• Q1 GAAP diluted EPS of $0.31 and adjusted diluted EPS of $0.34
• Q1 consolidated net sales of $647 million, in line with management expectations
• Continued growth momentum in fashion basics in imprintables
• International sales up 24% for the quarter
• Company reaffirms 2018 financial guidance

Montreal, Wednesday, May 2, 2018 – Gildan Activewear Inc. (GIL: TSX and NYSE) today announced its results for the first quarter ended April 1, 2018 and reaffirmed its full year guidance.

The Company's first quarter performance was largely in line with its expectations and the Company is on track to attain its full year financial targets. As expected and consistent with the Company’s guidance initiated on February 22, 2018, adjusted EPS was down in the quarter compared to the record level achieved in the first quarter last year. The Company continued to see strong sales momentum in higher growth product areas such as fashion basics, as well as strong double digit sales growth in international markets, although as anticipated, temporary product availability constraints limited the Company’s ability to fully capitalize on sales demand in the quarter. During the quarter, the Company also successfully launched its full assortment of Gildan^® branded men's underwear on Amazon.

Results for the quarter were also impacted, as anticipated, by higher raw material and other input costs and planned investments in the areas of e-commerce and distribution. SG&A cost reductions resulting from the Company’s organizational consolidation effected at the beginning of 2018 started to flow through in the quarter. The benefit from these cost reductions is expected to have a larger impact in the second half of the year. Free cash flow in the first quarter was better than the Company anticipated.

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