Articles Tagged with ''financial insights''

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.

Our new American Express survey of 1,100 U.S. small business leaders shows that small businesses are seeking consolidated cash flow management tools to foster greater efficiency, profitability, and business growth.

Total comparable store sales decreased 15.4% versus the same period last year. Gross margin of 36.6% decreased 70 basis points as a percentage of sales, driven by $2.1 million in incremental costs related to customs delays on flooring products that contain PVC as a consequence of the Uyghur Forced Labor Prevention Act.

Floor & Decor CEO Tom Taylor said consumers are prioritizing value and savings and in-stock job lot quantities.

Although net sales in the first quarter of 2023 were 14% below the same period in the prior year, significantly due to a loss of volume in the mass merchant channel, the company reported strong gross margins driven by more efficient operations from its manufacturing plants during the quarter.

Mohawk Industries reported rising interest rates and slower economic growth curbed sales of flooring in the first quarter of 2023 as inflation continued to push up production costs.

Michael Barrows, general manager of Atlanta Flooring Design Centers in Suwanee, Georgia, shares his experience dealing with cases of customer fraud that cost the retail operation nearly $30,000 and other retail stores in his county more than $100,000.