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.
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
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.
ALSO IN THIS ISSUE:
- 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.