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Russell Says Profit Won't Meet Forecasts

September 28, 2000|Reuters, Bloomberg News

Athletic apparel maker Russell Corp. said third-quarter earnings will fall short of forecasts, citing disappointing European sales due to the weak euro and rising raw materials costs. But the Atlanta-based company expects earnings between 8% and 10% higher than in its third quarter of 1999, when Russell posted net income of $23.9 million, or 72 cents per share, excluding one-time charges, on sales of $344.9 million. Analysts on average had predicted Russell would earn 84 cents. The company predicted it will earn between 77 cents and 79 cents for its third quarter. "Our efforts have been hampered by the continued weakening of the euro and lower-than-expected shipments of Russell Athletic products in Europe," said Chairman and Chief Executive Jack Ward. The forecast was released after the markets closed. Shares were unchanged at $18.56 on the NYSE. . . . West Point, Ga.-based WestPoint Stevens Inc., the biggest U.S. maker of bedding and towels, said third-quarter profit will be lower than analysts' estimates because it expects sales to be little changed from a year earlier. The maker of Martex, Utica and Lady Pepperell brand linens said per-share earnings will be about 65 cents a share. It had been expected to earn 74 cents. Net income a year earlier was $38.1 million, or 67 cents. WestPoint shares fell 6 cents to close at $12 on the NYSE.

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