NEW YORK — Officials at Cone Mills Corp. blamed an aggressive, industry-wide effort to cut inventories for causing the company to slip back into the red in the second quarter.
The Greensboro, N.C.-based denim maker posted a net loss available to common shareholders of $4.6 million, or 18 cents a share, for the quarter ended June 29. The loss included $3.1 million in special charges related to financing activities. It compares with net income available to shareholders of $2 million, or 8 cents a share, a year earlier. Sales fell 23.4 percent to $96.3 million.
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