Our gross profit margin was 26.4%, an improvement over the 25.9% last year and up 70 basis points over last year, excluding restructuring charges. SG&A was $281 million or 19.1% of sales. We held dollars flat to last year, with emphasis on cost control placed across all of our businesses. We're focusing on reviewing all functions to apply Lean principles throughout the business to continue to control cost.
Restructuring charges were $8 million. They included $7 million in the Mohawk segment and $1 million in the Unilin segment. We closed a yarn plant and consolidated other operations in our carpet segment, and then we've also announced an additional carpet plant closure for the third quarter.
Operating income was $116 million with a margin of 7.9%, excluding charges. Operating income improved 7% over last year as a result of our many efforts over the business. Interest expense was $19 million and improved $7 million over last year. These results was -- the improved results were from rating agency upgrades, as well as lower rates realized when our 2012 bonds were rolled over into the revolver. We expect similar results in the second half for our interest expense.
Other expense was down, primarily due to foreign exchange. Our income tax rate, excluding charges, was 18%. We expect a rate of 19% to 20% in the second half. Earnings per share, excluding charges, was $1.14 per share, which was a 20% improvement over last year.If we jump to the segments, the Mohawk segment sales were $734 million, down 3% from last year. Carpet price increases implemented in the first quarter are holding up well, mix improving with more activity, and premium products also benefited our sales. Rug continues to be impacted by lower retail activity.Operating income, excluding charges, was $45 million or 6.1% of sales and improved 110 basis points from higher pricing, better mix and productivity. In the Dal-Tile segment, sales were $404 million or up 7% over last year, 8% up if you look at it from a constant exchange rate basis. All categories and geographies performed well.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV