Armstrong Flooring Reports Sales & Earnings Decline for Q2 2020
Lancaster, PA, July 23, 2020-Armstrong Flooring reported net sales of $145.6 million for Q2 2020, an 18.1% decline year over year.
For Q2 2020, the company had a net loss of $6.3 million, compared to a net income of $14.7 million in the same quarter last year.
The company reports that the decrease in net sales was primarily attributable to lower volumes due to the COVID-19 pandemic and shelter-in-place related business disruptions, including the temporary closing of many independent customer retail locations and the postponement of certain commercial projects, partially offset by increased activity with home centers.
Michel Vermette, president and chief executive officer, commented, “Our second quarter results reflect the focused execution of our strategic plan during these challenging times. Since April, our top line performance improved month-over-month throughout the quarter as demand for our critical products began to recover. We are encouraged by improving end market trends and an overall positive response from our customers as we continue to streamline new product introductions and strengthen our service capabilities. As we look to the balance of 2020, our focus remains on expanding our reach within our addressable flooring market, simplifying our processes, and strengthening our competitive position while being mindful that extended shelter-in-place orders may continue to have an evolving impact on near term flooring demand. However, I am confident in our ability to continue improving our operations and with our recently enhanced liquidity position we are now better situated to execute our business transformation.”
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