WestPoint Slims Fiscal-Year Loss

WestPointNEW YORK-WestPoint Home reduced its loss for the 2013 fiscal year to $16 million from the $27 million loss from the prior fiscal year, according to a filing with the U.S. Securities and Exchange Commission by owner Icahn Enterprises.

The filing said WestPoint improved its bottom line through its ongoing effort to exit unprofitable programs with retailers. This resulted in a 285 basis-point improvement in gross margin to 12.5 percent.

Selling, general and administrative expenses were down 16.2 percent in dollars but rose 62 basis points as a percentage of sales, to 16.9 percent.

Also because of the exit from unprofitable programs, WestPoint's net sales dived 19.3 percent to $184 million. The filing said WestPoint will continue its ongoing initiative to realign its manufacturing and streamline is merchandising, sales and customer-service divisions to improve its cost structure.

The filing gave no data on WestPoint's fourth-quarter performance.

"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.


  • Patti Carpenter Talks Color and its Importance in the Home

    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 August 2017 cover


    August 2017

    COVER STORY: Sharpening the Focus on Millennials

    Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.


    • Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
    •  Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.