Mohawk Industries, a US-based global flooring leader, has reported 2 per cent sales increase to $2.57 billion in its third quarter (Q3) of fiscal year 2020 ending September 26, compared to the sales of $2.51 billion in the same period of previous year. Net earnings attributable to Mohawk Industries was $205.11 million (Q3 FY19: $155.51 million).
“All of our businesses and geographies were stronger due to higher demand and customers increasing inventory in our distribution channels. Flooring rest of the world delivered the strongest results in the quarter as our northern European, Russian and Australian businesses were less impacted by the pandemic. Our global ceramic and flooring North America segments also improved substantially while being more affected by Covid and postponed commercial projects,” Jeffrey S Lorberbaum, chairman and CEO at Mohawk Industries, said in a press release.
Gross profit for the quarter rose to $706.19 million ($691.69 million). Selling, general and administrative expenses were $443.45 million ($451.47 million). Whereas, operating income for Q3 FY20 grew to $262.74 million ($240.22 million).
Sales of global ceramics segment during the quarter declined marginally to $911.30 million ($916.42 million). Sales of flooring North America were down to $982.29 million ($1.00 billion). However, sales of flooring rest of the world jumped to $681.27 million ($600.85 million).
During the period, company reported that demand for its products exceeded their production, and inventory declined by about $80 million, as Mohawk ramped up plants across the world. Company’s increase in manufacturing in the period was limited by challenges with hiring, training and capacity.
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