QEP, a manufacturer and distributor of flooring and installation solutions for commercial and residential projects based in Boca Raton, Florida, said it would continue to invest in expanding its regional sales coverage to penetrate new and existing sales channels in North America despite the continued softening of consumer demand.

The company reported net sales of $63.5 million for the first quarter of fiscal 2025, which ended May 31, 2024, which was a decrease of $2.5 million or 3.7% from the $66 million reported for the first quarter of fiscal 2024. The company attributed the decline to the continued softening of consumer demand across multiple product categories and sales channels. 

Adjusted net income for the first quarter of fiscal 2025 was $3.9 million or $1.17 per diluted share, as compared to $1.8 million or $0.55 per diluted share for the first quarter of fiscal 2024.

"These positive results allow us to reinvest in resources to provide the ultimate service to our customers and critically to move forward with the numerous innovations in our product pipeline," said QEP President and CEO Leonard Gould. 

During the prior fiscal year, QEP completed several strategic divestments to streamline operations and concentrate resources on its core product lines in the North American market.

QEP sold Harris Flooring Group to Marquis Industries, Inc., a subsidiary of Live Ventures Incorporated, in a transaction valued at approximately $10 million. Harris Flooring Group produces engineered, hardwood, luxury vinyl tile and laminate and carpet tile collections under the Naturally Aged Flooring, Harris, Kraus and Heritage Mill brands.

It also sold businesses in the United Kingdom, Australia and New Zealand.