The Dixie Group, Inc. more than tripled its third quarter earnings from a year ago as carpet sales rebounded and the Chattanooga-based floorcovering firm picked up market share.
Dixie said today it earned nearly $2.2 million, or 15 cents per share, from continuing operations generated by sales of $90.2 million in the three months ended Sept. 30. In the same period last year, Dixie earned $468,000, or 4 cents per share, from comparable ongoing operations generated by sales of $65.8 million.
Residential carpet sales jumped in the third quarter by 35 percent over last year's volume while commercial carpet sales were up by 40 percent over last year.
"All of our product categories were up, showing the broad nature of our market momentum," Dixie President Dan Frierson said. "Our growth, year-to-date, in excess of 27 percent, compared to the same period in 2012, is a result of the investments we have made in new products, processes, businesses and sales coverage."
Frierson said he expects the sales momentum to continue in the fourth quarter of 2013 and he expects Dixie to outperform the carpet industry in the higher end of the market.