Sales decreased at comparable stores by 8.0% during the second quarter of 2023 compared to the second quarter of 2022, primarily due to a decrease in traffic, which was partially offset by an increase in average ticket value.
Interface CEO Laurel Hurd said education sales were particularly robust in the second quarter, up 7% year-over-year, as facilities teams and administrators invested in refurbishment and maintenance projects during their summer break.
Dixie Group Chairman and CEO Daniel K. Frierson said a significant factor in the year-over-year sales decline was a loss of volume in the mass merchant channel, with primary customer's strategies shifting toward lower price points
While the U.S. housing market remains under pressure, the commercial sector has proven more resilient as businesses continue to invest in new construction and remodeling projects.
From the 2023 Starnet Annual Meeting in Scottsdale, Arizona, Starnet President and CEO Mark Bischoff gives an overview of the commercial flooring market—which is growing despite a chaotic economic environment and challenging headwinds.
While there are several risks facing the U.S. economy and the construction sector in 2023, the most pressing concern is the ongoing battle over raising the debt ceiling, which could have significant repercussions for government spending and overall economic stability.
The Home Depot President and CEO Ted Decker reported that sales for the quarter were below expectations primarily driven by lumber deflation and unfavorable weather.
