Q.E.P. Co. Inc., the Boca Raton, Fla.-based conglomerate behind wood flooring industry brands Harris Wood Floors, Roberts and Porta-Nails, reported a $3.97 million profit in the fiscal year ending Feb. 29, 2016, an increase of 113.7 percent compared with its $1.86 million profit in 2015.
Q.E.P. Co. Inc., the Boca Raton, Fla.-based conglomerate behind wood flooring industry brands Harris Wood Floors, Roberts and Porta-Nails, reported a $3.97 million profit in the fiscal year ending Feb. 29, 2016, an increase of 113.7 percent compared with its $1.86 million profit in 2015.
Q.E.P.’s net sales for fiscal year 2016 were $309.23 million, an increase of $11.5 million, or 3.9 percent, from the $297.66 million in sales during fiscal year 2015.
“Our profitability this year enabled us to strengthen our balance sheet through increased cash balances and the pay down of debt,” said Lewis Gould, chairman, in a statement. “Our strong balance sheet will enable [the] company to make strategic investments for continued growth in the future.”