Kährs reported a net sales decline of 35% in the fourth quarter of 2023, dropping to SEK 612 million ($58 million USD).
The Swedish company lost SEK 2 million ($190,000) in the quarter, compared with earnings of SEK 31 million ($3 million) during the same period last year.
President and CEO Johan Magnusson said Kährs experienced a “tough market with lower demand in the residential segment.” However, Magnusson said he remained confident in the company’s strategy going forward.
“Our focus on new, innovative and sustainable product offerings and investments in an improved customer experience are continuing to generate good results,” Magnusson said in a statement. “We maintain our market shares, and in some regions, we increase our shares and are well-equipped to meet future challenges and opportunities as we strive to reach our goal of being the leading actor in flooring solutions in select markets in Europe and the U.S.”
