Interface Sales Declined 2.8% in 2023, Income Up Significantly

Atlanta, GA, February 27, 2024-Interface reported Q4 2023 net sales of $325.1 million, down 3.1% year-over-year form Q4 2022’s $335.6 million.

The company recorded net income of $19.6 million in Q4 2023, compared to a Q4 net loss of $24.6 million.

Net sales for 2023 were $1.26 billion, down 2.8% versus $1.3 billion in the prior year.

The company recorded net income of $44.5 million in 2023, an increase of 227% compared to 2022 net income of $19.6 million.

For the year, the company generated $142.0 million of cash from operations, repaid $105.3 million of debt in the year.

“Strong fourth quarter performance rounded out a solid year, reinforcing our confidence that our strategy is working. Education remains a standout market segment with total sales up 5% for the full year, and notable strength in the Americas. We continue to take share in Corporate Office, as global sales increased 4% in the fourth quarter and were flat for the year in an incredibly dynamic market,” commented Laurel Hurd, CEO of Interface.

“Continued softness in the retail sector drove the majority of our year-over-year net sales decline both in the fourth quarter and the full year. While retail remains a small percentage of our overall revenue, it did have an outsized impact on net sales in the second half of 2023 and we expect this headwind to persist through the first half of 2024,” continued Hurd. “The team did a great job driving mix and holding price, and our margins further benefited from raw material cost deflation.”

“We are intently focused on commercial excellence and leveraging our strengths as one global organization. Our sales teams are aligned to our fastest growing markets and are working collaboratively across our brands to accelerate growth and drive value for our shareholders,” concluded Hurd.