USA: Burlington Reports Year Losses Of £527m
Burlington Industries today reported net sales for the fourth quarter of $427.2m, up 5.2 per cent compared with $406m in the fourth quarter a year ago. For the full fiscal year 2000, net sales were $1,620.2mn, compared with $1,651.7m in fiscal year 1999.The net loss for the fourth quarter of fiscal year 2000 was $523.7m, or $10.05 per share. This includes pre-tax charges of $76.5m related to restructuring and asset write downs and impairments, of which $67.2m is recorded as provision for restructuring and impairments, and $9.3m of inventory write-downs and other expenses are recorded in cost of sales. For the full fiscal year 2000, the net loss was $527m, or $10.12 per share, including restructuring-related charges and goodwill writeoff totaling $9.92 per share. This compared with a fiscal year 1999 net loss of $31.5m, or $0.57 per share, which included restructuring-related charges of $0.98 per share.
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