Gildan Activewear Earnings Up $25.7 Million From 2004

Montreal-based Gildan Activewear Inc.’s fiscal 2005 net earnings and diluted earnings per share
were $86 million or $1.43 per share, up $25.7 million and 42 cents, respectively, from fiscal 2004.

The branded basic apparel manufacturer and marketer also saw record fourth quarter net
earnings of $29.2 million and diluted earnings per share of 48 cents an increase of 42 percent and
42.4 percent, respectively, from the fourth quarter of 2004. These gains excluded a fiscal 2005
after-tax gain of $0.8 million, or 1 cent per share, for the sale of equipment from its Canadian
yarn-spinning facilities, which were closed in the second quarter; and a fiscal 2004 fourth quarter
charge of $4.6 million to satisfy contractual obligations. The increases were due largely to
continuing strong growth in unit volume sales and lower cotton costs.

Additionally, Gildan posted $180.7 million in fourth quarter sales, up 24.1 percent from
fourth quarter 2004. Unit shipments rose by 25.2 percent.

January/February 2006