Citi‘s Most Read - Consumer

Research evidence excerpt

Citi‘s Most Read - Consumer

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Citi's Most Read - Consumer

June 15 - June 21 22 Jun 2026 11:11:57 ET

ACMost Read Citi Global Research

As boundaries increasingly blur between conventional sectors, and as bottom-up +44-20-7500-1400

and top-down analysis converges, Citi Research offers a Super-Sector lens to help

you better understand and take advantage of widespread disruptive trends and

innovation, extending our peer analysis for greater breadth and depth. The

Consumer Super-Sector consists of the Consumer Discretionary, Consumer

Staples, and Commercial & Professional Services sectors. Please find below a

collection of our most impactful recent research in the Consumer Global Super-

Sector – we hope you find it thought-provoking.

Most Read

Gildan Activewear Inc. (GIL.TO) - Quick Thoughts Following Mgmt Discussion

About Bearish Research Report

Earlier today, short-seller Jehoshaphat Research put out a report with a negative

view on GIL. The report suggested that the increase in GIL's Accounts Receivable

(and higher DSOs) implies pulling forward sales in the wholesale distributor

channel (mainly S&S/Alphabroder), and using factoring (selling a portion of its AR)

to move some of its A/R off balance sheet. In our discussion with mgmt, they

focused on how they reiterated F26 guidance in their press release today (in

response to the report), and they needed more time to craft a detailed response.

They emphasized that inventory availability is key in that channel and when

S&S/Alphabroder are combined, GIL expected an increase in its inventory, as S&S

typically holds more days of inventory on hand. We didn't come away from our

conversation with a clear understanding of the health of inventory in the channel

or the higher DSO/factoring dynamic. We maintain Neutral rating.