US carpet firm Mohawk Industries has managed to post a third-quarter profit, despite a 21 per cent drop in sales during the period.
The company revealed today that it had seen its earnings fall during the period, a situation it blamed on the downturn in the US housing sector, yet remained profitable due to a series of economising measures.
Its net income was $34.3 million (£20.8 million) during the period, with chairman and chief executive Jeff Lorberbaum explaining that a number of actions made this result possible.
He said: "Our gross margin of 27 per cent, an improvement of almost 200 basis points over last year, benefited from lower raw material and freight costs, personnel reductions, cost containment measures and plant consolidations."
The firm predicted that trading conditions will remain difficult in the next few months.
As well as making carpets, Mohawk Industries also makes rugs, tiling, hardwood flooring, laminate flooring and vinyl flooring.
