Armstrong Q4 Sales Down 8.1% YOY; Announces Strategic Plan
Lancaster, PA, March 3, 2020-Armstrong Flooring reported a Q4 YOY net sales loss of 8.1%, and a net loss of $25.1 million, compared to a loss of $171.0 million in Q4 2018.
For fiscal year 2019, net sales fell 14.0% YOY, and the company reported a net loss of $58.5 million, compared to a loss of $163.0 million in FY 2018.
For Q4, the company notes, “The decrease in net sales was due to unfavorable mix, volume, and price. Lower mix and volume in the fourth quarter of 2019 primarily reflected share loss in some categories. Mix was driven by lower relative LVT sales while price was impacted by competitive pressures.”
The company has now established a multi-year strategic roadmap to transform and modernize its operations to become a leaner, faster growing and more profitable business. The roadmap encompasses three critical objectives, including the expansion of sales through closer alignment with end customers, the simplification of operations and product offerings to compete more effectively, and the strengthening of its marketing capabilities, merchandising, and branding.
Says Michel Vermette, CEO, “We are pleased to unveil our strategic roadmap to simultaneously address the challenges impacting our business, while positioning ourselves to better serve all addressable customers. I am confident that our company will become more lean, agile and profitable with this customer-focused strategy to transform and modernize the way we do business. While 2020 will be a transitional year as we lay the foundation of our growth pillars, we look forward to advancing our strategy and delivering great value for our shareholders in the years ahead.”