04:58 PM EDT, 04/15/2024 (MT Newswires) -- Gildan Activewear ( GIL ) shares were up 1.2% in after-hours New York trading after chief executive Vince Tyra after trade Monday unveiled his "key focus strategic priorities". Concurrently, the company also reaffirmed its 2024 full year guidance and announced preliminary Q1 revenue. Furthermore, the company said it intends to hold an Investor Day in the Fall of 2024 to provide a "comprehensive strategic plan".

This comes after the company reportedly set April 10 as the deadline for an initial takeover offer and it comes amid a heated fight about the make up of its board following the December firing of former chief executive Glenn Chamandy.

In a recent report in The Globe and Mail newspaper, U.S. investment firm Browning West, which has a roughly 5% stake in Gildan, was said to be seeking a court order preventing the board of Gildan from signing any binding deal to sell the clothing maker until shareholders vote on new directors.

The report added: "It's the latest in a series of legal volleys between Montreal-based Gildan and Browning West in what has become one of the most acrimonious corporate power struggles in recent years in Canada."

For his own part, in reflecting on his first 90 days in the role, Tyra said, "My first few months as CEO have confirmed my belief that Gildan's core fundamentals are strong and that we are in a great position to unlock further potential and launch the next phase of our growth."

The company's shares were last seen up US$0.42 to US$35.75 in after-hours New York trading. They closed down C$0.33 to C$48.71 on the Toronto Stock Exchange.

On medium-term targets, assuming no deterioration in the current macroeconomic environment, Gildan said it is confident the targeted priorities will position it to continue to drive market share gains in key product categories, unlock further opportunities in targeted markets and deliver on key financial metrics over the 2025-2028 period.

This, it added, reflected the following: net sales growth at a compound annual growth rate in the mid-single digits range; annual adjusted operating margin in the range of 18% to 21%; capital expenditures (capex) as a percentage of sales of about 5% per year, on average, to support long-term growth and vertical integration; and adjusted diluted EPS growth per annum in the high-single to low double-digit range.

Gildan said it expects to "maintain its capital allocation priorities which, beyond planned capex deployment, focus on annual dividend growth, continued share repurchases now in line with a leverage framework of 1.5x to 2x, and value accretive M&A. The combination of the above is expected to drive strong shareholder returns."