Q.E.P. Co. Inc. (Boca Raton, Fla.), parent company of Harris Wood, Roberts Consolidated and Porta-Nails, reported its net income during the second quarter of 2018 dropped to $580,000, a 76 percent decline compared with the company’s $2.4 million profit during the same period in 2017.
The company’s net sales increased 10 percent during the quarter to $92.6 million.
Q.E.P purchased certain assets of flooring distributor Kraus Group during the period, an acquisition that increased the company’s operating expenses, according to CEO Harry Schulman.
“The overall business continues to experience cost pressures such as product, manufacturing and shipping costs,” Schulman said in a statement. “Q.E.P. has worked with our customers to pursue market-based price increases to mitigate these cost increases and will continue to do so in the future as market conditions dictate.”
