Gildan Activewear, Inc. (NYSE:GIL) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET

Company Participants

Jessy Hayem - Vice President, Head of Investor Relations

Rhodri Harries - Executive Vice President, Chief Financial and Administrative Officer

Glenn Chamandy - President and Chief Executive Officer

Chuck Ward - President, Sales, Marketing and Distribution

Conference Call Participants

Jay Sole - UBS

George Doumet - Scotiabank

Stephen MacLeod - BMO Capital Markets

Luke Hannan - Canaccord

Vishal Shreedhar - National Bank Financial

Brian Morrison - TD Securities

Martin Landry - Stifel

Chris Li - Desjardins Capital Markets

Brandon Cheatham - Citi

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q2 2023 Gildan Activewear Earnings Conference Call. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Jessy Hayem. Please go ahead.

Jessy Hayem

Good morning, everyone. Earlier, we issued a press release announcing our results for the second quarter of 2023. We also issued our interim shareholder report with the Canadian Securities and Regulatory Authorities and the US Securities Commission, which are available on our corporate website.

Joining me on the call today are Glenn Chamandy, President and CEO of Gildan; Rhod Harries, our Executive Vice President and Chief Financial and Administrative Officer; and Chuck Ward, President, Sales, Marketing and Distribution.

This morning, Rhod will take you through the results for the quarter and a question-and-answer session will follow. Before we begin, please take note that certain statements included in this conference call may constitute forward-looking statements which involve unknown and known risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. We refer you to the company's filings with the US Securities and Exchange Commission and Canadian Securities Regulatory Authorities.

During this call, we will also discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable IFRS measures are provided in today's earnings release as well as our MD&A.

And now I'll turn it over to Rhod.

Rhodri Harries

Thank you, Jessy. Good morning to all and thank you for joining us on the call today. This morning, we reported our second quarter results, which came in slightly ahead of our expectations [Technical Difficulty] top line and operating margin.

We ended the quarter with $840 million in net sales with better-than-expected sales volumes in activewear, which offset weaker-than-expected product mix tied to current market conditions, which I'll speak about a little later.