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Gildan Activewear's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Joining me on the call are Glenn Chamandy, our President and Chief Executive Officer; and Laurence Sellyn, our Executive Vice President and Chief Financial and Administrative Officer. Laurence will be providing you with a brief overview of our first quarter financial results and our business outlook. After which, we will open the call to questions.

Before we begin, I would like to remind everyone that certain statements included in this conference call may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements 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 U.S. Securities and Exchange Commission and Canadian Securities Regulatory Authority that may affect the company's future results.

I would now like to turn the call over to Laurence.

Laurence G. Sellyn

Good afternoon. This afternoon, we reported our results for our first fiscal quarter, which were in line with our guidance provided in December. We also reconfirmed our sales and EPS guidance for the full 2012 fiscal year, and initiated guidance for the upcoming second quarter of the fiscal year.

This was our first quarter for which we have provided segmented business unit reporting. We are now managing our screenprint and retail divisions as separate operating divisions with decentralized accountability for operating income and return capital. The 2 segments will be reported as Printwear and Branded Apparel instead of screenprint and retail. In addition, this is our first quarter of financial reporting under International Financial Reporting Standards instead of Canadian GAAP.

This evening's press release includes quarterly and annual sales and operating income for fiscal 2011 by operating segment. Also, we have made available on our website our fiscal 2001 quarterly and full year results under IFRS. There are no material adjustments to our fiscal 2011 financial statements due to the changeover to IFRS. The only adjustment to highlight is that the transaction cost for the acquisition of Gold Toe Moretz, which were incurred in fiscal 2011, are reported as a charge against earnings under IFRS and not capitalized as goodwill, which was the accounting treatment last year under Canadian GAAP.

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