Russell Sees Profit Shortfall, Job Cuts ATLANTA (Reuters) - Athletic wear maker Russell Corp. (NYSE:RML - news) on Wednesday said its second-quarter results would fall well short of expectations and it would cut about 800 jobs as it closes several plants amid weak demand, pricing pressures and customer inventory reductions.

Atlanta-based Russell said in a statement it would report earnings on an ongoing basis of 12 cents to 16 cents per share on a sales decline of 4 percent to 6 percent.

Analysts had expected earnings of 24 cents to 30 cents per share, with a mean expectation of 27 cents, according to research firm Thomson Financial/First Call. A year ago, it earned $7.4 million, or 22 cents per share, before charges, on sales of $282.5 million.

Sales for the year are now expected to be about $1.225 billion to $1.25 billion, with earnings of $1.85 to $1.95 per share, Russell said. Analysts had been looking for a profit of $2.06 to $2.15 per share, with an average view of $2.10, according to First Call.

The company Wednesday said it would close sewing operations in LaFayette and Alexander City, Alabama; textile operations in Sylacauga, Alabama, and consolidate its Coosa yarn facility near Alexander City, Alabama. These moves affect about 800 positions, it said.

-- Guy Daley (guydaley1@netzero.net), June 06, 2001