The Dixie Group Inc. (NASDAQ: DXYN) stock gained by 11.55% in the pre-market trading session. However, there is no update available regarding this hike in DXYN stock price. Through the Fabrica International, Masland Carpets, Dixie Home, AtlasMasland, and Dixie International brands, the Dixie Group is a prominent marketer and producer of carpet and rugs for higher-end homeowners and businesses.
On May 18, 2021 The Dixie Group announced its first quarter 2021 financial results. Given below is the summary:
- DXYN reported total sales of $86,301,000 in the first quarter of 2021, relative to $80,578,000 in the Q1 of 2020.
- In the first quarter of 2021, the loss from operating activities was $1,967,000, or $0.13 per diluted share, compares a loss of $2,613,000, or $0.17 per diluted share, in the first quarter of 2020.
- In Q1 2021, DXYN’s net profit as a proportion of net sales was 22.6 percent, relative to 23.6 percent in the first quarter of 2020.
- DXYN’s selling and administrative expenditures for the quarter were 23.3 percent of net sales, down two percentage points from the first quarter of 2020 when they were 25.3 percent.
Daniel K. Frierson, Chairman and CEO, commented:
DXYN’s first quarter began on December 27, 2020, causing their fiscal year to get off to a late start. However, business started to grow in February and March, and the year ended considerably better than January and the previous year. The home market rebound, which started in the second quarter of 2020, has proceeded through the first quarter of 2021. The amount of sales in the commercial sector has continued to decline. Even when sales volumes increase, many of the cost reductions imposed as part of our COVID-19 rescue plan in the second quarter of 2020 have been made permanent. Despite the increase in sales activity, DXYN cannot rule out the possibility of the COVID-19 problem having more consequences in the future.
The COVID-19 pandemic in 2020 posed problems that Dixie had never faced in its over 100-year history. They responded first to safeguard their employees’ safety, then to defend XYND’s operations and financial soundness while continuing to serve our consumers. They’re pleased of how far they have progressed as a business. DXYN is proud of their legacy and history, and they are looking forward to the next 100 years.