As Gildan Activewear Inc. executives continued to argue with its top shareholders over who should lead the company, which is open to a sale, the business reported its earnings fell almost 20 per cent in its first quarter.
"We're not seeing the historical replenishment at this point that you would typically see," Chuck Ward, Gildan's president of sales, marketing and distribution, told analysts on a Wednesday call. Net sales for the period ended March 31 reached US$695.8 million, edging down about one per cent from US$702.9 million a year prior.
His remarks follow an intense few months at Gildan, which began last year when the company announced Chamandy's ouster. Gildan said it was moving to replace him with Tyra because Chamandy had no credible long-term strategy for the company and had lost the board's trust and confidence.
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