Quaker drives 2Q profits up 45 percent
July 16, 2002,
Fall River, MA — Rapidly building margins, sales and market share, Quaker Fabric Corp. drove second-quarter profits up by 45.5 percent, to $4.5 million from $3.1 million last year as it continues to build on a rebound begun more than a year ago.
Sales at the fabric producer jumped up by 20.4 percent, to $101.9 million from $84.6 million the preceding year, helped by a strong double-digit gain in export sales through the first half of the year.
Helping to fuel strong earnings growth in the quarter, in addition to higher sales, Quaker expanded its average gross margin by 170 basis points, or 1.7 percentage points, to 22.7 percent from 21.0 percent the prior year. Gross margin dollars increased by 30.0 percent, to $23.1 million from $17.8 million.