Montreal-based Gildan Activewear Inc. faced a $57.2 million Q2 loss due to leadership struggle costs.

Montreal-based Gildan Activewear Inc. suffered a $57.2 million loss in Q2 due to expenses related to a leadership struggle, which resulted in the reinstatement of CEO Glenn Chamandy. The earnings decline was from $155.3 million in Q2 of the previous year to $58.4 million this year. The additional costs included $18 million for advisory fees, $21.6 million for severance costs, and $7.8 million for expenses related to Chamandy's firing and reinstatement. Despite these challenges, the company's adjusted net income increased to $124.7 million year-over-year, and net sales reached $862.2 million, up from $840.4 million in the same quarter last year.

August 01, 2024
18 Articles