DEERFIELD, IL – Despite lower growth in the 2014 housing market Fortune Brands Home & Security, Inc., makers of MasterBrand Cabinets, reported an 8 percent increase in sales to $1.04 billion for the fourth quarter and 8 percent for the year to the tune of $4 billion.
Cabinet sales for 2014 remained nearly steady for the year, with sales of $41.78 billion, according to the company annual report. Sales for the final quarter were at $455 million. Excluding the exit of the builder direct business in the west, the builder and dealer channels grew double digits, the company reported. Door sales were up 12 percent with growth in both the wholesale and retail channels.
"Our teams delivered sales and profit growth in the fourth quarter against tough comparisons and as we made investments in capacity to meet long-term demand," said Chris Klein, CEO.
The company's 2015 annual outlook is based on a U.S. home products market growth assumption of 6 to 8 percent. Based on the company's expectation to continue outperforming the market, Fortune Brands expects full-year 2015 net sales to increase 9 to 11 percent.
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