During the prior fiscal year, QEP completed several strategic divestments to streamline operations and concentrate resources on its core product lines in the North American market.
The Residential segment was penalized by inflation and rising mortgage rates, which have led to a sharp reduction in new construction and renovation projects.
Floor & Decor cardholders can use their credit card, issued by Synchrony, to finance both the materials and installation, so they can pay for their entire project over time.
Synchrony, a consumer finance company, and ServiceTitan, a software platform built to power the trades, announced the integration of Synchrony financing into the ServiceTitan platform, making it easier for contractors to offer financing to their customers.
Net sales in the first quarter of 2024 were $65.3 million compared to $67.1 million in the same period of the prior year. The gross profit margin for the three months of the first quarter of 2024 was 24.2% of net sales compared to 26.6% in the first quarter of 2023.
President and Chief Executive Officer Charles Tyson said business conditions remain difficult as he company continues to experience the impact of weakness in existing home sales and the corresponding softness in the home improvement industry.
A decrease in disposable income combined with higher interest expenses for housing consumers are having a negative impact on consumers’ willingness to purchase interiors products, said Kährs President and CEO Johan Magnusson.
The home improvement retailer continued to see customer engagement with smaller projects while experiencing pressure in certain big-ticket, discretionary categories.
