Positive growth for US flooring firm
Good news at one flooring company has given hope to many in the flooring sector for an improvement in the wider economy.
Moody’s Investors Service has raised the ranking of American flooring firm Mohawk based on recent figures and performance.
Previously Mohawk had a ‘positive’ rating but last week this was amended to ‘stable’ because of the expectation that current performance improvements can be sustained.
Senior Credit Officer Kevin Cassidy also gave hope to others in the industry by stating that he expected other flooring companies to pass through necessary price increases.
The main contributor for sales is likely to be commercial renovation because this continues to be the main source of sales growth.
American residential renovations remain sluggish but it is hoped that the commercial growth continues to be a positive sign.