WestPoint sales contracted in 3Q
HTT Staff -- Home Textiles Today, 11/7/2011 1:51:55 PM
New York - WestPoint Home's sales fell 32% during the third quarter to $79 million, a result parent company Icahn Enterprises attributed to a weak housing market and lost business.
Gross margin dropped 50% to $3 million for the quarter ended Sept. 30.
"Decline in gross margin reflects lower sales volumes, lower-margin sales mix and higher raw material costs offset partially by price increases," the Icahn Enterprises reported.
Year-to-date, sales decreased 15% to $259 million. Gross margin for the first nine months was $18 million, down 25%.