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.
Residential market constraints continue with limited housing supply, high interest rates and continued inflationary pressure, which continue to affect sales in 2023.
The specialty retailer reports that it continues to navigate uncertainty in the macroeconomic environment due to low consumer confidence, inflation, an elevated interest and mortgage rate environment and lower existing home sales.
The Synchrony Small Business Learning Center will help Synchrony small merchants, dealers, and wellness providers learn how credit and financing works, incorporate it into their business model, leverage it to enhance customer experiences, and help drive sales.
The net sales increase was achieved amidst the continuing economic challenges posed by rising mortgage interest rates, near-record-low existing home sales, ongoing pressure on housing affordability, and slowing sales of large ticket discretionary products.
Uncertainty is the theme for the fourth quarter for flooring businesses. An in-kind donation can help flooring businesses clear inventory, do good for their community and achieve a significant tax break.
Benchwick, an innovator in 3D-printed flooring technologies and a subsidiary of Northann Corp., celebrates the closure of Northann Corp.'s Initial Public Offering (IPO).
