Q.E.P. Company reports Q2 EPS 50c vs. (15c) last year

Reports Q2 revenue $99.4M vs. $115.5M last year. Lewis Gould, Executive Chairman, commented on the Company’s results, “The Company’s topline net sales in the current year continue to be negatively impacted by the difficult macroeconomic backdrop, including the effect of inflation on consumer spending and the higher cost of borrowing. Despite this, gross profit margin improved as inbound freight costs declined to traditionally normal levels. Supply chain improvements have also allowed the Company to reduce its inventory levels and realize the associated reduction in borrowing. Additionally, I am pleased that the Company’s leadership team has executed on our strategy as outlined in recent press releases of addressing under-performing flooring product lines, along with re-aligning our global footprint, as evidenced by our recent exit from the North America flooring market and the divestment of our UK operations. We remain focused on completing the implementation of this strategy as our roadmap for a renewed emphasis on our core business aimed at increasing profitability and stockholder value.”