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It forecast annualized savings, before restructuring costs, of about $250 million in 2008.
Third-quarter earnings, before restructuring costs, will not exceed 65 cents a share, the company said.
The company warned that earnings in the fourth quarter would come in around 12 cents a share before restructuring charges, about two-thirds what analysts had forecast.
WestPoint Stevens said it expected to report earnings a share, before restructuring charges, of about 11 cents, below the company's previous forecast of 30 cents a share.
It also expects to post a per-share loss of 22 cents to 28 cents a share, before restructuring charges, down from its previous forecast of a loss of 5 cents to 15 cents a share.
Cadbury posted a pretax profit before restructuring costs, good will and amortization of $1.27 billion, above analysts' expectations of $1.23 billion to $1.25 billion and higher than the $1.13 billion a year earlier.
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The company's chairman, Lawrence H. Johnston, said that profit before the restructuring charge of $558 million exceeded his projection last spring.
Other countries in the region are facing the same economic challenges, but they started restructuring long before".
The company, which rejected a number of takeover approaches over the past two years before being hit by contract problems, said it hoped to announce a balance sheet restructuring before the end of July.
These problems must be resolved, or at least reduced, before Russia begins restructuring, critics said.
In both Europe and America insolvencies are increasingly "pre-packaged": creditors agree on a plan of restructuring before a formal insolvency.
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