"There has been an unprecedented 40 percent increase in lumber [prices] since the end of 2012, which we forecast will stay at historic highs into 2014. This raw material increase is much higher than anyone has anticipated," said Kevin Biedermann, senior vice president of Armstrong Residential Floor Products, in a statement. "We are doing everything we can to compensate, but unfortunately we must initiate an increase."
In the fourth quarter of 2012, the company reported a 3.3 percent loss in sales revenue in the wood floor division. In that report the company cited the increasing cost of lumber for the loss.
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