Gildan Posts Q2 Loss on HBI Digestion
The bottom line swung to a $50.0 million loss from last year’s $137.9 million in profit as net sales were up 72% to $1,582.5 million from $918.5 million from the Hanesbrands Acquisition, with gains in all geographies, but declining 8% on a pro forma basis. Wholesale was down 2% (-6% CC) to $769.4 million on lower seasonal inventory builds from certain cautious large retailers, as channel inventory and manufacturing footprint right-sizing plays out post-Hanesbrands acquisition. Ringspun and fleece continued to pick up market share, while Comfort Colors, American Apparel and Champion ... Log in to view full article.