Q.E.P. Company reports Q1 EPS 28c vs. 29c last year

Reports Q1 revenue $103.3M vs. $117.1M last year. Lewis Gould, Executive Chairman, commented on the Company’s results, “Although sales improved compared to the previous two quarters, the Company’s topline net sales in the current quarter as compared to a year ago were negatively impacted by the adverse effect of inflation on consumer spending and the increased cost of borrowing. Importantly, gross profit margin improved as supply chain disruptions eased and inbound freight costs declined. Supply chain improvements allowed the Company to reduce its inventory levels and realize the associated reduction in borrowing. The Company remains focused on addressing under-performing manufactured and foreign sourced flooring product lines, along with evaluating its global footprint in order to reduce operational complexity.”