Interface Reports 1.4% Revenue Growth in Second Quarter
Atlanta, GA, July 27, 2017-Interface, Inc. reported results for the second quarter ended July 2, 2017.
Second quarter highlights include:
- On a GAAP basis, net sales grew 1.4% year over year. Organic sales, which adjusts for the impact of foreign currency fluctuations and exiting the FLOR specialty retail stores, grew 4% year over year. Organic order growth was 6% year over year.
- Gross margin remained in line with expectations at 38.9%.
- SG&A continued to be well managed at
$64.9 million , or 25.8% of net sales, and was in-line with the Company's targeted 2017 annual run rate. - Operating income margin was 13.1%, an increase of 30 basis points over last year's second quarter.
- The Company completed
$25 million in stock repurchases in the second quarter, executing on the previously announced$100 million share repurchase program.
With the fundamentals in place, Interface remains committed to its full year plan, which targets 3-4% organic sales growth, 38.0-38.5% gross margin, and
Second Quarter 2017 Financial Summary & Highlights
Sales: On a GAAP basis, second quarter net sales were
Operating Income: Second quarter operating income was
Net Income: Net income during the second quarter of 2017 was
Year to Date 2017 Financial Results
Sales: On a GAAP basis, for the first six months of 2017, net sales were
Operating Income: On a GAAP basis, for the first half of 2017, the Company reported operating income of
Net Income: On a GAAP basis, the Company reported net income of
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