Gildan slumps after Q2 earnings misses estimates (NYSE:GIL
published 30.07.2020 16:31
Activewear sales totaled $131.6M, down 80.2% from Q2 2019, sales in the hosiery and underwear category of $98.1M was down 27.9%.
Company reported a gross loss of $148.5M, or $122.5M on an adjusted basis primarily to COVID-19 and Back to Basics related impacts.
Diluted EPS loss of $1.26, and adjusted EPS loss of $0.99.
In June, the company negotiated a 12-month covenant amendment to our existing credit agreements providing increased financial flexibility through Q1 2021 as the company continues to navigate through this global pandemic.