The increased payment came as Gildan, which keeps its books in U.S. dollars, said it earned 86 cents US per diluted share for the quarter ended Dec. 29 compared with a profit of US$153.3 million or 89 cents US per diluted share a year earlier.

Net sales for the quarter totalled US$821.5 million, up from US$782.7 million.

On an adjusted basis, Gildan says it earned 83 cents US per diluted share in its latest quarter, up from an adjusted profit of 75 cents US per diluted share a year earlier.

“By reinforcing our core competencies as a low-cost, large-scale, vertically integrated sustainable manufacturer, we continued to enhance our competitive advantage, and we are well positioned for continued growth in the years ahead,” Gildan chief executive Glenn Chamandy said in a statement.

In its outlook, the company said it expects revenue growth for 2025 to be up mid-single digits, while adjusted diluted earnings per share are expected to be in a range of US$3.38 to US$3.58, an increase of between 13 and 19 per cent.

In addition to its financial results, Gildan announced Chuck Ward, currently president of sales, marketing and distribution, has been appointed to the new role of executive vice-president and chief operating officer effective March 1.

The company also said Rhodri Harries, Gildan’s chief financial and administrative officer and executive vice-president, will retire on Jan. 1, 2026.

Luca Barile, currently CFO of sales, marketing and distribution, will succeed Harries as executive vice-president and chief financial officer on March 1.

Harries will retain the chief administrator officer role until his retirement.

This report by The Canadian Press was first published Feb. 19, 2025.