Dixie Group posts FY 2023 operating income of $5.0M vs loss; gross margin jumps to 26.7%

For the year 2023, net sales for the Company were $276,343,000 as compared to $303,570,000 for the fiscal year 2022. Fiscal year 2023 included 52 weeks as compared to the fiscal year 2022 at 53 weeks. On an average weekly basis, sales in 2023 were $5,314,000 per a week compared to $5,728,000 per a week in 2022. The operating income on the year was $5,048,000 compared to an operating loss of $28,156,000 in the prior year. The net loss from continuing operations on the year was $1,952,000 in 2023, or $0.13 per diluted share, compared to a net loss of $33,415,000, or $2.21 per diluted share, in 2022. The net loss on the year was $2,718,000, or $0.18 per diluted share, compared to a net loss of $35,079,000, or $2.32 per diluted share, in 2022.

In the fourth quarter of 2023, net sales were $66,674,000 compared to $70,535,000 in the fourth quarter of the prior year. On an average weekly basis, sales averaged $5,129,000 over the 13 weeks in the fourth quarter of 2023 compared to an average of $5,038,000 over the 14 weeks in the fourth quarter of 2022. The net income for the fourth quarter of 2023 was $3,160,000 with an income of $3,430,000 from continuing operations. This compares to a loss of $18,455,000 in the fourth quarter of 2022 with a loss of $17,681,000 from continuing operations.