GALEY’S SALES, EARNINGS UP IN 3RD QUARTER
GREENSBORO, N.C. — Aided by a strong showing in its wrinkle-resistant cotton fabrics, Galey & Lord Inc. reported third-quarter earnings advanced 63.8 percent to $5 million, or 42 cents a share, from $3 million, or 26 cents a year ago.
After including $10.9 million from an acquisition that took place in April, sales increased some 17.9 percent to $120.7 million from $102.4 million.
For the nine months ended July 2, profits climbed 31.3 percent to $13.9 million, or $1.16, before a special charge, from $10.6 million, or 88 cents, a year earlier. After a $1.6 million accounting charge, earnings were $12.3 million, or $1.03. Sales increased 14.4 percent to $331.3 million from $289.6 million from the year-earlier period.
Chairman Arthur C. Wiener commented that the printed apparel fabric business, primarily for women’s and children’s sportswear and dresses, appeared to be the only sluggish business in the quarter.