Masco cabinetry sales fall six percent as it exits new construction business
October 30, 2016 | 9:01 pm CDT
TAYLOR, Mich. - Kitchen cabinet sales for Masco fell six percent as it exits the multi-unit construction business. Overall, the diversified businesses of Masco - whose businesses include Delta faucets and Milgaurd windows, as well as cabinetry lines Kraftmaid, Duracraft and Merillat Cabinet - grew 7 percent, tracking the bustling home improvement and single family home markets.
Sales overall for the third quarter increased 2 percent to $1.9 billion
“Our performance in the third quarter reflects our continued execution against our strategic initiatives,” “We invested in our industry leading brands to drive growth, and continued to improve profitability by leveraging our operations and selectively exiting lower margin business in our Cabinetry segment," said Masco’s president and CEO, Keith Allman.
Plumbing products net sales increased 5 percent; paint, coatings, and other decorative architectural products’ net sales increased 2 percent with growth from paints and other coating products; cabinetry products’ net sales decreased 6 percent due to the exit of lower margin business in the builder channel, which was partially offset by growth in the retail and dealer channels; and windows and other specialty products’ net sales decreased 1 percent.
"The fundamentals for long-term demand in both repair and remodel and new home construction continue to be positive,” said Allman.
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