Posted September 29, 2015

Q.E.P. reports $160 million in six-month sales

Company also announces new CFO.

Q.E.P. CO., INC. today reported its consolidated results of operations for the first six months and second quarter of its fiscal year ending February 29, 2016 and reported that Richard A. Brooke, its Senior Vice President and Chief Financial Officer, is retiring and will be succeeded by Mark S. Walter.

Fiscal Year 2016 Results
The Company reported net sales of $160.0 million for the six months ended August 31, 2015, an increase of $3.2 million or 2.1% from the $156.8 million reported in the same period of fiscal 2015.

As a percentage of net sales, gross margin was 27.1% in the first six months of fiscal 2016 compared to 27.4% in the first six months of fiscal 2015.

Net sales for the second quarter of fiscal 2016 were $81.7 million and reflected a gross margin of 27.1% compared to net sales of $77.0 million and a gross margin of 27.0% for the second quarter of fiscal 2015.

Lewis Gould, Chairman of the Company’s Board of Directors, commented: "I am pleased with this year’s profit improvement. Increased unit sales, cost containment actions and decreases in certain commodity prices along with the hard work and dedication of our associates have made a difference in spite of the headwinds from the continued weakness of foreign currencies.”

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