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APPAREL COMPANIES GETTING HIT BY HIGHER FABRIC COSTS
Published April 21, 1995
Sharp price increases for cotton and wool have "compounded the woes of the apparel industry, which has been suffering for months from sluggish consumer demand," according to Teri Agins of the WALL STREET JOURNAL. Apparel makers "are watching their profit margins erode further because they can't risk losing retail sales by passing on higher fabric costs." Russell Corp. has reported that 1stQ net income fell two cents to $.31/share from last year. While the 1st quarter is traditionally slow due to clear outs of winter merchandise, this year apparel makers cannot count on relief anytime soon "because stores remain saddled with unsold inventory" (WALL STREET JOURNAL, 4/21).