WestPoint Narrows Q1 Loss

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.

Net sales fell 17.9 percent to $46 million. The sales drop was due to WestPoint's further moves away from unprofitable programs and customers, the filing said.

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.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

  • Von Tobel Cites Brass Textures Among Top Trends

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN cover for September 2017

    HFN's DIGITAL EDITION

    September 2017


    COVER STORY:

    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    ALSO IN THIS ISSUE:

    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.