Swedish flooring manufacturer Kährs Group reported mixed results for the third quarter of 2024 due to continued weak demand in a cautious market primarily for new construction in the Nordics and North America.
Brazil, the world's fourth-largest natural stone producer and leading U.S. supplier, is intensifying efforts to expand its market presence through export incentives and education.
Commercial flooring manufacturer Interface posted robust third-quarter 2024 results. Strong performance in education and corporate segments, improved margins, and significant debt reduction led the company to raise its full-year guidance.
Flooring manufacturer Dixie Group continued investing in digital marketing and in-store merchandising during the third quarter but, like many in the flooring industry, faced headwinds from high interest rates, low home sales, and weak consumer confidence.
Despite tough market conditions, Floor & Decor saw slight sales growth of 0.9% to $1.12 billion in third quarter 2024, though net income fell 21.6% and same-store sales dropped 6.4%. The retailer maintained aggressive expansion, adding 11 new stores and planning 10 more openings in fourth quarter.
Victoria CEO Phillipe Harners reported that while the flooring sector is experiencing the most severe and longest decline in demand in the last 30 years, the company is optimizing productivity and reducing operational costs while maintaining production capacity to prepare for future demand.
What's happening in the residential and commercial flooring markets? While the flooring and interiors market remained challenged in the first half of 2024, there are modest signs of an impending recovery.
The U.S. Bureau of Labor Statistics reports a 0.3% decrease in import prices for August, the largest monthly drop since December 2023. Despite the August decline, import prices have increased 0.8% over the past year, reflecting ongoing economic fluctuations.
The U.S. economy grew at a faster pace than initially reported in the second quarter of 2024, according to the latest data from the Bureau of Economic Analysis.
