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Chris Li

Director and Senior Equity Analyst at Desjardins Global Asset Management Inc.

Toronto, ON, CA

Chris Li is a Director and Senior Equity Analyst at Desjardins Capital Markets, specializing in consumer defensive and general sectors with a focus on Canadian companies. He covers major names such as Gildan Activewear and Alimentation Couche-Tard, and has delivered an average return of approximately 10% with a success rate near 64% on his investment recommendations across 17 stocks. Since joining Desjardins, Chris has consistently ranked as a top-performing analyst on platforms like TipRanks, reflecting his strong stock-picking track record. He is credentialed as a CFA charterholder and is based in Toronto, with additional regulatory licensing details not publicly specified.

Chris Li's questions to Gildan Activewear (GIL) leadership

Question · Q3 2025

Chris Li followed up on the competitive landscape, asking if Gildan had seen a widening of its price gap versus competitors due to its low-cost advantage, and if this was contributing to market share gains. He also asked Luca Barile about the higher SG&A expense in Q3, requesting a breakdown of the variable compensation component and whether a 10% of sales rate is a good target for next year.

Answer

Glenn Chamandy (President and CEO, Gildan Activewear) clarified that Gildan took price increases equal to tariff impacts in stages, and the market followed, maintaining consistent pricing relationships. He stated that Gildan is the price leader. Luca Barile (EVP and CFO, Gildan Activewear) attributed the slightly higher Q3 SG&A to higher variable compensation and one-time IT-related expenses. He confirmed that SG&A is always targeted around 10% of sales for the current year and pointed to the overall combined entity guidance for next year.

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Question · Q2 2025

Chris Li of Desjardins Group posed a hypothetical question about Gildan's response if Bangladesh tariffs were to increase significantly. He also asked for the key variables differentiating the low and high ends of the updated EPS guidance.

Answer

President & CEO Glenn Chamandy explained that the company has significant operational flexibility to mitigate tariff impacts, including shifting production destinations and leveraging U.S. cotton. EVP & CFO Luca Barile stated the EPS guidance range reflects market uncertainty. The high end assumes stronger share gains and a quicker demand recovery, while the low end accounts for the risk of a broader slowdown.

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