A $94.0 million goodwill impairment charge contributed to a $99.3 million loss in the first quarter, against a $22.7 million profit last year, on 26% lower revenues of $459.1 million down from $623.9 million with steep declines in both activewear and underwear. Excluding the writedown and restructuring charges this year and last, adjusted net earnings were $11.2 million against $32.8 million. Both years’ results included significant receivables impairment allowance charges, $20.8 million this year due to Covid-19, and $24.4 million last year from the Heritage Sportswear receivership and the Payless bankruptcy.

Activewear segment sales dropped 25% to $372.6 million from $493.6 ... Log in to view full article.