Gildan Returns to Profit on Activewear Growth
The bottom line bounced into the black at $146.4 million for the second quarter against a loss of $249.7 million (which included $224 million in charges) as net sales more than tripled to $747.2 million from $229.7 million, just 7% down from Q2 2019’s record sales. The top line benefited from higher unit sales volumes in all markets, particularly in imprintables, led by the POS recovery and lapping the major distributor inventory destocking in the prior year. Recovering demand also pushed unit sales higher for activewear in retail channels. Compared to ’19, the 7% drop was due to lower activewear ... Log in to view full article.