follow us

WestPoint sales sag in June

West Point, GA — WestPoint Stevens, operating in bankruptcy since early in June, reported a loss for the month ended June 30 of $30.0 million, according to a filing with the federal Securities and Exchange Commission.

On an operating basis, the textiles giant actually recorded a modest operating profit of $3.4 million for the month. But tipping the balance sheet were $39.6 million in restructuring and goodwill impairment charges; $4.7 million in interest expense; Chapter 11 expenses of $6.5 million; and net miscellaneous expenses of $1.2 million.

Acting as a partial offset was an income-tax benefit of $16.8 million stemming from earlier losses.

Average gross margin for the month totaled 14.8 percent, weakening from the prior two months. For the entire second quarter, the company recorded a stronger 15.8 percent margin.

Now reporting results on a monthly basis while in bankruptcy, the major mill is expected to report July results later this month.

Other Home Furnishings Sites

Casual Living
Gifts and Decorative Accessories
Home Accents Today
Kids Today
Home & Textiles Today