Dixie Q2 Sales Down 39%, Increased Losses
Dalton, GA, August 6, 2020-The Dixie Group reported a net sales decline of 39% YOY for Q2 2020, with sales of $60,824,000 in Q2 2020 as compared to $100,394,000 in Q2 2019.
For Q2 2020, the company had a loss from continuing operations of $6,979,000, compared to a loss of $1,181,000 in Q2 2019.
Says Daniel K. Frierson, chairman and chief executive officer, “Sales of our residential products were down 38% for the quarter with the industry down around 30% as compared to the prior year. The residential business has recovered more quickly than originally anticipated when the initial impact of the COVID-19 pandemic became apparent in mid-March. Our specialty retail segment was down by 50% in April, recovered to being down 35% in May and was down less than 10% in June. By the end of June, we saw positive sales comparisons versus last year, and July has started off above prior year in sales and order entry.
“In the second quarter, sales of our commercial products were down 42% on a year over year basis while the industry we believe was down close to 30% for the same time periods. Our commercial hard surface sales were up over 20% for the period relative to a year ago.”
Related Topics:The Dixie Group