American Woodmark widens loss
- November 24, 2010
American Woodmark Corp. reported a larger than expected loss in its second quarter as sales promotions costs increased.
The Winchester-based manufacturer of cabinets and vanities reported a $7.3 million loss for its second quarter, or 52 cents per diluted share, compared with a $5.3 million loss, or 37 cents per share, in the second quarter last year. Analysts had predicted a loss of 19 cents per share.
The company said its margins lowered in the quarter primarily from increased sales promotion costs.
Net sales in the quarter rose 3 percent to $107.6 million in the second quarter, compared with $104 million in the second quarter last year.