14074 Wed, 03/19/2008 - 12:38pm
NEW YORK–WestPoint International, the home-fashions unit of Icahn Enterprises, reported an operating loss of $158.5 million for 2007.
The loss compares with the company’s operating losses of $143.4 million for 2006 and $20.3 million for 2005. Net sales totaled $683.7 million last year, down 23.3 percent from 2006.
In a filing with the U.S. Securities and Exchange Commission, Icahn Enterprises said these results stemmed from “our continuing efforts to reduce revenues from less profitable programs coupled with a continued weaker retail sales environment in the United States for home textile products.” The company also said 2007 sales of WestPoint bedding products fell 22.1 percent to $445.8 million, and that sales of bath products totaled $235.6 million, 24.4 percent off from 2006.
Icahn Enterprises also said in the SEC filing, “We continue our restructuring efforts and, accordingly, expect that restructuring charges … and operating losses will continue to be incurred throughout fiscal 2008.”