12:29 PM EDT, 05/30/2024 (MT Newswires) -- Gildan Activewear's ( GIL ) Board of Directors has approved resuming share repurchases, notes RBC. The company has also received TSX approval to amend its current NCIB to increase the maximum number of common shares that may be bought back from 5% to 10% of the public float.

RBC sees the announcement as in line with the operating plan previously communicated by Browning West and the new directors leading up to this week's Annual Meeting. This plan envisioned a 36% reduction in Gildan's shares outstanding over the 2023-28E timeframe.

The NCIB is valid from August 9, 2023 to August 8, 2024. To date, Gildan has repurchased and cancelled 4.9% of its issued and outstanding shares for $273 million under the current NCIB.

Gildan is rated Outperform, with a US$41 target.

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