Operating profit was $16 million in the first quarter of
2009, compared with $88 million in the same quarter of 2008.
Total net sales in the first quarter of 2009 was
$858 million, compared with $988 million in the same
quarter of 2008.
During the first quarter of 2009, we approved actions to close
three manufacturing facilities and one distribution center in
the Dominican Republic, Honduras, the United States and Canada,
and eliminate an aggregate of approximately 2,600 positions in
those countries and El Salvador. In addition, approximately 50
management and administrative positions were eliminated, with
the majority of these positions based in the United States. In
addition, we completed several such actions in 2009 that were
approved in 2008.
Gross capital expenditures were $56 million during the
first quarter of 2009 as we continued to build out our textile
and sewing network in Asia, Central America and the Caribbean
We amended our Senior Secured Credit Facility and Accounts
Receivable Securitization Facility to provide for additional
cushion for the leverage ratio and interest coverage ratio
We ended the first quarter of 2009 with $358 million of
borrowing availability under our $500 million revolving
loan facility (the Revolving Loan Facility),
$32 million in cash and cash equivalents and
$58 million of borrowing availability under our
international loan facilities.
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