Cone Mills improves 3Q earnings
October 22, 2002-- Home Textiles Today,
Greensboro, NC — Despite weakened sales in its home furnishings segments, Cone Mills Corp. reported net sales of $111.7 million and a net income of $3.8 million, or $0.11 per share, after preferred dividends for the three-month period ending Sept. 29, a significant improvement over last year's third quarter.
For the corresponding quarter of fiscal 2001, Cone reported net sales of $107 million and a net loss of $4.6 million, or $0.22 per share, after preferred dividends.
Overall sales were up 4.4 percent for the third quarter of 2002, as compared with the third quarter of 2001. The increase in sales for the quarter was driven by the denim segment, as Cone's home furnishings segments, Carlisle Finishing and Cone Jacqaurds, experienced sharply weaker market conditions.
Third quarter 2002 sales for the decorative fabrics segment were $5.7 million, down 47.3 percent from the same quarter for 2001.
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