As
The fight has seen some of the
Tyra and other Gildan executives attributed the lower results in its first quarter not to the leadership battle but expected softness that materialized in its hosiery and underwear segment.
Sales across the category totalled
Retailers wanting to hold less inventory than they did before the COVID-19 pandemic also affected the company.
"We're not seeing the historical replenishment at this point that you would typically see,"
"We and the retailers are remaining cautious around that, but we do expect that to return as we go through the year."
These developments weighed on Gildan, which is known for manufacturing clothing that brands and consumers customize with their logos.
Its net earnings hit
Net sales for the period ended
Gildan executives told analysts they had expected such patterns and baked them into their previous guidance.
Tyra saw the quarter as showing the company's "resilience" and he and other Gildan leaders who joined him on the call highlighted the performance of the business's activewear division, which saw its sales rise just shy of one per cent from a year ago to
Moving forward, Tyra said he would be "laser focused" on the company's supply chains and retail partners with a goal of "becoming the supplier of choice."
"We will apply a focused local approach from product to pricing to supply chain to regain and gain share in targeted international markets," Tyra said.
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.
Several shareholders, including activist
Amid the feud, Gildan revealed in March that it had received a "non-binding expression of interest" from a potential purchaser that it did not name. It formed a special committee of independent directors to consider the bid and any others that came in.
A month later, Gildan announced plans to replace five members of its board of directors ahead of its annual meeting set for
The strife was barely mentioned on Wednesday's call, but an analyst asked about whether recent developments at the company would result in operational or governance changes.
Tyra responded saying he had interviewed some of the candidates who are slated to join the board, but the decision of who was offered a seat was not his.
"We respect and rely on the professionalism and the experience of who's joined us," he said.
Gildan also said Wednesday that its diluted earnings per share were
On an adjusted basis, the company reported net earnings of
This report by The Canadian Press was first published
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