USA: Denim Giant Cone Mills Posts Q1 Profit
The world's largest producer of denim fabrics, Cone Mills Corporation, has revealed a first quarter net profit of $1.4 million versus a year-ago loss of $2.9m. The North Carolina-based company said total net sales for the quarter plunged 20.2 per cent to $105.8m amid lower volumes and prices, while denim sales fell 22.6 per cent to $82.1m.