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Gildan Activewear Inc. reports developments tied to its vertically integrated basic apparel business, including activewear, underwear, socks and intimates sold through distributors, screenprinters, retailers, e-commerce platforms, global lifestyle brands and direct-to-consumer channels. Company updates also reference its brand portfolio, including Gildan, Hanes, Comfort Colors, American Apparel, GOLDTOE, Bali, Playtex, Maidenform, Bonds and licensed Champion printwear in the U.S. and Canada.
Recurring announcements focus on quarterly results, guidance, manufacturing and supply-chain operations, HanesBrands integration, capital returns, investor conference participation and governance matters such as director elections, auditor votes, executive compensation votes and the shareholder rights plan. Gildan also reports on labor, environmental and governance practices across large-scale manufacturing facilities in Central America, the Caribbean, North America and Asia.
Institutional Shareholder Services Inc. (ISS), a leading proxy advisory firm, has recommended Gildan Activewear shareholders vote for all eight of Browning West's director candidates, including former CEO Glenn Chamandy, using the GOLD Proxy Card at the May 28, 2024 Annual Meeting. ISS suggested withholding support for Gildan's ten-member board. ISS cited Gildan's strong performance under Chamandy and criticized the board's decision to remove him as weak and inconsistent. Browning West, holding 5% of Gildan's shares, aims to reinstate Chamandy and believes their nominees offer superior experience and governance.
Gildan Activewear (GIL) has released an investor presentation to support its director nominees ahead of the 2024 Annual Meeting on May 28, 2024. The presentation emphasizes the need for leadership change, criticizing former CEO Glenn Chamandy’s lack of a credible growth strategy. The board supports Vince Tyra as the new CEO, highlighting his track record in value creation and talent development. The presentation also criticizes Browning West’s nominee Peter Lee as unqualified. Shareholders are encouraged to vote using the BLUE proxy card and avoid Browning West's gold proxy card.
Browning West, a shareholder owning 5% of Gildan Activewear's shares, announced the dismissal of two lawsuits filed by Gildan's Board. The Quebec Superior Court dismissed a Hart-Scott-Rodino Act violation claim, asserting that the issue should be settled at the upcoming shareholders' meeting on May 28, 2024. The Quebec Financial Markets Administrative Tribunal also dismissed another application, stating it served private interests. Browning West aims to elect eight new board members, including reinstating Glenn Chamandy as CEO, to implement a plan for long-term shareholder value.
Gildan Activewear's Board of Directors has issued a letter urging shareholders to vote “FOR” all Gildan's nominees, including Karen Stuckey and J.P. Towner, on the BLUE proxy card at the upcoming 2024 Annual Meeting on May 28. The activist investor, Browning West, seeks to replace eight directors and reinstall former CEO Glenn Chamandy. The Board argues this poses a threat to investment stability and emphasizes the newly refreshed Board's mix of experience and skills, including five recently appointed independent directors. The Board highlights Chamandy's past performance issues and the disruptions his reinstatement could cause.
Browning West, LP, a long-term shareholder of Gildan Activewear (NYSE: GIL), released a presentation urging the election of eight new directors to Gildan's Board at the upcoming Annual and Special Meeting on May 28, 2024. Browning West, owning 5% of Gildan's shares, argues for an urgent leadership change to improve returns for shareholders. The proposed slate includes Michael Kneeland, Glenn J. Chamandy, Michener Chandlee, Ghislain Houle, Mélanie Kau, Peter Lee, Karen Stuckey, and J.P. Towner. More details and voting instructions are available at www.SuperchargeGildan.com.
Gildan Activewear Inc. (GIL; TSX and NYSE) published an investor presentation for its 2024 Annual Meeting, emphasizing the company's strategic moat, EBITDA expansion plans, strong leadership under Vince Tyra, and the need for a refreshed board. The presentation highlights the reasons for CEO Glenn Chamandy's termination and the appointment of Vince Tyra as the new CEO. The Board recommends voting for Gildan's director nominees and outlines the differences between Gildan's sustainable growth strategy and Browning West's questionable plans.
Gildan Activewear Inc. announced a C$200 million private placement financing deal with CDPQ, issuing senior unsecured notes to fund share repurchase and debt repayment. The notes bear 6.0% interest and mature in 5 years. The agreement includes commitments to maintain local leadership, headquarters, and become a Global Minimum Taxpayer for 7 years. The transaction is expected to close around June 4, 2024, subject to due diligence.
Gildan Activewear Inc. reported net sales of $696 million for the first quarter of 2024, with an operating margin of 15.1% and adjusted operating margin of 18.0%. GAAP diluted EPS was $0.47, down 13%, while adjusted diluted EPS was $0.59, up 31%. The company returned $57 million to shareholders during the quarter and reconfirmed its full-year 2024 guidance. Despite a 1% decline in net sales, Gildan saw positive trends in activewear and international sales, with a 410 basis point improvement in gross margin. SG&A expenses included charges related to shareholder matters, CEO separation costs, and special retention awards. Operating income was $105 million, down from $128 million last year. Cash flows used in operating activities decreased due to lower working capital investments, resulting in $71 million of free cash flow consumed. Capital returned to shareholders through share repurchases amounted to $57 million, with net debt of $1,143 million and a leverage ratio of 1.6 times net debt to adjusted EBITDA.
Browning West, a shareholder of Gildan Activewear, filed a proxy circular urging shareholders to vote for its highly qualified director candidates to upgrade leadership and supercharge returns. The circular highlights the opportunity to elect legendary value creators Glenn Chamandy as CEO and Michael Kneeland as Chairman. Browning West emphasizes the importance of voting for its slate to implement a superior value creation plan and reinstate Mr. Chamandy. Shareholders are encouraged to visit SuperchargeGildan.com for more information on voting and campaign updates.
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