2024-05-01 23:57:07 ET
Gildan Activewear's (GIL)
Q1 2024 Earnings Conference Call
May 01, 2024, 05:00 PM ET
Company Participants
Jessy Hayem - Vice President and Head of Investor Relations
Vince Tyra - President and CEO
Rhodri Harries - Executive Vice President, CFO and CAO
Chuck Ward - President of Sales, Marketing and Distribution
Conference Call Participants
Paul Lejuez - Citigroup Investment Research
George Doumet - Scotiabank
Jay Sole - UBS
Brian Morrison - TD Cowen
Christopher Li - Desjardins Capital Markets
Martin Landry - Stifel
Stephen McLeod - BMO Capital Markets
Luke Hannan - Canaccord Genuity
Mark Petrie - CIBC World Markets
Vishal Shreedhar - National Bank Financial
Presentation
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Q1 2024 Gildan Activewear Earnings Conference Call. After the presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jessy Hayem, Vice President, Head of Investor Relations. Please go ahead.
Jessy Hayem
Thank you; good afternoon, everyone. Earlier we issued a press release announcing our results for the first quarter of 2024, along with our interim shareholder report containing management's discussion and analysis, as well as consolidated financial statements. These documents are expected to be filed with the Canadian Securities and Regulatory Authorities and the US. Securities Commission today, and they'll also be available on our corporate website.
Joining me on the call today are Vince Tyra, President and CEO of Gildan; Rhod Harries, our Executive Vice President and Chief Financial and Administrative Officer and Chuck Ward, President, Sales, Marketing and Distribution. This afternoon, we'll take you through the results for the quarter and a question-and-answer session will follow.
Before we begin, please take note that certain statements included in this conference call may constitute forward-looking statements, which involve unknown and known risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. We refer you to the company's filings with the US. Securities and Exchange Commission, and Canadian securities regulatory authorities. During this call, we will also discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable IFRS measures are provided in today's earnings release as well as our MD&A.
And now I'll turn it over to Vince.
Vince Tyra
Thanks, Jessy, and good afternoon, everyone. This quarter, I saw firsthand the hard work and dedication of our teams as we delivered on our goals and demonstrated resilience as a company. Our first quarter performance was in-line with our expectations, with several bright spots including continued market momentum and ring-spun and fleece products.
We saw good momentum in activewear overall, which was offset by some softness in hosiery and underwear, but this was expected, and to a certain extent, we had to a broader market weakness. So I'm pleased with our competitive position and the team's execution, which drove significant year-over-year improvement in our key financial metrics.
We met our top-line expectations, maintained solid margins and a healthy balance sheet, all a testament to our strong business model. Some of you joined us on April 15 when I shared key elements of my vision for the future, which will enable us to embark on a new chapter of sustainable growth, driving strong free cash flow generation, and shareholder returns....
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Gildan Activewear's (GIL) Q1 2024 Earnings Call Transcript