USA: Denim Giant Cone Mills Suffers Q2 Loss
The world's largest denim manufacturer, Cone Mills Corp, on Wednesday said it swung to a second quarter loss as it was hit by rising textile imports and falling sales in a weak retail environment. The North Carolina-based fabric giant, which has its own plants in the US and a JV factory in Mexico, reported a loss of $3.6 million, or 18 cents per share after preferred dividends, versus a profit of $3.1m, or eight cents, after preferred dividends in the same period last year.
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