The company's Q1 FY23 EBIT was $89 million, down 35 per cent from the first quarter of FY22. EBIT margin was 7.4 per cent, down from 10.4 per cent in the first quarter of FY22. The first quarter EPS was $0.39, reflecting a decrease of $.027 from the first quarter of FY22 EPS of $.066, due to lower EBIT. However, EBIT was better than anticipated due to several factors, including lower incentive compensation, pandemic-related cost reimbursements, among others, the company said in a press release.

The bedding products segment saw a 17 per cent YoY decrease in trade sales, primarily due to demand softness in US bedding markets. The specialised products segment saw a 21 per cent YoY increase in trade sales, with an 11 per cent volume increase from growth across the segment. The furniture, flooring, and textile products segment saw a 13 per cent YoY decrease in trade sales, with volume declines across the segment. Textiles acquisitions added 2 per cent to the segment.

"We delivered first quarter results that were above our expectations but lower than our record first quarter results last year. Operating results were largely in line with our expectations, but several expenses were lower than expected in the first quarter,” said Mitch Dolloff, CEO and president.

Fibre2Fashion News Desk (DP)