Armstrong's Q2 Sales Grew 15.5%, Operating Loss Increased
Lancaster, PA, July 21, 2021-Armstrong Flooring reported Q2 net sales of $168,100,000 in Q2 2021, a 15.5% increase over Q2 2020’s $145,600,000. In North America, favorable product mix and impacts from previously announced pricing initiatives drove sales increases in both commercial and residential channels. This positive sales momentum however continued to be hampered throughout the quarter as a result of supply chain disruptions and product availability, despite strong demand in commercial and residential.
Operating loss for Q2 2021 was $18,300,000, compared to a operating loss of $5,600,000 in Q2 2020.
Michel Vermette, president and chief executive officer, commented, "We continued to improve the business in the second quarter. We delivered 15.5% top-line growth compared to the second quarter 2020, and 12.9% top-line growth versus the first quarter 2021 led by strong Residential and Commercial recoveries, while facing a dynamic supply chain and inflationary environment. These headwinds are unlike any periods experienced in recent decades, and they significantly limited our ability to progress further against our long-term sales and EBITDA goals. Our team continues to work diligently and take action in addressing these dynamics, most recently by announcing our third price increase of 2021 and increasing our mix of products manufactured in the United States. Overall, we remain focused and agile in managing through the current volatile environment, and resolute in our long-term goal of transforming Armstrong Flooring into a more resilient business for our customers, our employees, and our shareholders."
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