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EXHIBIT 99.5

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Supplementary Information of 
**GILDAN ACTIVEWEAR INC.**
Three years ended October 5, 2008 

****   **KPMG LLP****Chartered Accountants**    600 de Maisonneuve Blvd. West     Suite 1500     Tour KPMG     Montréal Québec H3A 03A 
Telephone      (514) 840-2100        Fax                      (514) 840-2187     Internet               www.kpmg.ca 
AUDITORS' REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ONRECONCILIATION TO UNITED STATES GAAP 

To the Board of Directors of Gildan Activewear Inc. 

On December 10, 2008, we reported on the consolidated balancesheets of Gildan Activewear Inc. (the "Company") as at October 5, 2008 andSeptember 30, 2007 and the consolidated statements of earnings and comprehensiveincome, shareholders' equity and cash flows for the years ended October 5, 2008,September 30, 2007 and October 1, 2006, which are included in the annual reporton Form 40-F. In connection with our audits conducted in accordance withCanadian generally accepted auditing standards, and the standards of the PublicCompany Accounting Oversight Board (United States), of the aforementionedconsolidated financial statements, we also have audited the related supplementalnote entitled "Reconciliation to United States GAAP" included in the Form 40-F.This supplemental note is the responsibility of the Company's management. Ourresponsibility is to express an opinion on this supplemental note based on ouraudits. 

In our opinion, such supplemental note, when considered inrelation to the basic consolidated financial statements taken as a whole,presents fairly, in all material respects, the information set forth therein.

/*s*/KPMG LLP 

Chartered Accountants 

Montréal, Canada December 10, 2008

 
 
KPMG LLP is a              Canadian limited liability partnership and a member firm of the              KPMG network of independent member firms affiliated with KPMG              International, a Swiss cooperative.               KPMG Canada provides services to KPMG LLP. **GILDAN ACTIVEWEAR INC. Reconciliation to United States GAAP 
Years ended October 5, 2008, September 30, 2007 and October 1, 2006 (In thousands of US dollars, except share and per share amounts) 

The consolidated financial statements of the Company areexpressed in US dollars and are prepared in accordance with Canadian generallyaccepted accounting principles ("GAAP"), which conform, in all materialrespects, with those generally accepted in the United States, except asdescribed below: 

(a) 

Consolidatedstatements of earnings: 
   2008 2007 2006         Net earnings and comprehensive income       
as per Canadian GAAP$
144,592$
130,020$
106,829 Adjustments: 
      
Swap revenue (i) 
– (29) (94) 
Start-up costs (ii) 
1,758 (958) (537) 
Tax effect of above adjustments 
– 
9 
29   
  
    Net earnings as per United States GAAP 
146,350 
129,042 
106,227         Other comprehensive income:       
Adjustments:       
Mark-to-market adjustments on       
foreign exchange contracts,       
net of tax (d) 
– 
– (2,037)   
  
    Net earnings and comprehensive 
  
    
income as per United States GAAP$
146,350$
129,042$
104,190     
      2008 2007 2006         Earnings per share as per United States GAAP:       
Basic$  1.21 $1.07$  0.88 
Diluted 1.20 1.06 0.88                 Weighted average number of common shares       
outstanding:       
Basic 120,479,288 120,339,830 120,103,366 
Diluted 121,621,737 121,538,312 121,251,768
 

1
**GILDAN ACTIVEWEAR INC. Reconciliation to United States GAAP, Continued
Years ended October 5, 2008, September 30, 2007 and October 1, 2006 (In thousands of US dollars, except share and per share amounts) 

(a)

Consolidatedstatements of earnings (continued): 

(i) 

Swap revenue: 

Under Canadian GAAP, the Company wasusing hedge accounting for certain derivative instruments. The gain realized oncancellation of a cross-currency interest rate swap arrangement was deferred,and was being amortized over the term of the related debt. Under United StatesGAAP, the Company had not designated the derivative instrument in a hedgingrelationship and, consequently, upon cancellation of the instrument, the Companyrecognized the gain immediately into earnings. 

(ii) 

Start-up costs: 

Costsincurred during the start-up period for new manufacturing and distributionfacilities are deferred and amortized on a straight-line basis over two years. United States GAAP requires such costs to be expensed as incurred.  Theadjustment to net earnings in accordance with United States GAAP includes thewrite-off of current year's start-up costs, and the reversal of the currentyear's amortization of start-up costs deferred under Canadian GAAP. 

(b) 

Consolidatedstatements of cash flows: 
   2008 2007 2006         Changes due to United States GAAP:       
Cash flows from operating activities as per       
Canadian GAAP$
238,904$
91,163$
94,721 
Start-up costs 
– (2,467) (1,328) 
Net cash provided by operating activities 
      
as per United States GAAP 
238,904 
88,696 
93,393 
Cash flows used in investing activities 
      
as per Canadian GAAP     (227,326)     (134,689)     (96,053) 
Start-up costs    
– 
2,467 
1,328 
Net cash used in investing activities       
as per United States GAAP     (227,326)     (132,222)     (94,725) Financing activities as per Canadian    GAAP       
and United States GAAP (8,269) 
23,550 (39,383) Effect    of exchange rate changes on       
cash and cash equivalents     (202) 
219 (80) Net increase (decrease) in cash and    cash       
equivalents, during the year 
3,107 (19,757) (40,795) Cash and cash equivalents, United     
  
States GAAP, beginning of year 
9,250 
29,007 
69,802 Cash and cash equivalents, United       
States GAAP, end of year$
12,357$
9,250$
29,007
 

2
**GILDAN ACTIVEWEAR INC. Reconciliation to United States GAAP , Continued
Years ended October 5, 2008, September 30, 2007 and October 1, 2006(In thousands of US dollars, except share and per share amounts) 

(b) 

Consolidatedstatements of cash flows (continued): 

In 2007 and 2006, the Companyincluded the reversal of the current year's amortization of startup costs, asdescribed in note a (ii), as part of the United States GAAP adjustments in theconsolidated statements of cash flows. The figures have been reclassified toexclude the reversal of the non-cash amortization in the consolidated statementsof cash flows resulting in a decrease of $1,509 in net cash provided byoperating activities, and net cash used in investing activities for fiscal 2007,and a decrease of $791 in net cash provided by operating activities, and netcash used in investing activities for fiscal 2006. 

(c) 

Consolidatedbalance sheets: 

A reconciliation of shareholders' equity underCanadian GAAP to United States GAAP is as follows: 
   2008 2007           Shareholders' equity as per Canadian GAAP$
812,333$
663,650 United    States GAAP adjustments:     
Start-up costs (790) (2,548)       Shareholders' equity as per United States GAAP$
811,543$
661,102
(d) 

Accumulated other comprehensiveincome: 

Accumulated other comprehensiveincome, which resulted from (a) the change in functional currency in fiscal 2004and (b) the market value of the forward foreign exchange contracts considered ashedges against cash flow items in fiscal 2004 and fiscal 2005, the effect ofwhich reversed in fiscal 2006, is as follows: 
           2008     2007     2006                                         Accumulated other comprehensive       
income as per United States GAAP,       
beginning of year$
26,248$
26,248$
28,285 Change during    the year 
– 
– (2,037)                                     Accumulated other comprehensive                               
income as per United States GAAP,       
end of year$
26,248$
26,248$
26,248
3
**GILDAN ACTIVEWEAR INC. Reconciliation to United States GAAP, Continued 
Years ended October 5, 2008, September 30, 2007 and October 1, 2006 (In thousands of US dollars, except share and per share amounts) 

(e) 

Accounting changes in 2008: 

In July 2006, the FinancialAccounting Standards Board ("FASB") issued FASB Interpretation No. 48, *Accounting for Uncertainty in Income Taxes*("FIN 48"). FIN 48 clarifies theaccounting for uncertainty in income taxes recognized in an enterprise'sfinancial statements in accordance with Financial Accounting Standard No. 109,*Accounting for Income Taxes*,**and prescribes a recognitionthreshold and measurement attribute for the financial statements recognition andmeasurement of a tax position taken or expected to be taken in a tax return. Theprovisions of FIN 48 are to be applied upon initial adoption, with thecumulative effect adjustment reported as an adjustment to the opening balance ofretained earnings. The Company adopted this interpretation on October 1, 2007and this adoption had no impact on the Company's consolidated financialstatements. 

 

 

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