The following is a summary of the Gildan Activewear's (GIL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Gildan Activewear reported Q1 sales of $696 million, a slight 1% decline from the previous year, attributed to lower net selling prices and an unfavorable product mix.

• Despite this slight dip in sales, the company experienced a significant double-digit increase in adjusted earnings growth for the quarter.

• Q1 operating margin stayed strong, showing an adjusted gross margin of 30.3%.

• The company significantly improved its free cash flow, using only $71 million in the quarter as opposed to $202 million in the same period last year.

• Gildan maintained a net debt of $1.1 billion, keeping a net debt leverage ratio of 1.6 times, in line with target levels.

Business Progress:

• Gildan's operations saw continued market momentum for ring-spun and fleece products, offset somewhat by decreased hosiery and underwear demand.

• The manufacturing complex in Bangladesh is on track, expected to reach 75% capacity by the end of 2024.

• The company expects continued strength in key product categories, in particular, fleece and ring-spun t-shirts.

• Leadership remains focused on supply chain excellence, brand enhancement, commercial capacity growth, international market expansion, and staff development.

• Expectations are positive for growth opportunities as new retail programs are implemented throughout the year.

• Despite broader market weakness in underwear, the company is increasing its share in international markets. Gildan is also strategizing with competitive pricing to gain additional international market shares.

• Gildan has successfully launched new product styles contributing to continued business innovation.

More details: Gildan Activewear IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.