WestPoint Sales Jumped 16.3% in 2010
Home Textiles Today Staff -- Home Textiles Today, 4/7/2011 5:09:28 AM
NEW YORK - WestPoint Home generated solid top line growth during the recent year, although its margin narrowed.
Sales for the fiscal year ended Dec. 31 were $429 million, up 16.3% from 2009. Parent company Icahn Enterprises reported last week that margin for the year fell 6.5% to $29 million.
Loss from continuing operations widened slightly to $42 million from $40 million in 2009.
Margin was particularly hard hit during the fourth quarter, dropping 44.4% to $5 million, which the company attributed to higher raw material costs, freight and goods shipped out of China.
Sales during the quarter jumped 17.1% to $123 million, primarily due to better volumes with existing customers, the company said. Loss from continuing operations broadened to $13 million from $8 million in the year-ago quarter.
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