Flooring Supplier Tarkett Sees Mostly Positive FX Impact in 1st Half --Currency Comment

By Paulo Trevisani

Foreign-exchange rates had a mostly positive impact on Tarkett SA's results in the first half of the year.

The French provider of flooring products said Tuesday that it had earnings before interest and taxes were 30.2 million euros ($35.58 million), or EUR37.9 million on an adjusted basis. Full earnings are to be released on July 29.

Tarkett, which ships flooring products to nearly all continents, said forex rates excluding Commonwealth of Independent States nations had a positive effect of EUR900,000 "as the impact of the dollar depreciation versus the euro and negative exchange rates in Sweden were fully offset" in adjusted earnings before interest, taxes, depreciation and amortization.

The company also said "significant selling prices increases were deployed" in countries using the Russian ruble as tender, to offset the currency's depreciation and raw-material inflation.

The U.S. dollar rose 3% against the euro from Jan. 1 to June 30, while the krona lost 3.8% versus the greenback and rose 0.9% against the euro. The ruble was down 1.2% against the dollar and down 4% against the euro over the first six months of the year, according to Tullett Prebon.

Write to Paulo Trevisani at [e-mail]

(END) Dow Jones Newswires

July 20, 2021 16:34 ET (20:34 GMT)

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