MONTREAL — A leadership struggle at Gildan Activewear Inc. cost it US$57.2 million in the second quarter, denting its bottom line, the company reported Thursday. The costs, along with higher income taxes, helped push down earnings to US$58.
MONTREAL — A leadership struggle at Gildan Activewear Inc. cost it US$57.2 million in the second quarter, denting its bottom line, the company reported Thursday.
The Montreal-based company, which reports in U.S. dollars, saw a protracted power struggle that originally saw chief executive Glenn Chamandy ousted last December only to later retake the helm at the end of May."This is a period of significant opportunity in our industry, and we believe that Gildan's competitive position has never been stronger."
The company also saw higher expenses from income tax, after the enactment of the global minimum tax in Canada and Barbados. It says the impact, retroactive to the start of the year, pushed its adjusted effective income tax rate to 27.2 per cent for the quarter, up from 4.8 per cent last year.
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