Dixie’s sales increase, but still loses money
The Dixie Group Inc., boosted its sales last year by 3.9 percent to nearly $422.5 million, but the Chattanooga-based carpet maker still had a net loss last year of $2.4 million, or 16 cents per share.
Dixie said this week carpet sales were up 4.5 percent last year despite an overall industry decline. But Dixie CEO Dan Frierson said selling and administrative costs rose last year, due in part to more sampling and other expenses.
In the fourth quarter, Dixie narrowed its losses from a year ago. In the final three months of 2015, Dixie lost $528,000, or 3 cents per share, on sales of $107.8 million. In the final quarter of 2014, Dixie lost $5.2 milllion, or 35 cents per share, on sales of $104.6 million.
“Sales of our residential products, both for the year and the fourth quarter as compared to the same periods in 2014, were flat, while we estimate the industry was down in the low to mid-single-digit range for both periods,” Frierson said. “For 2015. our increase in commercial product sales was 14.4 percent comparative to the same period last year and as compared to industry growth, we estimate, in the low single digits.”
Wacker apprenticeship info sessions announced
Learn more about Chattanooga State Community College’s Wacker apprenticeship opportunities during weekly information sessions in the Wacker Institute building located on the main campus of Chattanooga State, 4501 Amnicola Highway.
Potential students may attend afternoon or evening information sessions during March and April. Tuesday evening sessions are scheduled from 5-6:30 p.m. on March 1 and 15, April 5 and 19. Sessions on Wednesday afternoons will be offered from noon-1:30 p.m. on March 9 and 23, April 13 and 27.
Students can earn a wage and real-world experience while completing a two-year associate of applied science degree. Three apprenticeship tracks are available: chemical operator, mechanical systems, and electrical & instrumentation systems.
Call Lila Hale in the Engineering and Information Technologies Division at 697-3135 or email lila.hale@chattanoogastate.edu to make a reservation for attendance. Visit https://www.chattanoogastate.edu/engineering-technology/partnerships/wacker-institute for additional information.
Consumer sentiment declines in February
American consumers lost a little confidence this month amid worries that slowing economic growth will hurt the job market, the University of Michigan says.
The university said Friday its consumer sentiment index slipped to 91.7 in February from January’s reading of 92. A year ago, the index stood at 95.4.
Consumers’ assessment of current economic conditions was a bit higher than last month. But their outlook dimmed.
Richard Curtin, chief economist of the university’s surveys, said the dip was unlikely to signal a drop in consumer spending. In fact, the Commerce Department reported Friday that consumer spending rose last month at the fastest pace since May.
Curtin said the Michigan survey found that consumers’ confidence about prospects for their own finances improved to the highest level in a decade. Having endured modest wage gains for years, consumers expect to see an increase in their inflation-adjusted earnings over the next year.
Consumer spending up 0.5 percent last month
Americans boosted their spending in January at the fastest pace in eight months, while their incomes increased by the largest amount since June. Both are signs that the economy got off to a good start in the new year.
The Commerce Department says consumer spending rose 0.5 percent last month, while incomes also grew 0.5 percent in January.
Consumer spending accounts for two-thirds of economic activity, and the solid showing are likely to bolster expectations that consumers will bolster overall economic growth this quarter.
A key price gauge increased 1.3 percent in January compared to 12 months ago, nearly double the 0.7 percent gain seen in December. The Federal Reserve has said an acceleration of inflation will be a key factor determining the pace of future interest rate hikes.