Gildan Activewear reports Q1 FY20 sales of $459 million

04 May '20

2 min read

Pic: Gildan Activewear

Gildan Activewear, a Canadian manufacturer of branded clothing, posted 26.4 per cent decrease in its net sales to $459.1 million in first quarter (Q1) FY20 ended on March 29, 2020 compared to sales of $623.9 million in same period prior year. Net earnings reported a loss of $99.3 million. Gross profit for the quarter were $106.5 million ($160.7 million).

“During the first quarter, we faced unprecedented impacts globally as the Covid-19 pandemic unfolded. This required us to amplify our focus on what we do best and on what we can do to support all our stakeholders as a values-driven, strong, resilient, and well-positioned company,” Glenn Chamandy, president and CEO at Gildan, said in a press release.

Selling, general & administrative expenses were $73.9 million (Q1 FY19: $93 million). Operating income reported a loss of $92.3 million compared to profit of $32.7 million in same period prior year.

Sales of Activewear segment fell 24.5 per cent to $372.6 million (Q1 FY19: 493.6 million). Sales of Hosiery and underwear decreased 33.7 per cent to $86.5 million (Q1 FY19: 130.4 million).

Sales in US dropped 26.7 per cent to $389.3 million (Q1 FY19: 530.8 million). Canada sales were $16.3 million. International sales decreased 20.7 per cent to $53.4 million (Q1 FY19: $67.3 million).

“I am proud that in these difficult times, Gildan has been able to join with our partners to adapt rapidly to be able to produce products for the health care sector and people working in essential roles, as we all fight this global challenge,” Chamandy said.

Fibre2Fashion News Desk (JL)

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