Interface Q1 Sales Slid 12%, Earnings Improved
Atlanta, GA, May 7, 2021-Interface reported Q1 net sales of $253 million, down 12% versus $288 million in the prior year period.
Declines in carpet tile were somewhat moderated by lesser declines in LVT and gains in rubber flooring.
The company recorded net income of $7 million in Q1 2021, compared to a Q1 2020 net loss of $102 million.
"We delivered solid results for the first quarter 2021 benefiting from our reduced cost structure and a currency tailwind. The dynamic market environment is beginning to show tangible signs of recovery, including an 11% sequential increase in orders, primarily driven by rising demand in the Americas and parts of Europe and APAC," commented Dan Hendrix, chairman and CEO of Interface.
"We remain committed to product development and have a robust launch pipeline planned throughout 2021."