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WestPoint Stevens Reports Record Sales

WestPoint Stevens Reports Record SalesIn the third quarter of 2001, WestPoint Stevens Inc., West Point, Ga., expects to report earnings, before charges associated with its Eight-Point Plan, in-line with or better than current analysts consensus of 11 cents per share.Third-quarter sales should approximate $513 million, up 5 percent from $488 million a year ago, reflecting a record high for any quarter in the companys history. Holcombe T. Green, Jr., chairman and CEO, said, WestPoint is increasing its market share and benefiting from the cost-reduction initiatives put in place during the past year with the Eight-Point Plan.Importantly, we have reduced our total indebtedness over $50 million during the quarter, have ample liquidity of over $125 million and are well in compliance with all financial covenants.November 2001