Articles
Mohawk's Sales Declined 5% in Q3, Earnings Loss of $760 Million
Mohawk reported net sales of $2.8 billion for Q3 2023, a 5% decline compared to sales of $2.9 billion in the same quarter last year. The company reported an earnings loss of $760 million for Q3 2023, compared to a loss of $534 million in Q3 2022. Read More
Expanding Options
Flooring suppliers are truly taking their global sourcing operations worldwide. As the Uyghur Forced Labor Prevention Act (UFLPA) continues to cause massive disruptions to the importation of flooring products, particularly the most popular segment, luxury vinyl tile (LVT), manufacturers are proactively searching for new sourcing alternatives, spanning the globe from India to Mexico. In addition, many are significantly expanding their U.S. manufacturing operations. Read More
Mohawk Advised to Discontinue ‘Misleading’ RevWood Product Claims
The National Advertising Division (NAD) is recommending Mohawk discontinue two “misleading” claims regarding the promotion of its RevWood laminate flooring product. The claims include, “Wood Without Compromise” and “The Perfect Wood for Your Home.” Read More
India Led Ceramic Imports to the U.S. In First Half of 2023
For the first time, India became the largest ceramic tile supplier of the U.S. by units in the time period between January and June, reports Grosser Associates. Read More
U.S. Customs Continues to Block LVT Shipments from Asia
Importing LVT from Asia continues to be a source of frustration for several major importers, as roughly $200 million (at wholesale value) has been either quarantined or returned to the sender. Read More
LL Flooring's Net Sales Declined 20.9% in Q2, Earnings Down 17.8%
LL Flooring reported net sales of $236.4 million for Q2 2023, a decrease of 20.9% from Q2 2022’s $299 million, driven by a decrease in transaction count reflecting by lower spending by consumers and pros. Read More
The Tile Shop Sales Down 8.4% in Q2, Earnings Down 26.5%
The Tile Shop reported net sales of $98.6 million for Q2 2023, an 8.4% decline compared to sales of $1.08 billion for Q2 2022. Sales decreased at comparable stores by 8.0% during the second quarter of 2023 compared to the second quarter of 2022, primarily due to a decrease in traffic, which was partially offset by an increase in average ticket value. Read More
Floor & Décor Grew Sales by 4.2% in Q2, Earnings Down 12.7%
For Q2 2023, Floor & Décor reported a net sales increase of 4.2% to $1.14 billion from $1.09 billion in Q2 fiscal 2022. Comparable store sales decreased 6.0 Read More
2023 Kitchen & Bath Sales Trends
The sharp decline in the U.S. housing market caught up with kitchen and bath product manufacturers and marketers in the first half of 2023. Dollar manufacturer sales (shipments minus exports plus imports) could have declined by 5.6 percent in the first half. Unit sales declined about 2.0 percent in the first half. Price increases, however, moderated along with inflationary pressures. The dollar sales decline this year compared to a 10.8 percent gain for all of 2022. First half 2023 sales declined along with the drop in new home construction and existing home sales as the Federal Reserve increased interest rates. Rising rates caused housing demand – new and existing – to drop sharper over the past year. Read More