Although net sales in the first quarter of 2023 were 14% below the same period in the prior year, significantly due to a loss of volume in the mass merchant channel, the company reported strong gross margins driven by more efficient operations from its manufacturing plants during the quarter.
Mohawk Industries reported rising interest rates and slower economic growth curbed sales of flooring in the first quarter of 2023 as inflation continued to push up production costs.
Michael Barrows, general manager of Atlanta Flooring Design Centers in Suwanee, Georgia, shares his experience dealing with cases of customer fraud that cost the retail operation nearly $30,000 and other retail stores in his county more than $100,000.
More than a third of homeowners want to replace or refinish their flooring, but inflation is impacting their desire to undertake home improvement projects, according to a recent survey by Discover Home Loans.
Thedata indicates greatly diminished pricing power among wholesalers and others, according to Associated Builders and Contractors Chief Economist Anirban Basu.
Anchor Peabody, and investment bank based in Delray Beach, Florida, projects a revenue drop during the year’s first half, but some bright spots could help bridge the gap to the end of the year before an anticipated strong rebound in 2024.
Commercial flooring contracting firms should plan for labor issues this year, according to Engineered Floors COO James Lesslie, who gave an outlook for the industry at the Fuse Commercial Flooring Alliance annual conference held in Memphis, Tennessee.
In 2023, the company reports it will launch a broad mix of new products, including new price point items in soft and hard surfaces, and high-end carpet styles in the nylon and decorative segments.
