEWEAR CEO VINCE TYRA PROVIDES KEY FOCUS STRATEGIC PRIORITIES

Gildan Activewear Inc. president and chief executive officer 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.

Reflecting on his first 90 days, Vince Tyra said, "I'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'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."

With its three key pillars, Growth, Innovation, and ESG, the Gildan Sustainable Growth (GSG) strategy has set the foundation for the Company's future. Capitalizing on this strong foundation and the continued execution of the GSG plan which remains core to Gildan's business, today Vince Tyra outlined his key focus strategic priorities to unlock further growth potential while amplifying the Company's commercial capabilities. These five key priorities are:

Successfully execute supply chain initiatives to maintain availability, cost leadership and industry leading margins;

Leverage Gildan's unique brands and develop distinct commercial capabilities to accelerate growth and strengthen the Company's market position;

Deepen Gildan's relationships with existing and prospective retail partners, strengthening the Company's position as the supplier of choice;

Complement Gildan's strong North American market position with renewed focus on select international markets to drive growth; and

Empower and build world-class talent and leadership to ensure long term resilience of Gildan's business.

Medium-term Targets

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:

Net sales growth at a compound annual growth rate in the mid-single digits range Annual adjusted operating margin( 1) in the range of 18% to 21% Capital expenditures (capex) as a percentage of sales of about 5% per year, on average, to support long-term growth and vertical integration Adjusted diluted EPS( 2) growth per annum in the high-single to low double-digit range

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&A. The combination of the above is expected to drive strong shareholder returns.

2024 Outlook and preliminary Q1 2024 revenue

Gildan today reconfirmed its 2024 full year guidance as announced on February 21, 2024 in its Q4 2023 press release as well as the assumptions underpinning this guidance:

Revenue growth for the full year to be flat to up low-single digits; Adjusted operating margin( 1) 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%. Capex to come in at approximately 5% of sales; Adjusted diluted EPS( 2) 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; Free cash flow above 2023 levels driven by increased profitability, lower working capital investments and lower capital expenditures than in 2023.

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.

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's expectations as of April 15, 2024 and are subject to significant risks and business uncertainties, including those factors described under "Forward-Looking Statements" in this press release and the annual MD&A for the year ended December 31, 2023.

Conference Call and Webcast Information

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 & U.S.) or (646) 307-1963 (international) and entering passcode 3097304#. A live audio webcast of the conference call and presentation , as well as a replay, will be available at the following link: Gildan Investor Update.

A replay of the call will be available for 7 days starting at 10:00 PM ET by dialing (800) 770-2030 (Canada & U.S.) or (609) 800-9909 (international) and entering the same passcode.

About Gildan

Gildan is a leading manufacturer of everyday basic apparel. The Company'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(TM), American Apparel(TM), Comfort Colors(TM), GOLDTOE(TM) and Peds(TM). 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 www.gildancorp.com.

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