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BRIEF-Gildan Activewear Reports First Quarter 2020 Results

Published 2020-04-29, 05:25 p/m

April 29 (Reuters) - Gildan Activewear Inc GIL.TO :

* GILDAN ACTIVEWEAR REPORTS FIRST QUARTER 2020 RESULTS

* Q1 GAAP LOSS PER SHARE $0.50

* Q1 SALES FELL 26.4 PERCENT TO $459.1 MILLION

* Q1 ADJUSTED EARNINGS PER SHARE $0.06

* IMPAIRMENT OF GOODWILL AND INTANGIBLES GAAP CHARGE OF $0.47 PER SHARE DUE TO LOWER MARKET VALUATIONS IN QUARTER

* QUARTERLY DIVIDEND AND SHARE REPURCHASES SUSPENDED AS PRECAUTIONARY MEASURES

* BOARD, CEO, AND SENIOR EXECUTIVE COMPENSATION REDUCTIONS AND OTHER WORKFORCE MEASURES IMPLEMENTED

* DEMAND DETERIORATION THAT CO STARTED TO SEE IN MARCH HAS INCREASED THROUGH MONTH OF APRIL

* PLANNING FOR A SIGNIFICANT DECLINE IN POINT OF SALE (POS) AND SHIPMENTS FOR Q2 OF 2020.

* WILL LIKELY SEE SIGNIFICANT EARNINGS LOSS IN Q2 OF 2020.

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