Dixie Group Profit, Sales Jump in Quarter
Chattanooga, TN, Oct. 30, 2013 -- The Dixie Group reported third quarter net income of $1.4 million, or $0.11 per share, compared with a net income of $102,000, or $0.01 per share, a year ago.
The company reported sales of $90.2 million in sales compared with $65.8 million in the third quarter last year.
“The third quarter sales improvement was a robust 37% over the prior year’s quarter," said CEO Daniel Frierson.
"Our residential products grew 35%, compared to the same period a year ago, and we believe that the residential market grew in the high single digits during the quarter and should continue to improve over the next year. Sales for our commercial products increased nearly 40% versus the third quarter of 2012. In contrast, we estimate that the commercial market was up in the low single digits. All of our product categories were up, showing the broad nature of our market momentum."
Year-to-date growth was more than 27%, compared to the same period in 2012, Dixie said.
The residential growth was driven by the mass merchant market, continued growth of our Stainmaster, TruSoft, and SolarMax products, and added sales from the integration of the Robertex business purchased early in the third quarter.
Sales of carpet tile drove growth in the commercial market, especially in the store planning sector.