Armstrong Flooring (Lancaster, Pa.) had a net loss of $10.4 million in the first quarter of 2018, after having lost $7.8 million during the same period in 2017. The company’s net sales also declined by 2.7 percent during the quarter, falling from $265.2 million to $257.9 million.
Armstrong Flooring (Lancaster, Pa.) had a net loss of $10.4 million in the first quarter of 2018, after having lost $7.8 million during the same period in 2017. The company’s net sales also declined by 2.7 percent during the quarter, falling from $265.2 million to $257.9 million.
The company’s wood flooring segment had an operating loss of $5.1 million, compared with the 2017 loss of $4.5 million. Net sales in the segment decreased by 9.8 percent, falling from $104.7 million to $94.4 million.
Armstrong CEO Don Maier credited the net sales decline to challenges in certain legacy categories as well as higher distributor inventory levels at the end of 2017.
“Looking to the balance of 2018, we believe our strategic initiatives are on track to accelerate net sales growth in the second half of the year,” Maier said in a statement. “Additionally, we anticipate the combined impact of pricing, productivity and previously announced cost-saving actions will offset intensifying inflationary pressures within the industry.”
The company announced a series of price increases for its products this spring as well as plans to give distributors more responsibility in terms of marketing, merchandising and sales of residential flooring products in order to reduce expenses.
