Dixie Group Reports Loss Despite Sales Growth
Chattanooga, TN, July 28, 2014 -- The Dixie Group reported a second quarter net loss of $644,000, or $0.04 per share, compared to net income of $1.64 million, or $.13 per share, a year ago.
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However, net sales rose to $108.2 million from $83.6 million last year.
"We continued our strong sales growth relative to the industry," said CEO Daniel Frierson.
"Our sales increase for the quarter was 29.4% on a year-over-year basis and 14.8% without the addition of Atlas Carpet Mills, acquired in March of this year.
"The market, however, was up only slightly. Our sales increase in the second quarter for residential products was 13.7% ahead of the same quarter last year, relative to the market declining slightly on the same comparable basis.
"The second quarter sales increase for our commercial products was 83.5% ahead of the same time period last year. Without Atlas, the increase was 24.4% for the second quarter as compared with the same time period last year and relative to a year-over-year market increase in the low-single digits."
Frierson said that all of Dixie's brands, other than the Atlas Carpet Mills brand, were up for the second quarter on a year-over-year basis.