NEW YORK — In the midst of a $240 million effort to buy Italy’s GFT SpA, first quarter earnings and sales at Plaid Clothing Group were down sharply.

A report sent to Plaid bondholders and filed with the Securities and Exchange Commission, said net income for the quarter ended April 3 fell 72 percent to $746,000 from $2.7 million. Sales fell 13.4 percent to $72.7 million.

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