We assign Gildan a Morningstar Economic Moat Rating of narrow based on a cost advantage. We believe the company has built an efficient supply chain that differentiates it from competitors. Although it is challenging to achieve a cost-based edge in apparel, we believe Gildan's investments in its vertically integrated supply chain have allowed it to gain one in the production and distribution of T-shirts and fleece. Most of these items are sold in the US printwear market. This space has become a highly profitable one as Gildan has relentlessly lowered costs while gaining share.