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Canada's Gildan Activewear expects single digit revenue growth in FY23

10 May '23

1 min read

Pic: Gildan

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Gildan Activewear has confirmed its outlook for fiscal 2023, with low single digit revenue growth expected, and adjusted operating margin within its annual target range of 18 per cent to 20 per cent.
The company expects capex at the lower end of its 6 per cent to 8 per cent range, strong free cash flow generation, and adjusted diluted EPS in line with FY22.

Gildan Activewear, a leading manufacturer of branded clothing and accessories, has confirmed its outlook for fiscal 2023 (FY23). The company expects revenue growth for FY23 to be in the low single digit range, with a full year adjusted operating margin within its annual target range of 18 per cent to 20 per cent.

In addition, Gildan Activewear anticipates that capex will come in at the lower end of its previously stated range of 6 per cent to 8 per cent. The company also expects strong free cash flow generation as it progresses through the year, and adjusted diluted earnings per share in line with FY22, the company said in a press release.

“Even though the economic environment remains uncertain, we remain comfortable with our full year outlook given our strong competitive position, which we are reinforcing with the Gildan Sustainable Growth (GSG) strategy, and POS trends across our business coming in line with our expectations during the first quarter," said Glenn J Chamandy, Gildan’s president and CEO.

Fibre2Fashion News Desk (DP)

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