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.