Net income dropped 67% to $22.7 million from $67.9 million in the first quarter, largely due to a $24.4 million receivables impairment from the Heritage Sportswear receivership and Payless bankruptcy, while revenues were off 4% to $623.9 million from $647.3 million. The write off included $21.7 million from Heritage and $2.5 million from Payless, and this year’s results also included $10.6 million of restructuring and acquisition related costs against $6.4 million in Q1 last year.

Gildan, which has been steadfastly committed to its Central American sourcing from its facilities in Honduras, will spend $45 million in Q2 to acquire land in ... Log in to view full article.