Allen. you, Thank
several have of Our the were third had XXXX on quarter that an results beginning company. in quarter unfavorable the factors of culmination impact fourth the impact of our
to general mass in also merchant extended a year-over-year was $X loss mid-second attributable volume retail customer. lower experienced and volume partially began also an third third quarter industry with The We which quarter. quarter through the million of the downturn, sales largest in our
their with lower sales of this year as result point on to strategy change a the focus customer Our ended price products. in in earlier
of incurred cost exit supplier, the resulting unprecedented to inventory We and price previous with replace their new items. our lower-cost in coupled identified to In from Our continued issues sales due our volume with impacted our hard major materials the has reflected material And with meant cost the raw of of XXXX third decision but through several have the Gross the have been supply the introductions to new manufacturing problems balance of impact this quarter. and benefited we with from also third negatively quarter, the our of vendors. higher the increases product chain launch which work in delay products, began inventory of the in by raw third to the market. volume products, the bring This quarter delays these caused costs new down using the other suppliers particular decorative XXXX surface we in not these sales. we line the business. and from sample launching margins
hard goods ocean Secondly, sales of our the from negative dramatic hard products, surface impact surface from freight margins reflected in costs. increases
began Coast increases testing In all we second prior in the most decline, to quarter, to cost costs. to last, quarter, above all people this levels. throughout our from have plan freight order X these and remain East Fortunately, we received inflation materials, our beginning almost plant plan, consolidated with and every a costs. And have raw have as North our in in costs – Georgia. reduce but we the of year year continued manufacturing with restructuring industry, Under freight, the third energy-related of
distribution flooring We East also facility Saraland, Coast plant from our Alabama. luxury began Alabama relocating vinyl in Atmore, of our to our in
will plant and Atmore our have LVF future announced for distribution venture Our the LVF joint production. previously
our we this the and estimate The third $X million. located in We we quarter plan office of this the will administrative Alabama the cost team as restructuring $X space to cost our Saraland, look be warehouse approximately in plan sublease space for building. total was valued in this retain there of to time, And million. at experienced
higher-cost our assets, staffing are both demand. lower implementing plans and by costs We restructuring variable production and with fixed reducing to our aligning shutting
of As and actions, year. result a our other headcount these the down for is XX% by
I experiencing ocean lower we products, our for in our earlier Invista as indicated much lower material currently costs raw costs as inventory. imported freight are We and exit the fibers
seeing raw that depleted. should higher our when we’re in costs our pricing align current cost Additionally, material reductions inventory is
cost of more All by actions reduce the in taken XXXX. approximately $XX or million should
normal fixed reductions which will flow. level unabsorbed quarter to reduce fourth to the cost plan significant, will expect in quarter, fourth year costs, than we inventories improve the but significantly of and we next in our While in result be higher cash
the that do near-term while completing of impact are critical strategies projects our capital that We not the to performance are those business. postponing long-term
will market expenditures the pointed be we’re million, new markets, to capital to to technology. time, plan, investment segments Our contracts. in products will the occurs rebound $X our surface By be which began we At industry about as continue this but August, hard stock We year, this in for have believe preparing shares XXX,XXX in open Under always we after Allen position will approximately our the and for testing very purchased date. meeting included in strong. investing out, these decorative our questions. that late we purchase
