2h ago
Gildan agrees to sell HanesBrands Australia for about $490 million as Q2 net swings to roughly $50 million loss
Canadian apparel supplier Gildan said it has agreed to sell HanesBrands Australia for approximately $490 million. The company also reported second-quarter results showing net income swung from $137.9 million a year earlier to a loss of about $50 million, citing profit pressure. Net sales rose to $1.58 billion, while wholesale sales slipped 1.5% year over year to $769 million. The development is closely tied to market expectations for Gildan (GIL) shares.
