Interface Reports YOY Declines for Q3 Sales & Income
Atlanta, GA, November 6, 2020-Interface reported Q3 2020 net sales of $279 million, down 20% versus $348 million in the prior year period. Declines in carpet tile were somewhat moderated by lesser declines in LVT and rubber.
Net income for Q3 2020 was $5.9 million, a 23% decline compared to $26.2 million in Q3 2019.
For the first nine months of 2020, net sales were $826 million, down 18% versus $1 billion in the prior year period.
The company recorded a net loss in the first nine months of 2020 of $92 million, compared to net income of $63 million in the first nine months of 2019.
"During the third quarter, we intensified our focus on new product innovation, our customers and investing in initiatives to position Interface for long-term success, while remaining focused on the operational and financial levers within our control. Our operations teams have done an outstanding job of providing best-in-class service and ensuring safety, while flexing our cost structure to maintain healthy margins. We generated $65 million of cash from operations and repaid $43 million of debt during the quarter," commented Dan Hendrix, Chairman and CEO of Interface.