Executive Summary

• Gildan 4Q18 sales rose 13.6% driven by a 22.3% increase in activewear sales reflecting higher fleece shipments along with higher net selling prices.
• Adjusted operating margin expanded 230 bps due to a 300 bps decline in the SG&A expense ratio.
• The company’s 2019 outlook includes a 10% increase in adjusted EPS and mid-single-digit sales growth.