US carpet & rug mills firm Dixie Group's Q1 FY21 sales up 7% to $86 mn

22 Jun '21

2 min read

Pic: Shutterstock

The Dixie Group, a US-based manufacturer of luxury soft floor covering carpet and rugs, reported 7.1 per cent sales growth to $86.3 million in its first quarter (Q1) FY21 ended on March 27, 2021, compared to sales of $80.6 million in the corresponding quarter of previous fiscal. The group’s net loss for Q1 reduced to $2.0 million (Q1 FY20: $2.7 million).

“Our first quarter started on December 27, 2020, resulting in a slow start for our fiscal year. However, business continued to strengthen into February and March, and finished much stronger than January and last year. The recovery of sales in the residential markets, which began in the second quarter of 2020, has continued through the first quarter of 2021,” Daniel K Frierson, chairman and chief executive officer at Dixie Group, said in a press release.

The group’s gross profit for the reported period was $19.5 million ($19.0 million), while operating loss was $0.6 million ($1.3 million). Dixie Group’s soft surface business grew 18 per cent during Q1 FY21 and hard surface business jumped 70 per cent compared to the same period of prior fiscal.

“Business is strengthening even further in the early part of the second quarter of 2021, and we are working very hard to maintain great service levels for our customers. We are excited to launch our high-end Technique collection in 2021. We introduced three styles during the first quarter and will launch three additional styles in the second quarter of 2021,” Frierson added.

Fibre2Fashion News Desk (JL)

More Dixie Group Inc News... More Textiles News - United States Of America...