WestPoint Narrows Q1 Loss
May 8, 2013,
NEW YORK-Continuing efforts to slim expenses helped improve WestPoint Home's bottom line in the first quarter, according to a filing with the U.S. Securities and Exchange Commission by Icahn Enterprises, the company's parent.
The company reported a net loss of $3 million in this year's first quarter, which ended on March 31, compared to a net loss of $9 million for the same period last year. WestPoint shaved 24 percent of its cost of goods sold, resulting in a gross-margin gain of 730 basis points to 10.9 percent. It also cut away 20 percent from its selling, general and administrative expenses--which, as a percentage of sales, fell 47 basis points to 17.4 percent.
WestPoint will keep up with its efforts to streamline its manufacturing, merchandising, sales and customer-service operations. "Given the uncertainty and volatility in the macroeconomic conditions, we cannot predict if (WestPoint's) financial performance will continue to improve," the filing said.