WINCHESTER, VA – American Woodmark Corp. reported fourth quarter sales of $166.1 million for its 2007 fiscal year ended April 30, a decrease of 23% compared to the same period one year earlier.
The company said sales of core products dropped by 15% “as remodeling sales were roughly flat and new construction sales accounted for the decline.”
For the firscal year, the company’s net sales declined by $77 million or 9%. Reduced sales of the transistioned low-margin products accounted for $55 million of the net sales reduction, while core sales declined by $22 million or 3% as the company’s 9% increase in remodeling sales was more than offset by a double-digit decline in new construction sales.
Looking ahead to fiscal year 2008, American Woodmark expects that the market for remodeling and new construction will modestly improve as the year progresses. The company expects its total sales will be down 7% to 11% as compared with fiscal 2007 results.
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