July 30, 2020
The loss was $50,707,000 against income of $23,029,000 in a seasonally small quarter ended Jun. 30 as sales declined 40% to $316,611,000 from $526,210,000.
Comprehensive net loss in the seasonally small fiscal first quarter ended June 30 was $6,967,000 down from a loss of $19,600,000 last year on sales that increased 2% to $283,169,000 from $276,839,000 as soaring DTC sales more than compensated for a decline at wholesale.
Net income jumped 44% to $56,551,000 from $39,198,000 on revenues down 8% (-6%CC) to $331,549,000 from $358,899,000, as significantly reduced discounting and clean inventories improved the bottom line while strong e-commerce performance across all regions kept the top line decline to a minimum.
HBI rebounded from its Q1 loss with an 8% improvement in net income to $161,181,000 in the second quarter from $149,555,000 last year on 1% lower revenues of $1,738,779,000 against $1,760,927,000 driven by $752.2 million of personal protective equipment sales.
Net income at the gun maker nearly tripled to $18,594,000 from $6,233,000 in the second quarter on surging revenues that grew 35% to $130,264,000 from $96,329,000 on growing demand for self-defense firearms brought on by the Covid-19 pandemic and civil unrest.
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.
The bottom line plummeted to a $17,844,000 loss against last year’s $4,837,000 income, as a $5.4 million tax benefit could not offset the $23.1 million of non-recurring expenses due to Covid-19.