WestPoint Home Posts $14 Million Net Loss in Q3
November 24, 2010,
NEW YORK--WestPoint Home recorded a net loss of $14 million in its fiscal third quarter, compared to the $10 million net loss in the third quarter of last year.
The loss occurred in spite of a 23 percent increase in net sales for the quarter, which were $116 million. It marked the second consecutive quarterly sales gain for WestPoint, which had been experiencing a long string of quarterly declines in sales.
In a filing with the U.S. Securities and Exchange Commission by Icahn Enterprises, WestPoint's parent, the company cautioned that its business "is significantly influenced by the overall economic environment, including consumer spending, at the retail level, for home-textile products. Many of the larger retailers are customers of [WestPoint]. Based on prevailing difficult economic conditions, it will likely be challenging for these same retailers during the remainder of fiscal 2010."
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money