Interface, Inc., the global flooring solutions company where everything is certified carbon neutral, today announced results for the first quarter ended April 2, 2023.

First quarter highlights:

• Net sales totaled $295.8 million, up 2.7% year-over-year. Currency neutral net sales were up 5.2% year-over-year.
• GAAP loss per share of $0.01; Adjusted earnings per share of $0.07.
• Strong year-over-year order growth in the Americas and Australia offset by softness in China.
• Generated $29.6 million cash from operations, repaid $19.2 million of debt in the quarter.

"In the first quarter, we delivered currency-neutral revenue growth of 5%, driven by the Education and Corporate Office segments. Currency neutral orders were up 6% in the Americas, 19% in Australia, and 3% in Europe excluding Russia. Weakness in China, and the exit of our Russia business, drove an overall 2% currency neutral decline in consolidated orders year-over-year. We are investing in customer-facing activities and innovation to drive our short and long-term growth, while managing all other costs and focusing on productivity to improve our margins," commented Laurel Hurd, CEO of Interface.

"Last quarter, Interface embarked on a multi-year journey to drive sustainable revenue and gross margin growth while enhancing value creation for stakeholders. We are reorganizing our innovation team globally to efficiently deliver more new products to our customers. We have also begun to globalize our core marketing, design, R&D, and our back-office functions to eliminate unnecessary costs and duplicative efforts, while bringing the best of Interface to the market. We are working to reduce the complexity of our business model and optimize our supply chain and global footprint. While these are multi-year initiatives, we believe they will allow us to continue to take market share and maintain a leadership position while meaningfully improving profitability," concluded Hurd.