DXYN - Housing demand boosts Dixie's residential furnishing business in Q3
The Dixie Group (DXYN) is up 24.65% in premarket action after the company reported profit in Q3.Sales grew 41% sequentially from prior quarter to $85.92M (-10% Y/Y).Residential products revenue up 3% Y/Y, benefitting from strong trends in new home construction and existing home sales."Our residential hard surfaces segment continued performing exceptionally well for the third quarter, growing significantly in both the Luxury Vinyl Flooring and Engineered Hardwood categories," says chairman and CEO Daniel K. Frierson.Commercial products revenue down 41% Y/Y due to continued impact of COVID-19.Gross profit margin at 25.9% compared to 22.1% a year ago.Net income from continuing operations of $0.19M or $0.06/share compared to a loss of $2.58M or $0.16/share in Q3 2019.Additionally, the company announces $2.9M buyback program."Early fourth quarter trends show strong soft surface growth in all retail segments. With 10 new products for 2020, our EnVision 6,6™ nylon program continued to demonstrate significant growth.....it has become our primary growth
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Housing demand boosts Dixie's residential furnishing business in Q3