Interface Earnings: Slowly Turning the Corner
Success is relative for the top dog in modular carpeting. Interface (NASDAQ: TILE) reported fresh financials after Wednesday's market close. Net sales inching 1.4% higher may not turn heads for fans of absolute growth, but it's the flooring specialist's heartiest top-line showing in two years. Perhaps more importantly, the report puts an end to an unfortunate streak in which Interface had posted six straight periods of year-over-year declines in revenue.
Net sales clocked in at $251.7 million for the second quarter, up slightly from the $248.2 million that it served up a year earlier. If we adjust results for foreign exchange fluctuations and its decision to exit its FLOR retail business we're looking at a slightly better 4% uptick in organic sales growth.
Interface credits growth in its core carpet tile business and the recent launch of its LVT modular resilient flooring business for its return to top-line growth. It's also singling out gains in the Americas and Asia-Pacific for its sales turnaround.
Source: Fool.com
