Mohawk Industries reported net earnings of $101 million in the second quarter of 2023, down 63% compared with the same period last year.
The company’s net sales were $3.0 billion, a decrease of 6.4% compared with the second quarter of 2022.
“Typical of housing recessions, higher interest rates and inflation are significantly impacting flooring sales around the world,” Chairman and CEO Jeffrey Lorberbaum said in a statement. “To manage, we are selectively investing to increase sales and reducing expenses by enhancing productivity, consolidating distribution points and improving administrative efficiencies.”
Mohawk saw stronger results in commercial than residential in the quarter, as residential remodeling fell off due to lower home sales and deferred home improvement projects, according to Lorberbaum.
Mohawk’s full report can be found here.
