Interface Reports Fourth Quarter and Full Year 2022 Results

About this update from Interface, Inc.

[{"type":"text","content":" ATLANTA--(BUSINESS WIRE)--\nInterface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the fourth quarter and full fiscal year ended January 1, 2023.\n\nHighlights:\n\nFourth Quarter:\n\n\nNet sales totaled $335.6 million, down 1.2% year-over-year. Currency neutral net sales were up 3.6% year-over-year.\n\n\nCurrency neutral orders up 3.1% year-over-year.\n\n\nGAAP loss per share of $0.42, inclusive of non-cash goodwill and intangible asset impairment charge of $36.2 million; Adjusted earnings per share of $0.31.\n\n\nFiscal Year:\n\n\nNet sales totaled $1.3 billion, up 8.1% year-over-year. Currency neutral net sales were up 13.0% versus prior year.\n\n\nContinued reductions to both GAAP and Adjusted SG&A expenses as a percentage of net sales.\n\n\nGAAP operating income was $75.4 million in 2022 versus $104.8 million in 2021; Adjusted operating income was $132.4 million in 2022, up 8% versus $122.3 million in 2021.\n\n\nGAAP earnings per share of $0.33; Adjusted earnings per share of $1.25.\n\n\n“Interface delivered strong results in 2022 driven by growth across all product lines and geographies. In a challenging macroeconomic environment, we grew net sales 13% on a currency neutral basis and increased adjusted operating income by 8% year-over-year. We continued to see robust demand for our carbon neutral and carbon negative products with currency neutral orders up 6.5% in 2022,” commented Laurel Hurd, CEO of Interface.\n\n“In January, I unveiled a new company strategy to the internal Interface team, focused on leveraging our strengths as one global organization to drive profitable growth across the business. This will enable us to bring the best of Interface to our customers, propelling us to the next level and into the future,\" continued Hurd. \"We have already started to implement changes in our business that position us to capture the long-term growth and profitability of our differentiated products, innovative designs, and sought-after brands. We will also further focus our investments where they will have the most impact in our must win markets, segments, and products.\"\n\n“Interface had a strong finish to the year while navigating an inflationary environment and a cybersecurity event in the fourth quarter. We maintained strong cost discipline...

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