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Article Date: July 2020
Word Count: 418

Gildan Has Steep Loss on Covid-19 and Restructuring Charges


Gildan Activewear posted a net loss of $249.7 million in the second quarter against a profit of $99.7 million last year, as revenues cratered 71% to $229.7 million from $801.6 million, including an 80% drop in the activewear segment and a 28% falloff from hosiery and underwear. All regions saw steep sales declines, with the U.S. down 73% to $185.7 million, Canada down 69% to $8.6 million, and International dropping 61% to $35.4 million. The loss included $224 million of charges, including $131 million of Covid-19-related charges and $93 million for GIL’s Back to Basics restructuring initiatives. One bright spot ... Log in to view full article.

 


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