Gildan announced its first quarter results and they are about the same as expected and about the same as last year for the first quarter.

You can read the report yourself here.

Most interesting is probably that there isn’t much of interest in the report. Despite the current chaos of the current US administration’s shifting economic policies, Gildan did about the same as they did last year, did about what was expected, and they report that they think 2025 will go about as expected for the rest of the year.

Somewhat buried in the report is a paragraph on tariffs:

“We have considered the current impact of recently announced tariffs by the U.S. administration and other changes in international trade policies on our operations, as well as on industry demand, in conjunction with mitigation initiatives available to us, including our ability to leverage our flexible business model as a low-cost vertically integrated manufacturer.”

Gildan is big enough and expansive enough in their global reach to mitigate the effect of tariffs.

Trade deals and tariffs be damned apparently and there doesn’t seem to be any rush to make shirts in the USA.  Gildan is not alone in this, even some US manufacturers don’t see American t-shirt factories ever coming back. Steve Liquori who makes Goodwear in the US and has from many years is quoted in today’s Boston Globe. Liquori’s decades in American textiles have convinced him that his model would not work at scale. “Not many Americans still want to painstakingly stitch together fabrics in a factory,” he said.