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Gildan Activewear updates Q4 earnings guidance

Sep '06
Gildan Activewear Inc updated its earnings guidance for the fourth quarter of fiscal 2006, to take account of a restructuring charge resulting from the closure announced of its textile facility in Valleyfield, Quebec and the impairment in the value of its remaining Canadian textile and related manufacturing assets, and initiated its earnings guidance for fiscal 2007.

Fourth Quarter of Fiscal 2006
The highlights of the Company's fiscal 2006 updated EPS guidance are as follows:

Before the restructuring charge, the Company continues to be comfortable with its most recent guidance for diluted EPS in the fourth quarter of approximately U.S.$0.58, up 23.4 percent from EPS of U.S. $0.47 in the fourth quarter of fiscal 2005, after adjusting prior year EPS to exclude a gain of U.S. $0.01 per share on the disposal of assets held for sale.

The Company continues to expect that the Kentucky Derby Hosiery acquisition will be neither accretive nor dilutive to its EPS in the fourth quarter of fiscal 2006.

The economic impact of the rationalization of the Kentucky Derby Hosiery manufacturing operations in North Carolina and Virginia will be reflected in the purchase price accounting for the acquisition, and is not expected to materially impact operating earnings either in fiscal 2006 or fiscal 2007.

Fiscal 2007
Excluding the impact in fiscal 2007 of the Kentucky Derby Hosiery acquisition, the Company is providing initial EPS guidance for fiscal 2007 of approximately U.S. $2.50, up 21 percent from the Company's projection of U.S. $2.07 in fiscal 2006 before the restructuring charge in the current fiscal year.

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