Ceasarstone sales down in Australia given housing headwinds

Ceasarstone has pinpointed Australia from the nations it sells its range of kitchen, bathroom, walling and flooring products into as facing housing headwinds.

“Australia’s sales were down 1.2% on a constant currency basis, with weaker performance than forecasted,’’ said Ceasarstone chief financial officer Ophir Yakovian.

“The decline was primarily due to increased competition coupled with continued softness in the housing and remodelling markets, which were affected by more rigid lending standards and increased mortgage rates,” The Australian reported.

Ceasarstone, a global manufacturer of premium quartz surfaces, sells into more than 50 countries.

The Nasdaq-listed Ceasarstone has become one of the housing products manufacturers to highlight issues in the renovation and construction sector.