Exhibit 99.4
  GILDAN ACTIVEWEAR INC.




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KPMG LLP
    
    Telephone
    
    (514) 840-2100Chartered Accountants
    
    Fax
    
    (514) 840-2187600 de Maisonneuve Blvd. West
    
    Internet
    
    www.kpmg.caSuite 1500Montréal Québec  H3A 0A3
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON RECONCILIATION TO UNITED STATES
GAAP




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GILDAN ACTIVEWEAR INC.
 
  (a)
    
    Consolidated statements of earnings and comprehensive income:
 2010
    
    
    2009
    
    
    2008Net earnings as per Canadian GAAP
    
    $
    198,245
    
    
    $
    95,329
    
    
    $
    146,350Adjustments:Non-controlling interest in consolidated
joint venture (i)
    
    
    3,786
    
    
    
    110
    
    
    
    230Transaction costs (ii)
    
    
    (600
    )
    
    
    
    
    
    
    Swap revenue (iii)
    
    
    
    
    
    
    
    
    
    
    (29
    )Tax effect of above adjustments
    
    
    
    
    
    
    
    
    
    
    9Net earnings as per United States GAAP
    
    $
    201,431
    
    
    $
    95,439
    
    
    $
    146,560Net earnings attributable to:Shareholders of Gildan Activewear Inc.
    
    $
    197,645
    
    
    $
    95,329
    
    
    $
    146,330Non-controlling interest in consolidated joint venture
    
    $
    3,786
    
    
    $
    110
    
    
    $
    230
 2010
    
    
    2009
    
    
    2008Net earnings as per United States GAAP
    
    $
    201,431
    
    
    $
    95,439
    
    
    $
    146,560Other comprehensive loss, net of related
income taxes
    
    
    (1,710
    )
    
    
    
    
    
    
    Comprehensive income as per United States GAAP
    
    $
    199,721
    
    
    $
    95,439
    
    
    $
    146,560Comprehensive income attributable to:Shareholders of Gildan Activewear Inc.
    
    $
    195,935
    
    
    $
    95,329
    
    
    $
    146,330Non-controlling interest in consolidated joint venture
    
    $
    3,786
    
    
    $
    110
    
    
    $
    230
 P.1




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GILDAN ACTIVEWEAR INC.
 
 (a)
    
    Consolidated statements of earnings and comprehensive income (continued):
 2010
    
    
    2009
    
    
    2008Earnings per share attributable to the
shareholders of
Gildan Activewear Inc. as per United States
GAAP:Basic
    
    $
    1.63
    
    
    $
    0.79
    
    
    $
    1.21Diluted
    
    
    1.62
    
    
    
    0.79
    
    
    
    1.20Weighted average number of common shares
outstandingBasic
    
    
    121,159
    
    
    
    120,811
    
    
    
    120,479Diluted
    
    
    121,980
    
    
    
    121,435
    
    
    
    121,622
 (b)
    
    Consolidated statements of shareholders equity:A reconciliation of shareholders equity under Canadian GAAP to United States GAAP is as
follows:
 2010
    
    
    2009Shareholders equity as per Canadian GAAP
    
    $
    1,114,429
    
    
    $
    910,785Adjustments:Non-controlling interest in consolidated
joint venture (i)
    
    
    11,058
    
    
    
    7,272Transaction costs (ii)
    
    
    (600
    )
    
    
    Shareholders equity as per United States GAAP
    
    $
    1,124,887
    
    
    $
    918,057
 P.2




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GILDAN ACTIVEWEAR INC.
 
 (i)
    
    Non-controlling interest in consolidated joint ventureEffective October 5, 2009, United States GAAP requires non-controlling interest to be
presented as a separate component of shareholders equity (as opposed to a liability). In
addition, the portion of net earnings and comprehensive income attributable to the
controlling and non-controlling interests must be presented separately in the statement of
earnings and comprehensive income. This adjustment reflects the new presentation of
non-controlling interests as required under United States GAAP.(ii)
    
    Transaction costsUnder Canadian GAAP, restructuring and other acquisition-related costs of a business
combination are included in the cost of the purchase, subject to certain conditions. Under
United States GAAP, such costs are no longer considered part of the purchase price, and are
expensed as incurred for business combinations for which the acquisition date is on or after
October 5, 2009. This adjustment represents acquisition-related costs which were included
in the cost of a business combination, for Canadian GAAP purposes, which occurred in fiscal
2010.(iii)
    
    Swap revenueUnder Canadian GAAP, the Company was using hedge accounting for certain derivative
instruments. The gain realized on cancellation of a cross-currency interest rate swap
arrangement was deferred, and was being amortized over the term of the related debt. Under
United States GAAP, the Company had not designated the derivative instrument in a hedging
relationship and, consequently, upon cancellation of the instrument, the Company recognized
the gain immediately into earnings.
 P.3




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GILDAN ACTIVEWEAR INC.
 
 (c)
    
    Adoption of new accounting standards:Business CombinationsEffective October 5, 2009, the Company adopted FASB Accounting Standards Codification section
805, Business Combinations. This new Section requires that all business combinations be measured
at the full fair value of the acquired entity at the acquisition date even if the business
combination is achieved in stages, or if less than 100 percent of the equity interest in the
acquiree is owned at the acquisition date. Subsequent changes in fair value of contingent
consideration classified as a liability will be recognized in earnings and not as an adjustment
to the purchase price. Restructuring and other direct costs of a business combination are no
longer considered part of the purchase price. Instead, such costs are expensed as incurred,
unless they constitute the costs associated with issuing debt or equity securities. The Section
applies prospectively to business combinations for which the acquisition date is on or after
October 5, 2009.ConsolidationEffective October 5, 2009, the Company adopted FASB Accounting Standards Codification section
810, Consolidation. The new Section applies to the accounting for non-controlling interests and
transactions with non-controlling interest holders in consolidated financial statements. The new
Section requires that, for each business combination, the acquirer measure any non-controlling
interest in the acquiree at the full fair value of the acquirees identifiable net assets. The
new Section also requires non-controlling interest to be presented as a separate component of
shareholders equity. Non-controlling interest in income is not deducted in arriving at
consolidated net income or other comprehensive income. Instead, net income and each component of
other comprehensive income are allocated to the controlling and non-controlling interests based
on relative ownership interests. This Section applies prospectively to measurement of
non-controlling interest recorded on business combinations for which the acquisition date is on
or after October 5, 2009, with the exception of the presentation and disclosure provisions,
which are applied for all prior periods presented in the financial statements.
 P.4