Gildan Plunges Most Since 2008 As ‘Cash Machine’ Unit Slumps
- Analysts downgrade, cut targets on Canadian company’s stock
- Companies pull back on printed T-shirts amid global tensions
Photographer: ranplett/iStockphoto via Getty Images
This article is for subscribers only.
Customized T-shirts appear to be the first thing to go in times of economic uncertainty.
Shares of apparel giant Gildan Activewear Inc. plunged by a third Friday after the company pared its guidance for revenue and profit due to a slowdown in its print-wear business. The unit sells basic clothing to wholesalers who slap logos on them for sports teams or events.