May 5, 2023
Challenging environment impacts Mohawk Industries sales
Mohawk Industries, Inc. had net sales of $2.8 billion for the first quarter of 2023, a decrease of 6.9% compared to net sales of $3 billion in the first quarter of 2022. On a constant currency and days basis, net sales were down 5.9% year over year. The global ceramic segment sales declined 0.5% year over year, the flooring North America segment sales decreased 11.1%, and the flooring rest of the world segment net sales decreased by 9.7%. Overall net earnings were $80 million in the quarter, down from $245 million in the year-ago period. Despite a more challenging environment, the company is strategically investing in new product innovation, enhanced merchandising, and customer trade shows to improve sales. It also continues to reduce costs across the enterprise by enhancing productivity, streamlining processes, and controlling administrative expenses.
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