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The company lowered both second-quarter and full-year estimates below expectations.
Shares fell $10.99, or 30.6 percent, to close at $24.93 Tuesday, after earlier reaching a 52-week low of $23.75. The stock had traded between $28.82 and $46.47 during the past 52 weeks.
They had mentioned, "The cut is primarily due to lower-than-expected sales growth, resulting from production inefficiencies at a Dominican Republic textile factory and a write-down of inventories of discontinued product lines"
Not exactly sure how production inefficiencies creates lower sales growth. Does this mean they had orders but they could not make the garments fast enough and had cancellations?? Well, bottom line I hate seeing any of the garment companies get hit so hard. Losing 30 percent of your value in one day is simply crazy.
They should not feel too bad, they are not the only ones getting hammered. UNDER ARMOUR INC lost a little over 10% today.
If you are not familiar with Gildan, they sell t-shirts etc (it appears they are not selling enough of them).