Interface FY '19 Sales Up 14% YOY & Income Up 58%
Atlanta, GA, February 26, 2020-For the fiscal year, Interface reported that net sales rose 14% YOY. And net income rose 58% to $79 million, compared to $50 million last year.
In Q4 2019 net sales increased 1%, compared to Q4 2018. Net income in Q4 2019 increased 166.7% to $16 million, from $6 in Q4 2018.
Says Dan Hendrix, chairman and CEO, "We enter 2020 with strong momentum, as our team remains focused on delivering robust new product innovation to capitalize on the expanded market opportunities we have in front of us," Hendrix added. "We also continue to make significant progress on our Climate Take Back journey. We expect to invest approximately $50 million between 2019 and 2021 in manufacturing innovations. This includes tufting technology that will provide us with new design capability, and a new backing system that should increase our addressable market and further differentiate us in the marketplace. We believe these advancements will have great value for our customers. Our goal is to keep driving increased value to our shareholders by continuing the strategic investments and operational improvements we have made over the past several years.
"With regard to the coronavirus situation," Bruce Hausmann, CFO of Interface noted, "we were able to service production demand during the temporary closure of our carpet tile facility in China, and we continue to monitor the supply chain impacts very closely. The negative sales impact to our Asia business is evident in our year-to-date results, but we remain hopeful that we will be able to make up for the declines in the back half of the year."
Related Topics:Armstrong Flooring, Interface