Armstrong Flooring (AFI) Reports Quarter One 2018 Results
Lancaster, PA, May 8, 2018-Armstrong Flooring reported a 2.7% decrease in net sales for Q1 2018, compared to the prior year quarter. This was due to a decline in hardwood segment net sales.
Net loss for the business was $10.4 million, compared to $7.8 million in Q1 2017.
The resilient flooring segment posted a net sales increase of 1.9% YOY. “The increase in net sales was primarily due to double-digit growth in both VCT, helped by the acquisition of the VCT assets of Mannington Mills, and LVT,” according to the company. “This improvement was partially offset by declines in legacy product categories.”
The hardwood flooring segment had a 9.8% YOY loss in sales. The company reports that the decline was driven “…by lower volumes in both solid and engineered wood. Volume was most impacted in the traditional channel.”