Armstrong (Lancaster, Pa.) announced it will increase prices on solid and engineered hardwood products by 4-10 percent effective with shipments on June 9, the fifth time the company has raised its prices since March 2013.
"As with prior price increase announcements we are taking this action after serious consideration of the alternatives and options," said Kevin M. Biedermann, senior vice president, Armstrong Residential Floor Products in a statement.
He added that lumber costs have continued to grow since the company announced a 6-12 percent price increase on solid and engineered wood that went into effect this February.
The company's year-end financial report released in February showed an 8 and 17.4 percent increase in consolidated net sales and net income in 2013, respectively. But operating income declined about 12 percent, the result of rising manufacturing and input costs due to increases in lumber prices and Russian plant start-up costs, company officials said in the report.
