Dixie Group Q3 FY20 sales fall 20% to $86 mn

09 Dec '20

2 min read

Pic: Dixie Group/ Fabrica

The Dixie Group, a leading marketer of high-end residential and commercial broadloom carpet and rugs, reported 20 per cent per cent sales decline to $85.9 million in third quarter (Q3) FY20 ended on September 26, 2020 compared to sales of $95.4 million in same period previous fiscal. Company reported a net income of $0.8 million (Q3 FY19: $2.5 million).

“In the third quarter, sales continued to recover from the impact of the Covid-19 pandemic. Sales of our residential products were up 3 per cent for the quarter, while the industry, we believe, was up closer to 1.5 per cent,” Daniel Frierson, chairman and chief executive officer at Dixie Group, said in a press release.

Gross profit for the quarter was $22.2 million ($21.0 million). Selling, general and administrative expenses were $19.3 million ($21.0 million). Operating income during Q3 FY20 was $2.5 million (Q3 FY19: loss $1.0 million).

“Benefiting from strong trends in new home construction and existing home sales, our residential segment saw business conditions continue to improve through the quarter, as many flooring retailers emerged from the Covid-19 downturn, and an increasing number of consumers began home improvement projects. Our specialty retail soft surface business was positive for the third quarter,” Frierson said.

Fibre2Fashion News Desk (JL)

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