WPS: A bit of progress on a long road back

November 2003
Home Textiles Today;11/17/2003, Vol. 25 Issue 12, p1
Trade Publication
Still tied down by bankruptcy and restructuring costs as it streamlines its operations, WestPoint Stevens Inc. generated a $12.8 million loss for the third quarter of 2003, but managed to cut its losses by more than 20 percent from 2002 levels, to $12.8 million from $16.6 million. Crucial to its cash flow, the company stabilized its sales, and stanched the double-digit sales declines. Sales dipped by just 3.3 percent during the period, to $445.2 million from $460.5 million in 2002. Helped by the lower costs, and improving trends in sales and margins, operating profits increased by 36.1 percent to $20.7 million from $15.2 million in 2002. In a further savings, the company pared its inventories by 2.9 percent from previous year's levels, to $419.9 million from $432.6 million, a savings of $12.7 million.


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