WestPoint Home narrowed loss in 2013
March 3, 2014-- Home Textiles Today,
New York - WestPoint Home narrowed its net loss for the year and eked out some positive EBITDA despite a 19% decline in sales, parent company Icahn Enterprises reported this morning.
For the fiscal year ended Dec. 31, 2013, net loss shrank to $16 million compared to a net loss of $27 million in 2012. Adjusted EBITDA was $1 million vs. a loss of $3 million in the previous year. Gross margin as a percentage of net sales was 12% for 2013 as compared to 10% for 2012.
Sales were $187 million, $44 million off the 2012 figure.
WestPoint ended the year with $16 million of unrestricted cash, executives said during the quarterly presentation this morning.
For the fourth quarter, the net loss of $11 million was flat to the year-ago performance. Adjusted EBITDA was break-even compared to a loss of $1 million in 2012. Sales for the quarter fell 22% to $43 million.
The parent company said WestPoint is focusing on core profitable programs and is seeing some traction in developing new brands.
Related Content By Author
Industry Related Content
Countdown to Intertextile Shanghai