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Financial report summary
?Management Discussion
- Net Sales. Net sales were $422.1 million for the third quarter of fiscal 2024, a decrease of $58.6 million or 12.2% compared to the same period of fiscal 2023. For the first nine months of fiscal 2024, net sales were $1,394.2 million, reflecting a $190.9 million or 12.0% decrease compared to the same period of fiscal 2023. The Company's remodeling sales, which consist of our independent dealer and distributor channel sales and home center retail sales, decreased 13.1% during the third quarter and 13.8% during the first nine months of fiscal 2024 compared to the same prior year periods. Our independent dealer and distributor channel decreased 10.3% during the third quarter and 10.3% during the first nine months of fiscal 2024 compared to the comparable prior year periods. Our home center channel decreased by 14.1% during the third quarter of fiscal 2024 and 15.1% during the first nine months of fiscal 2024 compared to the same periods of fiscal 2023. Demand trends remain under pressure for our made-to-order and stock kitchen business due to lower in-store traffic rates and consumers choosing smaller sized projects.