Mar 08, 2024 / 03:00PM GMT
Dan Frierson - Dixie Group Inc - Chairman of the Board & CEO
Welcome everyone to our fourth quarter and 2023 year end conference call. Alan Danzey is with me. Allen as our CFO. Our Safe Harbor statement is included by reference, both to our website and press release.
Adjusted for the additional week in our prior fiscal year, weekly sales in the fourth quarter were approximately 2% better in 2023 as compared to 2022. Net sales for the year 2023 were down 9% from the prior year, but were down 7.2% on an adjusted weekly basis.
The lower net sales amount was the result of a slowdown in the floor covering industry driven by high interest rates, which have dramatically impacted the housing and residential remodeling markets. We believe the overall flooring industry experienced a significantly higher reduction in year-over-year sales volume, indicating we are continuing to gain market share in our core markets due to the numerous actions we took to reduce costs and improve operations during the last two years, our fourth quarter gross margin improved by 13 percentage points to 27% of net
Q4 2023 Dixie Group Inc Earnings Call Transcript
Mar 08, 2024
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