Gildan Activewear Q2 2025 Earnings Report

Gildan Activewear EPS Results

• Actual EPS: $0.97
• Consensus EPS: $0.96
• Beat/Miss: Beat by +$0.01
• One Year Ago EPS: $0.74

Gildan Activewear Revenue Results

• Actual Revenue: $918.50 million
• Expected Revenue: $908.41 million
• Beat/Miss: Beat by +$10.09 million
• YoY Revenue Growth: +6.50%

Gildan Activewear Announcement Details

• Quarter: Q2 2025
• Date: 7/31/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, July 31, 2025
• Conference Call Time: 8:30AM ET

Gildan Activewear (NYSE:GIL) Inc. manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands. The company also offers hosiery products comprising athletic; dress; and casual, liner, therapeutic, and workwear socks under the Gildan, Under Armour, GoldToe, Signature Gold by Goldtoe, Peds, MediPeds, All Pro, and GoldTeo Edition TM brands. In addition, it provides men's and boys' underwear products, and ladies panties under the Gildan and Gildan Platinum brands. The company sells its products to wholesale distributors, screen printers, and embellishers, as well as to retailers and lifestyle brand companies. The company was formerly known as Textiles Gildan Inc. and changed its name to Gildan Activewear Inc. in March 1995. Gildan Activewear Inc. was founded in 1946 and is headquartered in Montreal, Canada.

Gildan Activewear Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: We achieved record Q2 sales of $919 million (+6.5% YoY) driven by a 12% jump in Activewear and delivered record adjusted EPS of $0.97 (+31%).
• Positive Sentiment: Our Bangladesh facility is fully ramped up and we’re expanding capacity in Central America to capitalize on tariff savings and maintain manufacturing flexibility.
• Negative Sentiment: International sales fell 14% due to Europe/Asia softness and tough Latin America comps, while Hosiery & Underwear revenue dropped 23% amid market weakness and program resets.
• Positive Sentiment: We reaffirmed full-year 2025 guidance with mid-single-digit revenue growth, ~50 bps operating margin expansion, and narrowed adjusted EPS to $3.40–$3.56, reflecting disciplined execution.
• Neutral Sentiment: Operating cash flow declined to $46 million (vs. $113 million), with modest free cash flow use of $12 million, and leverage at 2.2× EBITDA remains within target.

Presentation

[Operator]

Ladies and gentlemen, thank you for standing by, and welcome to Gildan Activewear's twenty twenty five Second Quarter Earnings Conference Call. Please be advised that today's conference is being recorded. After today's presentation, there will be an opportunity to ask questions. I would now like to hand the conference over to Jesse Hayam, Senior Vice President, Head of Investor Relations and Global Communications. Ma'am, please go ahead.

[Jessy Hayem, Head - IR at Gildan Activewear]

Thank you, Janine. Good morning, everyone, and thank you for joining us. Earlier today, we issued a press release announcing our results for the second quarter while updating our full year guidance for 2025. We also issued our interim shareholder report containing management's discussion and analysis and consolidated financial statements. These documents are expected to be filed with the Canadian Securities and Regulatory Authorities and the U.

[Jessy Hayem, Head - IR at Gildan Activewear]

S. Securities Commission today, and they'll also be available on our corporate website. Joining me today on the call are Glenn Schemendy, President and CEO of Gildan Luca Verrile, Executive Vice President, Chief Financial Officer and Chuck Ward, Executive Vice President, Chief Operating Officer. This morning, as usual, we'll take you through the results for the quarter and then 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.

[Jessy Hayem, Head - IR at Gildan Activewear]

We refer you to the company's filings with the U. S. Securities and Exchange Commission and Canadian securities regulatory authorities. During the 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 and A. And now I'll turn it over to Glenn.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Thank you, Jesse, and good morning, everyone. Our Gildan Sustainable Growth strategy is on track. We're executing the plan that we have laid out, especially in this fluid environment. Our priority is to control the controllables with discipline and agility. We reported record second quarter sales of $919,000,000 which were up 6.5% versus last year, driven by strong Activewear sales growth of 12%.

[Glenn Chamandy, President & CEO at Gildan Activewear]

We also reported record adjusted diluted EPS of $0.97 a share, which increased an increase of 31% year over year, reflecting our focus on profitable growth, and we are very pleased to deliver the strong performance. We continue to demonstrate consistent execution of our Gildan sustainable growth strategy, from our Bangladesh facility being ramped up to the continued pipeline of new innovation and finally, ESG with the publication of our twenty first ESG report in May. We continue to gain market share in key growth categories. Our sales and distributor channel were further supported by strong demand of our existing brands like Gildan Soft Cotton Technology, Comfort Colors, American Apparel and from the contribution of new brand offerings under the All Pro brand and Champion. Furthermore, we see solid momentum in our national accounts.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Remember, about three quarters of our expected sales growth in 2025 is expected to come from new programs. We're set to continue to launch additional industry leading innovation and we'll continue to focus on operating our global vertically integrated low cost manufacturing facilities, which will allow us to be flexible, agile in this operating environment with the current tariffs in place. Remember, that significant that we have significant U. S. Cotton and yarn content in our products, and this allows for significant tariff savings since tariffs do not apply to the value of U.

[Glenn Chamandy, President & CEO at Gildan Activewear]

S. Content on imported products, a clear competitive advantage for us. And to mitigate the impact we do have from tariffs, we have implemented pricing action. So with that in mind, we are reaffirming our previous provided 2025 full year guidance, and we are narrowing our adjusted diluted EPS range, all of which are supported by many drivers that should allow us to deliver on our objectives for the full year. So in conclusion, despite the prevailing uncertainty, I am confident in our ability to continue delivering as we remain on track to deliver on our three year objectives for the twenty twenty five to twenty twenty seven period.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Thanks to our solid foundation, our focus on GSG strategy, our strong industry positioning and our experience in operating and dynamic environments, all with the focus of executing to deliver long term shareholder value. I'm looking forward to answering your questions after our formal remarks. And now I will turn it over to Luca for the financial review.

[Luca Barile, EVP & CFO at Gildan Activewear]

Thank you, Glenn. Good morning, everyone, and thank you for joining us today to discuss our second quarter results. Let me begin by covering the specifics of the quarter, and then I will comment on our outlook and guidance for 2025. So let's begin with the quarter's results. We reported record second quarter sales of $919,000,000 up 6.5% year over year, in line with guidance provided.

[Luca Barile, EVP & CFO at Gildan Activewear]

This reflected strong performance in Activewear, with sales up 12%, driven by higher sales volumes and, to a lesser extent, favorable product mix and higher net prices. We continued to experience a strong market response to our recently introduced products, which feature key innovations, including our soft cotton technology. Strong sales to North American distributors were complemented by continued momentum with national account customers, driven by our competitive positioning and the ongoing benefits from recent changes in the industry landscape. During the quarter, we benefited from a slight tailwind from orders being placed in advance of our announced pricing actions. Turning to international markets, sales were down by 14% year over year as demand moderated in Europe and softness persisted in Asia due to the macroeconomic backdrop.

[Luca Barile, EVP & CFO at Gildan Activewear]

Furthermore, and contributing to a softer quarter for international, we faced a tough comparative period in Latin America as last year's quarter included large election related purchases. Moving on to hosiery and underwear. As we expected, sales in this category were down in the quarter. We reported a 23% decrease versus the prior year, stemming from broad based market demand softness, unfavorable mix and, as previously communicated, some program resets towards the second half of the year. Turning our focus to margins for the quarter.

[Luca Barile, EVP & CFO at Gildan Activewear]

Our gross margin was 31.5%, a 110 basis point improvement over the prior year, primarily due to lower raw material costs, lower manufacturing costs, as well as favorable pricing. SG and A expenses were down year over year at $82,000,000 versus $124,000,000 last year, which included significant contest and leadership changes and related matters. Excluding these charges, adjusted SG and A for the quarter was $81,000,000 or 8.8% of sales compared to $66,000,000 or 7.7% of sales in the same quarter last year, reflecting higher general and administrative expenses and variable compensation. As you may recall, the positive impact from the Barbados jobs credit was $17,000,000 in the 2024 when this credit was introduced retroactively to 01/01/2024, as compared to a $12,000,000 benefit recorded in the 2025. As we bring all these elements together, adjusting for restructuring and acquisition related items in both years and costs related to proxy contest and leadership changes, which were primarily incurred in the prior year, we generated adjusted operating income of $2.00 $9,000,000 up $13,000,000 or 22.7% of net sales, flat year over year and in line with guidance provided.

[Luca Barile, EVP & CFO at Gildan Activewear]

Moving on to taxes. The company's adjusted effective income tax rate for the quarter was 17.4% compared to 27.2% last year, which reflected the impact of the enactment of global minimum tax in Canada and Barbados with retroactive effect to 01/01/2024. After reflecting higher net financial expenses and a lower outstanding share base, we reported record adjusted diluted EPS of $0.97 up 31.1 year over year. Now turning to cash flow and balance sheet items for the 2025. Operating cash flow was $46,000,000 compared to $113,000,000 in the 2024, primarily reflecting higher working capital investments.

[Luca Barile, EVP & CFO at Gildan Activewear]

After accounting for CapEx of $58,000,000 the company consumed approximately $12,000,000 in free cash flow in the 2025, while generating $154,000,000 of free cash flow in the second quarter. In line with our strong commitment to return capital to shareholders, during the first six months of the year, we repurchased about 2,900,000.0 shares, returning $2.00 $6,000,000 in capital to shareholders, including $68,000,000 in dividends. Finally, we ended the 2025 with net debt of about $1,850,000,000 and a leverage ratio of 2.2 times net debt to trailing twelve months adjusted EBITDA, within our targeted range of 1.5 to 2.5 times. Now turning to our strategy and outlook. As Glenn highlighted earlier, we are pleased with our execution and the progress made on the three pillars of our GSG strategy.

[Luca Barile, EVP & CFO at Gildan Activewear]

First, our new manufacturing complex in Bangladesh is now fully ramped up and performing as expected. Moreover, on the innovation front, we continue to tap into the largest innovation pipeline in the company's history, with more product launches to come in 'twenty five and into 2026. And lastly, touching briefly on ESG. We have released our twenty first ESG report in May, which highlights our progress against our next generation objectives. In addition, and as we communicated in early July, Gildan was recognized as one of Canada's best 50 corporate citizens by Corporate Knights for a fourth consecutive year and was once again featured among Time's World's Most Sustainable Companies, which we believe is a testament to our strong commitment to sustainable practices.

[Luca Barile, EVP & CFO at Gildan Activewear]

Now let's turn to our outlook. Against the current fluid macroeconomic backdrop, we remain focused on our operational agility and remain committed to executing on our ESG strategy in order to drive strong financial performance. For 2025, we are reaffirming our full year guidance while narrowing the range of adjusted diluted EPS. We expect revenue growth for the full year to be up mid single digits, full year adjusted operating margin to increase approximately 50 basis points, CapEx to come in at approximately 5% of sales adjusted diluted EPS to be in the range of $3.4 to $3.56 up between approximately 1319% year over year compared to our previous guidance of $3.38 to $3.58 and free cash flow is still expected to come in above $450,000,000 Further, the outlook which I just laid out is underpinned by some key assumptions, including the following: firstly, we have considered the impact of tariffs currently in place in conjunction with mitigation initiatives available to us, including pricing and our ability to leverage our flexible business model as a low cost, vertically integrated manufacturer. Furthermore, the outlook continues to reflect growth in key product categories, driven by recently introduced innovation, the favorable impact from new program launches and market share gains, the expected ongoing benefits from the Barbados jobs credit, as well as continued share repurchases under our NCIB program while remaining within our leverage framework.

[Luca Barile, EVP & CFO at Gildan Activewear]

We also anticipate that our adjusted effective tax rate for 2025 will remain at a similar level to what we saw for the full year in 2024. Finally, we have also provided guidance for our third quarter with net sales expected to be up low single digits year over year, reflecting a timing shift of orders from the third quarter into the second quarter and partly into the fourth quarter. We expect our adjusted operating margin to be in the same range as the 2025. We also expect our adjusted effective income tax rate in the 2025 to be at a similar level to that of the full year 2024. So in summary, are very pleased with the quarter, and we remain confident in our ability to deliver continued strong financial performance amid the dynamic macroeconomic environment.

[Luca Barile, EVP & CFO at Gildan Activewear]

Thank you. And now I'll turn it over to Jessie.

[Jessy Hayem, Head - IR at Gildan Activewear]

Thank you, Luca. This concludes our prepared remarks, and now we'll begin taking your questions. As usual, before we move into Q and A session, I'd like to remind you to limit your questions to two, and we'll circle back for a second round if time permits. Janine, you may begin the Q and A session.

[Operator]

Thank you. Our first question comes from the line of Mr. Paul from Citi. Sir, your line is open.

[Brandon Cheatham, VP Equity Research at Citigroup]

Hey, everyone. This is Brandon Sheetem on for Paul. I was hoping that you could help quantify the shifts that occurred in 2Q. How much was taken from 3Q and how much shifts from 3Q into 4Q? And then I just have a follow-up on the underwear and hosiery business.

[Brandon Cheatham, VP Equity Research at Citigroup]

If you could parse out what was the impact from the Nike sockpaws versus the core business? And how are you thinking about that segment for the rest of the year? And anything you can share on backfilling the Under Armour business that you previously exited? Like, what are you doing with that capacity now? Thanks.

[Luca Barile, EVP & CFO at Gildan Activewear]

Okay. Well, thank you for your question, and good morning. So with respect to the second quarter, second quarter was a very strong quarter. Activewear sales were eight twenty two. They're up 12% year over year.

[Luca Barile, EVP & CFO at Gildan Activewear]

And like we provided on our on our formal remarks, some of that was aided by a tailwind of orders ahead of pricing action. So I think what you have to keep in mind here is that when you take a look at the second and third quarter really in conjunction, that would yield a growth of mid single digit. We did guide the third quarter to being revenue up low single digit, again with a very strong performance in Q2 and some of those sales shifting to the fourth quarter. We provided guidance on the full year. Again, as a reminder, the revenue was up mid single digit for the full year.

[Luca Barile, EVP & CFO at Gildan Activewear]

And the way I think you have to really interpret the guidance across the second the results in the second quarter and the guidance for the remainder of the year is that you have to start with the market assumption. Right? And the market assumption really is look. You look at Q1, the market was down. We informed the market of that.

[Luca Barile, EVP & CFO at Gildan Activewear]

In the second quarter, the market was still down but improving. Right? And we and that is expected to continue to improve. And the market assumption for the guide is that the market will be down to low single digit for the full year. So what we've done as a result is we've reaffirmed our top line.

[Luca Barile, EVP & CFO at Gildan Activewear]

We're really happy with the way sales are progressing, revenue up mid single digit. But what we've done is we've narrowed the range when it comes to EPS by zero two dollars on the low and $02 on the high, reflecting some of the conservatism that is or uncertainty that's in the market. And I would say that from a growth perspective, again, the vectors are that we continue to take share strong activewear performance even though the market, is down. That was to the first part of your question. Maybe Chuck for the second part.

[Chuck Ward, EVP & COO at Gildan Activewear]

Yeah. Thank you, Luca. Yeah. To answer your question on the other part, you know, as Luca said, we're very happy with our activewear and our new programs we delivered during the quarter, but we did have some headwinds as we talked about a little bit in the innerwear. It was things like delayed store sets, there was a little market softness.

[Chuck Ward, EVP & COO at Gildan Activewear]

But yes, we do have some customers that are doing some program and product resets that will continue to happen and ramp up throughout the year. So we do expect it to continue to improve quarter over quarter for the remaining of the year as we go forward. So we would we cost you know, we often see program resets and it's timing and we work through those. So, we expected some of that and we're we're facing that as we go through the year. Yeah.

[Glenn Chamandy, President & CEO at Gildan Activewear]

And it's and it's not structural. This will just will work itself out and will be on a, I think, on a better pace as we go into the second half.

[Brandon Cheatham, VP Equity Research at Citigroup]

Does that imply second half is positive in the hosiery and underwear business? Anything you can quantify just how to think about?

[Luca Barile, EVP & CFO at Gildan Activewear]

Yeah. So we so we provided the guide, I guess, you know, for Q3, but what we can share is that we definitely we see sequential improvement, in the underwear and hosiery category, and, positivity as we move through the rest of the year.

[Brandon Cheatham, VP Equity Research at Citigroup]

Got it. Appreciate it. Thanks and good luck.

[Operator]

Thank you. Our next question comes from the line of Mr. Chris from Desjardins. Sir, your line is open. Hello, Mr. Chris. Your line is open.

[Jessy Hayem, Head - IR at Gildan Activewear]

It looks like he dropped off, Jeanie. Can we move on to the next one?

[Operator]

Yes, we'll do. Our next question comes from the line of Mr. Jay from UBS. Sir, please go ahead.

[Jay Sole, Managing Director at UBS Group]

Great. Thank you. This is Jay So on from UBS. My question is about the comment in the press release you mentioned that the Activewear business, you're seeing continued momentum from national accounts and that's driven in part by continued benefit from recent changes in the industry landscape. Can you just expand on that a little bit and tell us what kind of changes you're seeing and what the opportunity is going forward? Thank you.

[Chuck Ward, EVP & COO at Gildan Activewear]

Yeah, Jay. It's Chuck. We're continuing to see things move around. Obviously, there's a lot of change going on in the industry also with tariffs and other things in the economic backdrop. And as we do that, we see customers continue to look, to different suppliers.

[Chuck Ward, EVP & COO at Gildan Activewear]

And one thing that we provide obviously with our globally vertically integrated manufacturing is we Glenn mentioned in his comments, we provide stability in an uncertain environment. And so we're seeing benefits of that. So as we see our strong activewear, POS for North America specifically, it is driven by our GLB customers, our retail and our large screen printers. And the big thing there is, as Luca talked a little bit about the market, we are continuing to gain share in key categories. I mean, we're continuing to grow in ring spun, specifically comfort colors is continuing to do quite well, and we're growing in that.

[Chuck Ward, EVP & COO at Gildan Activewear]

So against a good you know, against a maybe a macroeconomic backdrop that wasn't as positive, we've we've done quite well.

[Glenn Chamandy, President & CEO at Gildan Activewear]

And maybe I'd add on to that as I look at, we're well positioned because of our US cotton and US yarn. I mean, we have, I would say, a lesser impact on the impact of tariffs from particularly from Central America. One thing that we called out is that when we look at our whole manufacturing and our manufacturing capacity, what we said is that for this year, we're running around 90% of our capacity. We do have enough capacity installed today to handle the three year period, '25 to '27. But as we speak, we are actually incrementally adding additional capacity in Central America because we believe there will be potential opportunity as we move forward, particularly in our positioning.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Because look, this is a very fluid situation. Every day, tariffs are moving around, qualifying goods, non qualifying goods, it could be anywhere between 20% to 40%. So these are significant tariffs basically. And we're well positioned, we think, to take advantage of that. So it takes time for these things to develop.

[Glenn Chamandy, President & CEO at Gildan Activewear]

It just doesn't happen overnight. People just don't wake up one day and say, Hey, I'm gonna change my supply chain. But it's moving in the right direction and we're very confident that we're well positioned to take advantage, particularly with our national accounts. And people book sometimes six, eight, nine months in advance because of the lead time, particularly in retail from Asia. So as we move into FORWARD, I think that they're taking that risk on where tariffs would be is creating uncertainty for a lot of these customers.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So I think we're well positioned. And like what we said in our last call is we do have good visibility as we already move into 2026, which is really a reflection of the opportunity in hand.

[Jay Sole, Managing Director at UBS Group]

Got it. Okay. Well, thank you so much.

[Operator]

Thank you. Our next question comes from the line of Brian Morrison from TD Cowen. Sir, your line is open.

[Brian Morrison, VP & Director at TD Securities]

Thanks very much. Glenn, I want to follow-up on that comment that you're making specifically near Shoring National accounts and GLB tariff relocation opportunities. How much can you actually increase the throughput in Honduras? And with the uncertainty that's out there, can you give us some timing and magnitude potentially of the opportunity?

[Glenn Chamandy, President & CEO at Gildan Activewear]

Well, we're going to and the thing about what we're trying to do is we're adding extra capacity within the four walls of our existing facilities. So it's a little we run five operating plants in this hemisphere, basically. So we'll add a little bit in each plant. But I would say that we will be able to yield a good 10% more additional capacity overall basically in our system. And that will be installed as we go through this year.

[Brian Morrison, VP & Director at TD Securities]

So 10% on $550 per plant, call it $250,000,000 Is that what we're saying?

[Glenn Chamandy, President & CEO at Gildan Activewear]

I would say probably maybe just a little bit more than that.

[Brian Morrison, VP & Director at TD Securities]

Thank you. And then my second question sorry, go ahead.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Yes. No, you go ahead.

[Brian Morrison, VP & Director at TD Securities]

My second question is actually on the Bangladesh facility. I believe you've been over there now. Is it running at optimal levels of efficiency? When will the inefficiencies be out of inventory? And maybe just in terms of the cash cost savings, I think it's 25% relative to Honduras. How do you view this in various tariff scenarios?

[Glenn Chamandy, President & CEO at Gildan Activewear]

Okay. Well, I would say to you that, look, we're already seeing the benefit of Bangladesh because we were projecting to have operating margin expansion as we move through the year. And a lot of that operating margin expansion is coming from our Bangladeshi facility because we really haven't had the impact of our yarn modernization project hit our P and L yet. So that's probably going to go into 2026. So that will have continued operating margin improvement.

[Glenn Chamandy, President & CEO at Gildan Activewear]

That's how we're essentially being able to do that. And as well as, obviously, we utilize our Central American facilities, that's another even consuming the first phase of running at 100% would allow us for additional, I think, margin improvement. But when you look at the Bangladesh, it's fully ramped up. And Bangladesh services basically about half of the volume is going to service international markets, Europe, Canada, Japan, Australia, etcetera. And the other half is coming this way basically.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So we are using U. S. Cotton in Bangladesh. So we're offsetting the tariff impact from U. S.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Cotton. And we also have some other flexibilities within our supply chain to mitigate where some of that fabric is being sewn so that we can reduce the amount of tariffs. So we're very comfortable with our positioning. I think we have a good handle on the cost of tariffs. And like what I said earlier is that we also take minimal price increases differentiate between the cost of tariffs and not so.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So we've taken price to respond to it as well. So we're fully covered. I think that we are in a better position than anybody else. And I think that as we move forward in the coming years, basically, as this works itself through, I think that we're in good shape. I mean, yesterday, India, 25%.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Vietnam is 20%, but that's on products that are totally produced in Vietnam. So a lot of products that are produced in Vietnam are coming from fabric coming from China. What we're seeing is that could be a 40% tariff rate. So overall, I think that we're very excited about our positioning. We're going to leverage our low cost, vertically integrated manufacturing, and we're excited.

[Glenn Chamandy, President & CEO at Gildan Activewear]

And it's a reflection of really of our positioning, not only on our manufacturing side, but I would say that we're well positioned from a product side too with all of our innovation, our brand strategy. I mean, we've got five great brands right now that we're bringing to market and all of them are doing well. And Comfort Color is knocking it out of the box again this year. Things are going well, that's a reflection of our 12% growth in Activa for the quarter.

[Brian Morrison, VP & Director at TD Securities]

Very good. Thank you.

[Operator]

Thank you. Our next question comes from the line of Mark from CIBC. Sir, please go ahead.

[Mark Petrie, Equity Research Analyst at CIBC Capital Markets]

Yes, thanks. Good morning. I wanted to actually just follow-up, Glenn, on your comment with regard to price. If you could just expand a little bit on the magnitude of that, the timing and then what you've seen more broadly from competitors and how they've responded to the tariff pressures?

[Glenn Chamandy, President & CEO at Gildan Activewear]

Well, would say that look at pricing is all over the place a little bit because we have different customers with different lead times and we have also different product categories that have a little bit higher tariffs than others, like imported socks, for example, things like that. So the pricing is sequentially being rolled out basically in a very uniformed way. But it's not substantial, I would say. I mean, when you look at the price impact, I think that's the point so far because we mitigated a lot of tariff costs. Then there could be more price being rolled out as we go forward.

[Glenn Chamandy, President & CEO at Gildan Activewear]

It's not completely all done yet. But I think we're in a relatively good position. And all the competitors have the same issue basically because most of them not even having the best the same cost structures we have. So they could be further impacted than we are in terms of the tariff impact. And the one thing I think I'd like to always make people remember, particularly in our wholesale business is that we were selling shirts, wholesalers were selling our shirts, reselling them for $2.25 a shirt.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So the shirt goes up by $0.10 a unit. You got to remember that that shirt is still being sold in the souvenir store for $25 So it goes from us to the distributor to the printer to a reseller to a retailer. $0.01 0 a unit on a supplier that it's been something that's been handed over five times before it gets to consumers is insignificant. And we have a lot of opportunity, I think, in terms of price elasticity, particularly in our wholesale business. So I think we're well positioned and we'll continue going and we'll see what happens.

[Glenn Chamandy, President & CEO at Gildan Activewear]

The situation is still fluid. Don't know what happens August 1, mean, tomorrow is another day. But we're well positioned to navigate through any of these challenges, can tell you that.

[Mark Petrie, Equity Research Analyst at CIBC Capital Markets]

Yes. Okay. Fair enough. Maybe just a slightly different angle then on the pricing side. Maybe first, just if you could clarify if the price actions were sort of consistent across your different channels sort of segments.

[Mark Petrie, Equity Research Analyst at CIBC Capital Markets]

And then if you were to look back, call it six months ago to a pre tariff or sort of unaffected pricing environment, would the price gaps to peers or competitors today be about the same? Or do you think they've narrowed or expanded as a result of all of the different noise over the last half year?

[Glenn Chamandy, President & CEO at Gildan Activewear]

I would say everything's rolling in the same direction, going up equally on a product for product like basis within the marketplace. So there's been really no change because everybody's got the same impact. And in terms of pricing, like I said earlier, we have different markets and different products with different contributions. So we're consistent, I would say, within the market and all of the categories in which we sell. So there's been a consistent theme because everybody's pretty much rolling in the same direction, right?

[Glenn Chamandy, President & CEO at Gildan Activewear]

And everybody's taken price where they had to basically depending on those products. So products that aren't made in this hemisphere had a larger impact basically than products from Asia, for example, that are not conducive to making in this hemisphere, like dress socks, for example. We just don't make them here. I mean, nobody does. So those but everybody is sort of aligned, I would say.

[Glenn Chamandy, President & CEO at Gildan Activewear]

And everybody's rolled out pricing in sequential manner either in the wholesale market or in the retail market.

[Mark Petrie, Equity Research Analyst at CIBC Capital Markets]

Okay. Thanks for the comments. All the best.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Thank you.

[Operator]

Thank you. Our next question comes from the line of Mr. Martin from Stifel. Please go ahead.

[Martin Landry, MD - Equity Research at Stifel Financial Corp]

Good morning, everyone. I would like to talk, Glenn, about The U. S. Distributor landscape. It's been almost a year since two large distributors merged.

[Martin Landry, MD - Equity Research at Stifel Financial Corp]

I was wondering what's been the impact for Gale then? Have they closed warehouses? Have they reduced inventory in the channel? Any color would be great.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Well, would say, look, I mean, we haven't had an impact because our Activewear sales were up 12%. So it's a good reflection of the positioning in the market and we're continuing to take market share in that market. As regarding our largest customer today who's now consolidated, that consolidation is completely finished. The warehouses are completely integrated. I would say the acquisition integration is completely finished.

[Glenn Chamandy, President & CEO at Gildan Activewear]

It was done in Q2. So we haven't really seen any impact. In fact, we continue to see positive impact because as we said in previous calls, there's continuing to be reduction in brands in the market. I mean, the market is over branded, over assorted in terms of available brands and we are continuing to leverage our footprint. And we think that we're continuing to be the beneficiary consolidation, which has been happening for, obviously, the twenty five years that it's been happening.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So our brands are running. We've actually launched new brands. We have All Pro, which is a new brand that we launched this year, as well as the Champion brand. We've got a really good footprint. And also add on to that is that the competitive landscape is weakening even further.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Our competitors are because look, we're we're leveraging our low cost vertically integrated manufacturing. We've seen DeepDelta, the Gilgado business last year, Futal Loom divests our brand for the market and other people in the industry that are having financial issues basically, which we see. So I think that we're well positioned to be a leader and continue leading and it's a good reflection of our strong performance with activewear beating up 12% for the quarter.

[Martin Landry, MD - Equity Research at Stifel Financial Corp]

Okay. And just on the outlook, in The U. We're seeing a rebound in consumer confidence and it looks like concerns about a U. S. Recession are abating.

[Martin Landry, MD - Equity Research at Stifel Financial Corp]

So I'm wondering if you're seeing that with your clients, especially I'd love to hear you talk about a bit more about corporate promotional activity. Do you expect corporate spending to rebound in H2?

[Glenn Chamandy, President & CEO at Gildan Activewear]

Look, we don't have a crystal ball, to be honest with you. So what Luca said earlier is that, look at the market, it was down in Q1. January was anomaly basically because of the weather, the fires, and all those things. But taking out January, I think we've seen a consistent sort of flow in the market. And that could be the corporate promotional side is definitely weak.

[Glenn Chamandy, President & CEO at Gildan Activewear]

But there's all different aspects of the market. That's what's so great about the printwear market. It's tourism, it's travel, it's the experience, it's creator economy, it's all these things that sort of drive the market. But we've taken an approach where we see that the market is going to slightly improve as we go through the year. And particularly because Q4 is when the market Q3 and Q4, towards end of Q3 and Q4, we saw a greater downturn in 2024.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So we're going to be comping sales on a different basis. So we're taking a view that the market is not going to be robust. I mean, we believe that consumers will come back. Interest rates are still haven't moved yet. So when they do come down, that's going to create some consumer confidence again.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So it's early days. We're cautiously optimistic. We control what we can control, to be honest with you. And we're taking your view. And, you know, there's still a lot of uncertainty.

[Glenn Chamandy, President & CEO at Gildan Activewear]

I mean, we don't know what's gonna happen tomorrow, to be honest with you. So I think we're in a really good position. I think that we've laid out and delivering. We're executing. We've got strong sales, good earnings.

[Glenn Chamandy, President & CEO at Gildan Activewear]

We got good visibility as we with all the programs. Part of what's happening in the second half is that a lot of those new programs that we called out, which is three quarters of our program, they're being launched in the back half of this year. They are big activewear programs at retail. Mean, I just being shipped as we speak. So they're providing a good base of sales growth for us regardless really of where the market's going to be.

[Glenn Chamandy, President & CEO at Gildan Activewear]

And look, with all this instability, we've already got good visibility on 2026. So look, we've got to take things with a grain of salt. We don't know what's going to happen. We're cautiously optimistic, and I think we're well positioned.

[Martin Landry, MD - Equity Research at Stifel Financial Corp]

Okay. Thank you and best of luck.

[Operator]

Thank you. Our next question comes from the line of Steven from BMO Capital Markets. Sir, please go ahead.

[Stephen MacLeod, MD & Equity Research - Special Situations at BMO Capital Markets]

Thank you. Good morning, everyone. Just Just wondering if you can give a little bit of color around kind of the activewear growth components in the quarter, specifically sort of what POS growth was by fashion basics, fleece basics, and what you saw in terms of industry growth in Q2, sorry, and how your growth compared to that?

[Glenn Chamandy, President & CEO at Gildan Activewear]

Look, I would just say to you, look, our growth is driven really by our brand strategies. Our Gildan soft cotton technology is continuing to to work well. Our Comfort Colors brand is basically, you know, it's on fire still. I mean, you know, we've got a very good growth. AA is actually our American Apparel brand is actually gaining a lot of traction in the industry today.

[Glenn Chamandy, President & CEO at Gildan Activewear]

We launched All Pro this year. It's a brand new brand for us. It's more performance based. It's 100% poly type products in performance. And obviously, our Champion brand is on track, which we said is going to be about $100,000,000 business over the three years.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So all of these things are driving it. If you peel back the onion within each one of the categories, it's fleece, it's ring spun t shirts, it's basically because we have them all in the same categories, right? So we've got a very good diverse portfolio of brands and then we have products within those brands that are continuing to drive and take market share. So overall, we're well positioned and it's all of these things that are continuing to contribute to our 12% activewear growth.

[Stephen MacLeod, MD & Equity Research - Special Situations at BMO Capital Markets]

Okay, thank you. And then maybe just with respect to some of the new products in the back half of the year, you've referenced that a number of times. Can you give any specifics around kind of what those are and what channels you're specifically referring to?

[Chuck Ward, EVP & COO at Gildan Activewear]

Think as we said before, we have products across each of the categories and each of the channels that we're launching. So I would say, as Glenn said, I mean, we see some things with the new brands and things that we've launched in distributors. We have things in national accounts with some of our GLB customers. We have some additional programs with large retailers as well. So the good news is it's kind of across channels and across products.

[Glenn Chamandy, President & CEO at Gildan Activewear]

And they're meaningful, right? Because the bulk of our three quarters of our sales increase, a lot of that's coming in the back half, particularly with the large fleece program with our large national account customer, more shelf space in the innerwear area. So it's all really and that's why we're confident really as we move into really Q4 as you see the bigger increase in revenue is a contributor from these new programs.

[Stephen MacLeod, MD & Equity Research - Special Situations at BMO Capital Markets]

That's great color. Thanks, guys. Appreciate that.

[Operator]

Thank you. Our next question comes from the line of Mr. Luke from Canaccord Genuity. Please go ahead.

[Luke Hannan, Equity Research Analyst - Consumer at Canaccord Genuity - Global Capital Markets]

Thanks. Good morning, and thanks for all the commentary thus far. I want to follow-up as it relates to the outlook for the year and specifically what's being implied from an operating margin perspective. Glenn, I think you just kind of touched on it there. Q4, it sounds like, should be pretty favorable when it comes to sales program wins.

[Luke Hannan, Equity Research Analyst - Consumer at Canaccord Genuity - Global Capital Markets]

I imagine that also is translating into the implied operating margin strength. I'm just more curious, I guess, about the raw materials outlook. When it comes to cotton costs, it seems like it's been relatively stable of late. Should we expect those tailwinds to sort of dissipate towards the end of the year and into next or maybe just frame up for us the drivers behind operating margin for the balance of the year?

[Luca Barile, EVP & CFO at Gildan Activewear]

Yes, thank you for your question. So if we start with the guide, so we're guiding operating margin for the year to be up approximately 50 basis points versus 2024. As you alluded to, when you look at the evolution of the margin profile, in the second quarter, we had strong growth very strong gross margins and we had sub-ten percent SG and A. When you look at the gross margin, that was delivered in part driven by lower raw material costs and was delivered as planned. We saw some price favorability there.

[Luca Barile, EVP & CFO at Gildan Activewear]

The way to think of the gross margin is that's going to sequentially improve, that's included within the guide. And when you look at the drivers of the operating margin guide for the full year, that 50 basis point accretion, Glenn had alluded to these drivers earlier in the call. The ramp up of our Bangladesh facility, right, the cost advantage there that's starting to trickle in as planned. There's some of the yarn optimization, even though more of that is going go into 2026, and the optimization of our Central American mix and network. So that in conjunction with maintaining our sub 10% in terms of SG and A and good cost control are really the drivers behind that guide of accretion of 50 basis points for the year.

[Luke Hannan, Equity Research Analyst - Consumer at Canaccord Genuity - Global Capital Markets]

Okay, thanks. And for my follow-up here, Glenn, you alluded to there being roughly three quarters of the sales growth coming from some of these new programs for 2025. Is that true for 2026 as well?

[Glenn Chamandy, President & CEO at Gildan Activewear]

We have very good visibility for 2026, yes.

[Luke Hannan, Equity Research Analyst - Consumer at Canaccord Genuity - Global Capital Markets]

Okay. Thank you very much.

[Operator]

Thank you. Our next question comes from the line of Mr. Vishal from National Bank. Sir, your line is open.

[Vishal Shreedhar, Analyst at National Bank Financial]

Hi. Thanks for taking my question. With respect to the market weakness, in the past, Glenn, Gildan has used the market weakness as opportunities to pick up acquisitions related to some of these competitors that are struggling. How do you foresee that evolving in the year ahead?

[Glenn Chamandy, President & CEO at Gildan Activewear]

Well, would say, look, right now what we're doing is we're taking share in the market. So it's a lot more advantageous to gain share than buy share. We're taking advantage of the positioning, low cost manufacturing and the weakness in the competitive landscape. And also, I would say, the consolidation of brands within the market. So all those things are allowing us really to drive on the existing brands.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So what we've been able to do is actually create new brands. I mean, our Comfort Colors is probably the fastest growing fashion brand in the industry. I mean, just taking share. I mean, you walk into a souvenir store today, you'll see comfort colors on every single one of those tables where you'll usually see fashion brands before, now it's comfort colors because that's the place in market that it's actually growing again. So AA is doing really well and now we've got additional product categories in the All Pro and Champion.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So I think we're well positioned, to be honest with you, to keep taking share and staying focused and executing on our plan. Look, we're not to say that we wouldn't look at something at the right opportunity, but right now I think we're very focused on delivering on our core strength the way we laid out.

[Vishal Shreedhar, Analyst at National Bank Financial]

Okay. And there are indications that there's been a new exclusive distribution agreement between Haines and SNS in North America. I wanted to get your comments on that and how it relates to Gildan's positioning there.

[Glenn Chamandy, President & CEO at Gildan Activewear]

Well, think you're going have to ask them that basically because I don't want to comment on their strategy and how they go to market. But as far as we're concerned, look, we're not really affected. I mean, we're taking share. We're growing our activewear sales over this quarter by 12%. We're well positioned with our brand strategy.

[Glenn Chamandy, President & CEO at Gildan Activewear]

And innovation, look, the one thing that I can tell you is that our innovation pipeline is strong. And our innovation isn't even understood yet, and we're taking share. Because you've got to remember, what's so unique about particularly the distributor side of the business is that the average order outside distributor's warehouse is very small. It's only about a $150. So it's like one at a time, two at a time, three at a time.

[Glenn Chamandy, President & CEO at Gildan Activewear]

It's a local electrician. And it takes time to really spread the word and to market our products and get people to understand the features and the value relationship between our products. So when you look at everything that we've done in terms of our innovation, it's not 100% understood yet. So it's continuing to more work, continuing to market. And maybe you were at the trade show, you can saw laid how out our boost and we're trying to explain to consumers and then users about our product.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So that's a constant opportunity for us to continue taking share. At the same time, we have other innovations that are continuing to come out. So investing in our vertically integrated low cost manufacturer is allowing us in all of our markets to become the market leader. And this is really, I would say, a differentiation between where Gildan might have been three, four, four, five years ago from where we're going today is we're investing heavily, and dealing in terms of innovation to drive share and separate ourselves from the competition that they can't replicate what we have, which just gives us a competitive advantage. And, that's proof in our pudding with the type of growth we had in this quarter.

[Vishal Shreedhar, Analyst at National Bank Financial]

Thank you.

[Operator]

Thank you. Our next question comes from the line of Mr. John from Scotiabank. Sir, please go ahead.

[John Zamparo, Equity Research Analyst - Retail & Consumer Products at Scotiabank]

Thank you very much. Good morning. I wonder if you gave a sense of what those capacity increases in Central America might cost. You have your CapEx guidance for this year, of course, but wondering if we should expect maybe a step up in future years? Or do these expansion efforts come at a low enough level of capital spending that this is part of fairly normal course CapEx?

[Glenn Chamandy, President & CEO at Gildan Activewear]

Yes. Well, look, we're going to live within our CapEx guide for sure, number one. And because look at the there's no big infrastructure to put in because we're actually expanding in the existing facilities that already have all the infrastructure in place. So basically, we've got 50 machines, you put five more machines in them. It's as simple as that.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So we've got space in our facilities. We relayed out some of our plans basically to allocate more capacity. And that's what we do best, right? So I think, look, it's a minimal investment for good return because not only is it going to give us incremental revenue stream, but it's also going to come at a much more advantaged cost structure because we're running obviously more capacity through the same four walls. So it's a win win for us and it's a good use of capital.

[Glenn Chamandy, President & CEO at Gildan Activewear]

We also have like we still have the capabilities and in our guide for our next three years, we actually included to build out the plant, the second phase of our Bangladeshi facility. That's also included in maintaining our 5% of sales and our CapEx. So that's still in our plans. We're going to obviously just wait out until we make sure that we're still well positioned because we don't know what way the wind will blow after these tariffs situation lays out. That's one of the reasons why we're also expanding in Central America because we have probably a little bit better understanding what's going to happen in this region.

[Glenn Chamandy, President & CEO at Gildan Activewear]

But once we see over the next month or two and we get good color on Bangladesh, I mean, our plan is to also continue to develop in that region as well.

[John Zamparo, Equity Research Analyst - Retail & Consumer Products at Scotiabank]

Okay. Thank you for that. And then on international markets, I wonder if you could add some color here on the macro picture, which is what you'd referenced in the press release. It's such a sizable divergence from The U. S.

[John Zamparo, Equity Research Analyst - Retail & Consumer Products at Scotiabank]

And I wonder what you attribute that to. Is there something specific to Gildan's international customer base or product set? And how do you expect that segment to perform in the second half?

[Glenn Chamandy, President & CEO at Gildan Activewear]

Well, I'll just start with the first part of the question, maybe Chuck will answer the rest. But I would say, look, one thing you have to keep in mind is that our international businesses are relatively smaller in size just because of the way the markets function. I mean, shirts, for example, in The US are screen printed and sold to consumers at a very inexpensive cost structure, where in Europe, the cost of printing and reselling shirts is much more expensive in countries like Germany and France, etcetera. So just the market dynamics aren't the same. And we expect that when you look at our international sales, which we guided to over 25 to 27 at the end of the period, our international revenue should be around 10% of our activewear sales.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So just keep that in mind because that's a reflection more of the size of the market really than it is our ability to take the market. So we're equally as positioned in those markets as we are in the North American market. We may not have as much market share because the market is a little bit more fragmented. But overall, we've got the same positioning. Chuck will talk about the nuances and to that.

[Chuck Ward, EVP & COO at Gildan Activewear]

Okay, thanks, Glenn. Yeah, I mean, I think as we look at the international markets, think some of it Luca covered in his comments, but it was a little lower than we expected. I mean, The UK is I mean, we've seen economically challenges in The UK globally, everybody can see it. And so we did see some challenges there and a little lower than expected. But really when you think about year over year comps, we were comping two things that, one that Luca called out and one that we didn't.

[Chuck Ward, EVP & COO at Gildan Activewear]

And one was Latin America, which he mentioned with the Mexico election last year, and that always runs runs runs up demand. But also when we launched our Style 3,000, last year into Europe, so during Q2, and and so you you kind of have some load in there. And so we, you know, we're still very happy, as Glenn said, with our international business. And matter of fact, if I look at Q3, POS has significantly improved in the first part of Q3, so it's looking good there. But and we're very comfortable as we look at that three year target saying that international sales will represent 10% of activewear sales.

[Chuck Ward, EVP & COO at Gildan Activewear]

I think we're very comfortable with that target going forward.

[John Zamparo, Equity Research Analyst - Retail & Consumer Products at Scotiabank]

Okay. I appreciate the color. Thank you.

[Operator]

Thank you. Our last question comes from the line of Mr. Chris from Desjardins. Sir, please go ahead.

[Chris Li, MD - Equity Research at Desjardins Group]

Thanks very much and sorry about earlier. Glen, I know everything is still very fluid, but if tariffs in Bangladesh were to revert to the high rate of 35%, it sounds like the plan is to shift the production of RINs spun back to Central America. And if that's the case, how quickly will you be able to fill out the unused capacity in Bangladesh? And would that have some impact on margins in the near term?

[Glenn Chamandy, President & CEO at Gildan Activewear]

What I said earlier is that half of the capacity that we're currently, which we didn't we started the year, we optimize our plants by product category. So that's one. But since the tariffs have come in, what we've done is we've basically shifted the volumes that are supporting our international sales, Canada, Europe, Japan, Australia, China. All of that product is being produced today in Bangladesh, which is just slightly more than half of the volume. The remaining volume is basically being sold in ring spun type products and it's coming back to North America.

[Glenn Chamandy, President & CEO at Gildan Activewear]

We have the ability to repurpose the production from that plant and sew it in geographical regions that basically allow us to mitigate the tariff impact. So we're basically, I would say that we've got a good handle on tariffs. I think we're well positioned. We're also using US cotton in Bangladesh as well. So that's another advantage.

[Glenn Chamandy, President & CEO at Gildan Activewear]

So the part that we're actually bringing back to this hemisphere is probably not any worse tariff than what we're producing today in Central America. So we've got a very good positioning on where we are today. So now we'll wait and see what happens because right now Bangladesh has got a 10 tariff. Will they be tariffed at a higher rate? We'll adjust these things as we go forward.

[Glenn Chamandy, President & CEO at Gildan Activewear]

But we got, again, a lot of flexibility in our operations, and we're very comfortable with our positioning as we go forward.

[Chris Li, MD - Equity Research at Desjardins Group]

Okay. Thanks for the clarification. And my second question, maybe this one is for Luca. Even though you narrowed your EPS guidance range, still fairly wide with half a year to go, which is understandable given all the macro uncertainties. And I just wanted to get a sense of what are some of the key differences between the low end and the high end of your EPS guidance?

[Luca Barile, EVP & CFO at Gildan Activewear]

Yes, thank you for your question, Chris. So again, when you look at the guide, first of all, we're pleased with the performance so far. As I articulated earlier in the call, I think it all starts with the market assumption. Last time we gave assumption supporting the guide was that the market would be flat to down low single digit. Now it's more to down low single digit, even though there's sequential improvement in the market over the year.

[Luca Barile, EVP & CFO at Gildan Activewear]

And then when you take a look at EPS guidance that we provided, again, we took a balanced approach, There's some puts and takes. If you look at things like that would be accretive, there's more share gains that potentially we can go and get further wins and so forth. And then on the risk end, have more slowdown in general demand or less of a quick recovery. So there's puts and takes. We're cautiously optimistic on that guide, but we're comfortable with that guide.

[Luca Barile, EVP & CFO at Gildan Activewear]

And that all starts with the top line, the consistent margin profile making its way down to the EPS, the range that we've now given of 3.4 to $3.56 So hopefully that helps.

[Chris Li, MD - Equity Research at Desjardins Group]

Okay, it is. Thanks very much and all the best.

[Luca Barile, EVP & CFO at Gildan Activewear]

Thank you.

[Operator]

Thank you. This concludes our question and answer session. I will now turn the call over to Jessie for closing remarks.

[Jessy Hayem, Head - IR at Gildan Activewear]

Thank you. We just would like to thank everyone for joining us and attending our call today, and we do look forward to speaking with you soon. Have a great day.

[Operator]

This concludes today's conference call. You may now disconnect.

Participants

Executives

• Jessy Hayem, Head - IR
• Glenn Chamandy, President & CEO
• Luca Barile, EVP & CFO
• Chuck Ward, EVP & COO

Analysts

• Brandon Cheatham, VP Equity Research at Citigroup
• Jay Sole, Managing Director at UBS Group
• Brian Morrison, VP & Director at TD Securities
• Mark Petrie, Equity Research Analyst at CIBC Capital Markets
• Martin Landry, MD - Equity Research at Stifel Financial Corp
• Stephen MacLeod, MD & Equity Research - Special Situations at BMO Capital Markets
• Luke Hannan, Equity Research Analyst - Consumer at Canaccord Genuity - Global Capital Markets
• Vishal Shreedhar, Analyst at National Bank Financial
• John Zamparo, Equity Research Analyst - Retail & Consumer Products at Scotiabank
• Chris Li, MD - Equity Research at Desjardins Group