WestPoint Pepperell’s first-quarter net income dropped 46%...
WestPoint Pepperell’s first-quarter net income dropped 46% from a year ago to $11 million. Sales climbed to $683 million, up 42%. The West Point, Ga., maker of apparel, fabric and rugs attributed the results in part to special charges of $17 million for an enhanced early retirement program, a reserve to cover related expenses from the company’s announced intention to move certain apparel support functions from Troy, N.Y., to locations in the South and expenses related to the unsolicited tender offer by Farley Inc.
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