Springs Global swings to a 3Q profit
-- Home Textiles Today, 11/24/2009 1:30:00 PM
Sao Paulo – Despite double-digit sales declines in three out of five product divisions, Springs Global reported a profit of 14.2 million Reais, or roughly $8.18 million US, compared to a net loss of 56.8 Reais in last year’s third quarter.
Sales fell 14% to 600.8 million Reais, or approximately $346.2 million US.
Sales jumped 27.7% in the company segment that sells yarn, greige fabrics and finished fabrics. However, sales were off 30.6% in fashion bedding, 22.2% in bath and 12.1% in utility bedding. The company noted that sales declines in North American were countered by “significant” increases in bedding and bath in Brazil.
Springs Global’s bottom line benefited from improved currency exchange rates, a 15.6% drop in cost of goods sold and a 6.3% decline in selling and general administrative expenses.
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