Gildan Activewear posts Q2 net loss of 249.7 million dollars

Sales for the second quarter ended June 28, 2020 at Gildan Activewear of 229.7 million dollars declined 71.3 percent compared to last year, primarily driven demand downturn in the quarter, the impact of significant distributor inventory destocking in imprintables, unfavourable product-mix, and higher promotional discounting in imprintables. The company reported a gross loss of 148.5 million dollars or 122.5 million dollars on an adjusted basis. On an adjusted basis, the operating loss for the quarter was 181.1 million dollars. Gildan also reported a net loss of 249.7 million dollars or 1.26 dollars per share on a diluted basis and an adjusted net loss of 196.6 million dollars or 99 cents per share on a diluted basis.