• Net sales of $783 million in the fourth quarter, up 9% vs. Q4 2022
• Q4 operating margin of 22.8%, adjusted operating margin¹ of 19.7%
• Q4 diluted EPS of $0.89 up 89% and adjusted diluted EPS¹ of $0.75 up 15% vs. Q4 2022
• Cash flow from operations of $239 million in Q4 and $547 million for the full year; free cash flow¹ of $203 million in Q4 and $392 million for the full year
• Capital returned to shareholders of $204 million in Q4 and $492 million for the full year, through dividends and share repurchases
• Company announces 10% dividend increase for 2024
• Company initiates 2024 annual guidance

Montreal, Wednesday, February 21, 2024 - Gildan Activewear Inc. (GIL: TSX and NYSE) today announced results for the fourth quarter and year ended December 31, 2023, and initiated annual guidance for 2024. In addition, the Company announced a dividend increase of 10% for 2024.

Overall, despite a challenging macro-economic backdrop and tough year over year comparative periods, 2023 was a year of strong progress on Gildan's Sustainable Growth strategy and its three key pillars focused on innovation, manufacturing capacity and ESG. Gildan finished the year with strong sales growth in the fourth quarter, an adjusted operating margin¹ at the high end of the Company's target range and a return to growth in EPS. In addition, 2023 cash flow generation was robust and we closed the year with a healthy balance sheet, all of which positions us well for 2024.

“Outstanding operational execution by our highly skilled team of employees across our global footprint delivered strong Q4 results" said Vince Tyra, President and CEO. "As the Company celebrates its 40th anniversary this year, I see a bright future ahead, where we can leverage our strengths and continue to enhance value for all stakeholders. Since joining the Company, I’ve had the opportunity to visit with hundreds of employees in Montreal and Honduras and I've met with many of our key customers during the recent industry trade shows in Las Vegas, Nevada and Long Beach, California, which fueled my excitement for the future."

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