• Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
  • A&D
  • INSTALLATION
  • MARKETS
  • AWARDS
  • EDUCATION
  • BUYER'S GUIDE
  • MEDIA
  • EMAGAZINE
  • SIGN UP
cart
facebook twitter linkedin youtube
  • NEWS
  • Breaking Flooring News
  • eNewsletters
  • PRODUCTS
  • Carpet & Area Rugs
  • Hardwood
  • Installation Products
  • Installation Tools & Equipment
  • Laminate
  • Resilient
  • Specialty
  • Tile & Stone
  • MARKETS
  • Commercial
  • Residential
  • AWARDS
  • Installation Awards
  • Top Flooring Products
  • EDUCATION
  • Continuing Education
  • Webinars
  • MEDIA
  • FLOOR Podcast
  • Videos
  • TISE 2025 Videos
  • Product Spotlights
  • eBooks
  • EMAGAZINE
  • eMagazine
  • Archive Issues
  • Contact
  • Advertise
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
    • Breaking Flooring News
    • eNewsletters
  • PRODUCTS
    • Carpet & Area Rugs
    • Hardwood
    • Installation Products
    • Installation Tools & Equipment
    • Laminate
    • Resilient
    • Specialty
    • Tile & Stone
  • A&D
  • INSTALLATION
  • MARKETS
    • Commercial
    • Residential
  • AWARDS
    • Installation Awards
    • Top Flooring Products
  • EDUCATION
    • Continuing Education
    • Webinars
  • BUYER'S GUIDE
  • MEDIA
    • FLOOR Podcast
    • Videos
    • TISE 2025 Videos
    • Product Spotlights
    • eBooks
  • EMAGAZINE
    • eMagazine
    • Archive Issues
    • Contact
    • Advertise
  • SIGN UP
Breaking Flooring News

Mohawk posts Q1 sales, earnings decline

April 17, 2001
CALHOUN, Ga. -- Mohawk Industries Inc. has reported that the company’s sales and earnings for the first quarter of 2001 declined from the same period a year earlier.

The company’s net sales for the quarter were $743.7 million compared to $765.1 million for the first quarter of 2000. Diluted earnings per share (EPS) came in at 51 cents, which translates to $27.2 million in net earnings in the first quarter of 2001. Net earning for the same period a year prior were $34.0 million, or 61 cents per share. Gross profit as percentage of net sales declined to 23.9% from 24.9%.

The company said its lower sales and earnings are attributable to declining industry shipments and the slowing economy. The lower gross profit percentage results from higher-than-normal costs for oil and energy, losses on the disposition of Crown Crafts obsolete inventory and an unfavorable product mix, Mohawk said. A price increase on selected items was implemented during March but had little impact on first quarter results.

“We are not satisfied with our results this quarter,” said Jeffrey S. Lorberbaum, Mohawk president and CEO. “As our stock price remains at levels below our expectations, we will continue the repurchase program previously authorized by our board of directors.”

Lorberbaum said that the company repurchased 171,000 shares in the first quarter and now has reacquired more than 8.9 million shares since the September 1999 inception of the program. He also noted that the company’s debt to total capitalization ratio improved from 43.9% at the end of 2000 to 42.8% in the first quarter. “We continue to expand the marketing programs to assist our dealers with the Ralph Lauren, Mohawk Floorscapes and Mohawk Color Center programs, as well as our brand advertising,” Lorberbaum said. “Our new product introductions have been sampled earlier than in prior years and inventories to support them have been put in place. The hard-surface infrastructure is being implemented and the category is growing as we anticipated. We are excited about all our hard-surface products and believe that their success will add to long-term shareholder value.”

Company management believes that EPS for the second quarter of 2001 will be below last year’s by 10% to 15%, and the third quarter of 2001 EPS will trail last year’s by 5% to 10%.

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • resilient flooring

    The 7 Types of Resilient Flooring

    The resilient flooring category is comprised of many...
    Resilient Flooring
    By: Resilient Floorcovering Institute
  • QuickDrain USA’s ShowerLine linear drain

    Tips for Curbless Shower Installation Using a Linear Drain

    Consider these four tips when planning for a curbless...
    Flooring Installation Products
    By: Darryl Jones
  • 2024 New Flooring Product Guide

    2024 New Flooring Products Guide

    We explore this year's introductions in area rugs,...
    Floor Coverings
    By: FLOOR Trends & Installation Editors
You must login or register in order to post a comment.

Report Abusive Comment

close

1 COMPLIMENTARY ARTICLE(S) LEFT

Loader

Already a Registered User? Sign in now.

Subscribe For Free!
  • eMagazine
  • eNewsletter
  • Online Registration
  • Manage My Preferences
  • Subscription Customer Service

Shaw Flooring Network Retailers Report Post-Election Sales Surge

Shaw Flooring Network Retailers Report Post-Election Sales Surge

Takeaways from the 2024 AHSG Convention & Member Outlook for 2025

Takeaways from the 2024 AHSG Convention & Member Outlook for 2025

What Shaw Flooring Network Dealers are Banking on for 2025

What Shaw Flooring Network Dealers are Banking on for 2025

Retailers Share Top Takeaways from Shaw Flooring Network Convention

Retailers Share Top Takeaways from Shaw Flooring Network Convention

More Videos

Popular Stories

Ken Ballin manning the Tools 4 Flooring booth in Tool Alley at TISE 2025

10 Tool Innovations Every Flooring Contractor Should Have on Their Wish List

RevWood American Originals.jpg

How Mohawk's Domestic Manufacturing Powers Growth in Challenging Times

Paul Hambidge

The Waterproof Laminate Myth: Why Consumer Expectations May Never Be Met

Installation Awards - Vote Now!

Events

June 9, 2025

NeoCon 2025

A trade show for the commercial interior design industry.

December 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Poll

Flooring Groups

Flooring retailers, do you belong to a buying, marketing or franchise group?
View Results Poll Archive

Products

2025 BNI Interiors Square Foot Costbook

2025 BNI Interiors Square Foot Costbook

See More Products

FLOORtalk podcasts - Listen Now

Related Articles

  • Mohawk Posts $41M Q1 Profit on Flooring Product Sales

    See More
  • Mohawk posts sales and earnings gains; "Our company continues to manage costs and our customers are positive about the coming year"

    See More
  • Foamex posts 4 percent rise in Q1 sales

    See More
×

We’re rolling out the red carpet of flooring knowledge!

Stay in the know on the latest flooring retail trends.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Instagram
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
    • Breaking Flooring News
    • eNewsletters
  • PRODUCTS
    • Carpet & Area Rugs
    • Hardwood
    • Installation Products
    • Installation Tools & Equipment
    • Laminate
    • Resilient
    • Specialty
    • Tile & Stone
  • A&D
  • INSTALLATION
  • MARKETS
    • Commercial
    • Residential
  • AWARDS
    • Installation Awards
    • Top Flooring Products
  • EDUCATION
    • Continuing Education
    • Webinars
  • BUYER'S GUIDE
  • MEDIA
    • FLOOR Podcast
    • Videos
    • TISE 2025 Videos
    • Product Spotlights
    • eBooks
  • EMAGAZINE
    • eMagazine
    • Archive Issues
    • Contact
    • Advertise
  • SIGN UP