Tarkett Reports Softer Third Quarter Sales
Paris, France, Oct. 20, 2014 -- Tarkett reported third quarter net sales of 731.2 million euros, a decrease of ‐3.3% from a year ago.
The decline was mostly due to a decline of 11% from a year ago in the CIS countries, similar to the second quarter.
Sales in North America retreated in the third quarter as the recovery in the market has not yet materialized, Tarkett said.
The residential activity remained on the same negative trend as in the first half of the year and commercial was penalized by a particularly weak demand in August. As planned, the Houston plant was closed on July 31 and the new production line of vinyl tiles (VCT) has started in Alabama.
The company said its adjusted EBITDA margin was 15.4% (112.3 million euros vs. 116.6 million euros), matching last year.
Commenting on the financial results, Michel Giannuzzi, CEO of Tarkett, said: “In the third quarter, we have confirmed once again our ability to protect margins through continued pricing and cost management. This performance demonstrates the resilience of our business model, even in a challenging macro environment.”