FGI Reports Q1 Revenue of $30.5M, Down 8.2% YoY
Reports Q1 revenue 30.5M vs. $33.2M last year. Dave Bruce, CEO of FGI, stated, "FGI reported total revenue of $30.5 million in the quarter, representing a year-over-year decrease of 8.2%. Gross profit was $8.2 million, a decrease of 8.3% compared to the prior year. The gross margin was 26.8%, no change compared to the first quarter of 2025. The industry outlook remains uncertain due to tariffs but FGI's strategic investments in our Brands, Products and Channels strategy continues. FGI and our customers continue to evaluate a China+1 strategy to diversify and broaden our geographic sourcing. Revenue declined 5.9% and 25.5% in the U.S. and Canada markets, and increased 15.4% in the Europe market. Sanitaryware revenue decreased 20.0% year-over-year due to softer US homebuilder-related business from certain customers, uneven ordering patterns and lower retail sales in Canada. Bath furniture, shower systems and other increased 10.9%, 14.0% and 2.5%, respectively, compared to the prior year period reflecting positive momentum and new business wins. Covered Bridge further expanded its geographies and increased its dealer count. Isla Porter, our digital custom kitchen joint venture, continues to establish relationships with the premium design community with on-trend products. In India, we added more dealers as we expand our presence there." Bruce continued, "We are excited about our new product introductions and continue to invest in our brands and our future growth initiatives in our core businesses."
