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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.
Gildan and Browning West have shared proxy cards for shareholders at the Canadian apparel company ahead of its annual and special meeting.
A survey of North American equities heading in both directions
Gildan spent $1.7 million in Q4 and $15.4 million in Q1 on advisory & legal fees connected to its proxy fight with activist Browning West.
Montreal-based Gildan earned $211-million in gross profit in the first three months of the year, its first quarter under newly installed CEO Vince Tyra