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.