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Increased Costs Weigh Down QEP Earnings

Posted on: 12-22-2011 by Floor Covering Media

Members (and Visitors):

Floor Covering Media found a blog article, posted at the Hardwood Floors Blog, about the owner of the Harris Wood Floors brand, attributing its 26.7 percent drop in third-quarter earnings to cost increases and pressure within its distribution channels. This blog article, written by their staff, inform readers Q.E.P.'s 2012 fiscal year will end Feb. 29. Whereas the company reported net income of $3.0 million during the third quarter of its previous fiscal year, the company reported net income of $2.2 million during its latest third quarter. Net sales, meanwhile, rose 6.4 percent in the latest quarter to $64.9 million from $61.0 million reported during the third quarter of its 2011 fiscal year. The company attributed the sales increase to its growing flooring product lines in Europe and Australia, and especially in the U.S. Still, Q.E.P. Co. Inc. noted record sales of $200.6 million during the first nine months of its 2012 fiscal year, which ended Nov. 30. This was an increase of 10.1 percent from net sales of $182.2 million reported in the same period of its 2011 fiscal year. More at Hardwood Floors Blog.

Sincerely,

FCM Staff

Link:

hardwoodfloorsmag.com/editors/blog/default.aspx

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