Mohawk Industries reported net earnings of $80.2 million in the first quarter of 2023—a 67% decline compared with the same period last year.
Net sales declined 7% to $2.8 billion.
“All of our businesses are adapting our strategies to a more challenging environment,” CEO and Chairman Jeffrey Lorberbaum said in a statement.
The flooring giant’s customers “remained conservative” with inventory commitments, added Lorberbaum, who said that Mohawk invested in new product innovation, enhanced merchandising and customer trade shows in order to boost sales. Mohawk’s Flooring North America Segment sales fell 11.1%.
“Our industry is operating in a completely different environment than a year ago,” Lorberbaum stated. “Around the world, central banks are raising interest rates to slow their economies and reduce inflation. These actions lower our industry volume as new home sales and residential remodeling are postponed.”
The Mohawk’s full first quarter financial report can be found here.
