WestPoint Slims Fiscal-Year Loss
March 4, 2014,
NEW 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.
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.