Thank good you, Scott, and to you all. morning
[proved as some Our fiscal [ph] challenges third that] positives. well year as significant our of quarter some
the in reported revenue. is growth of toughest comps our facing while industry, one As third on quarter our being throughout slowed
opening We towards pronounced a point homes of more we shift downward a serve. also markets in observed number price
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all as have Home some the after channels, had sales will specifically in I of talk performance. tremendous However, we my on closed to the integration acquisition we progress Products grew the great made successes on comments we in RSI and integration work.
only consolidated month talk our Please excluding to results will the RSI we both performance. of recognize one organic performance, included and acquisition. Regarding the RSI’s results results
grew the prior over we year. quarter, For sales XX%
over X% increased year. sales acquisitions, the Excluding prior
quarter reported our above growth the is Although KCMA below cabinet slightly expectations. growth it’s this as for
excluding with we business X% the new grew at X% constructions, specifically acquisition. Looking our growth
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quarter fiscal a with RSI to develop systems begin cost shift have we year. and to to lower launch sell cost platform dedicated opening Secondly, processes a time, team product to allow we as Timberlake low Over new our us of our our point the first will target well. the by business to price existing
this positive, must direct opportunity ramp Although national will recognize growth it up builder to offers to potential long-term that we fullest take our its an operation it extremely leveraging by infrastructure. to time
Lastly, to opportunity point middle price although the are we seeing and homes, lower price remains a higher-end shift points. downward at
were in prior up year. grew growth X%. currently Our excluding remodel opportunities existing business builders. X% not with we remodel at a served growth acquisition, team new also From with markets over dealer our Breaking aggressively bidding but builders, not on over is only perspective, the geographical XX% organic with down,
of reflection labor as consumer. I the As of [indiscernible] this a more demand is the well we as throughout shortages seeing that within impacting dealer installations a channel. in reported industry, slowdown being both are are the a the slowing business serving believe the dealer is
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quarter. quarters positive Regarding rate home X% organic growth were in center, two negative with pleased our of following the the we comps,
leveled has at remains activity it off. are levels, that promotional Although historical high indications
such, our home competitiveness. strategic closely to As changes have center with made our partners, we regain working
forward. volatile we home now, to Although still going center channel with the expect grow right somewhat
RSI, In our level and vanities strategic of addition, enhanced. special confident partners growth across of home following well to acquisition partners product positioning order, with strength in-stock as our with an of in and ability for the as is discussion business. remain offer the enhanced of our product greatly our our We kitchen our very and long-term our center solutions portfolio
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impacted no in additional it January transition and the losses. share not markets purposes, out the planning however complete of is through For revenue expect impacts we
we On of our the able plan market transition. maintain customer to the some proactively initially was with and positive, that were to work
In well for also Not a impacted loading only by quarter. fiscal was we we are we scheduled key growing customer. to are lost product fourth regain center resets addition, the all product the markets absolutely of channels. home out working change discontinuance vanity as we with but our aisle committed in through throughout are business this January revenue inventory as significant a
the product offering, we With growth. new are expecting improved
and Once customer segment. improved designer. are significantly in-stock to homeware that kitchen largest program with a expect offer partnering this in consumer, as the for growth again as also will experience business we a the the enhance new well We our in pro
gross the margins, XX.X%. at we quarter to Moving on ended
with impacted favorable by Our was more higher a labor based and level manufacturing efficiency forecast. on as we platform our production were staffed
on using to are Looking forward, on forecasting. updated attrition we based platform right-size our focused
offset and continue and transportation are price also market and increases in we we evaluating through opportunities costs as appropriate. material experience high however, addition, efficiencies to implementing inflation. challenge the constantly material raw transportation We to on In ourselves raw
a equipment cost, issue had that a piece failed finishing our metrics. with operations we of cost, on largest on quality one-off key Additionally delivery our and impacting
restoring to ordered be operational had historical was equipment installed and New performance. recently our
speak gross on related will acquisition. of to $X.X step-up Lastly amortization Scott margins, million the to inventory
prior XX.X% compared year. was to XX.X% Finally, our adjusted EBITDA margin
$XX.X income expenses, was Excluding purchase and SG&A $XX cost income on Net by we million disciplined acquisition-related year. our million prior remain to acquisition-related impacted Adjusted entries. continued versus spends. accounting was net
our operating from as RSI. includes results In as ever. reminder, to month as addition, one In summary, industry challenging a this continues of be only
followed those do the to have years over not As react know, trends. short-term that us we
a focused our us about to growth. shows remain the headwinds on industry the both move we first demand, the facing. I demand of market. as demand constructions down This vision. buyers It’s housing significant firmly and in returning find our time cycle are on rocky that number a is to when I’ve is business targeting the is importance spoken there recovery will home And of that move confident how We and the single-family the read that to up evident towards to are long-term today these History hard strategy not starts to vision remains. in road a believe pick way the very our maybe, changing paper and past supply. housing Despite industry new the buyers. clearly in of
to the free does lower begin points. construction Ultimately, construction up all price with we homes transitioning home record their move [indiscernible] existing lower is However, at would existing this out good remains and up smaller, only cost, assist inventory will communities. particularly new price baby news existing movement beginning The with larger lows, of cycle. increase at believe and that to of into boomers sales points. sales, new home inventory to Not are at regards see we that
just and this morning that over for a referenced age early of range first reviewed XX With over tremendous XXs the younger increase surge in remodeling the of the old, XXXX. this that age buying in that be million in America move chart home millennials with average time age expect R&R and we particularly the Kitchen existing I very now generations. peak a will years homes in list, high XX spend. between being into corresponding will the
serve a quickly kitchens second our opening As we anticipated. than having cost key be success modern are product a positioned demand and new that and of service that such, broadened now portfolio. we growth The shift construction yet best none. and to single-family have affordable to is future platform product low the will mix with increasing homes, point national more Within occurring price and we to is opportunities
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alignment as American one our that the our believe be as priority. during is positive know foremost, that and know work. diligence number I is culture People that culturally our it Woodmark First would
sustainable As create our our and competitive only people long-term that differentiate truly through advantage. us
own new integration no our great the extremely teammates will culture RSI. as impressed core most people the with with challenges We as alignment our IT align are significant and and have benefit team programs. to values. A our to leadership related of all of our financial well tied The systems, HR and are great and within surprise been
regards we logistic as within see progress. the we materials with already within experts are capture as mix very teams working to synergies. identify systems. low-cost operations a and synergies, to opportunities resources, engineering to manufacturing aggressively integration leverage of and With to Given external pleased using work synergies our We of remain absolutely practices to share and together capture purchased are with best the the RSI’s scope well help internal platform and to our we
However, our our with opportunity rests greatest business. growing
a clear previously, Three details. vision. turn have so this how to Woodmark mentioned impressed have one grow the and begin together this Today for to together say to that, have that acquisition will we to aligned driving with success. shared that the team cannot common the incredible a the systems products both is come we sell X,XXX American drive tremendous I it with formal deliverables am had financial which With online RSI goal have established platform. over confidence. I teammates through powerful months by Scott incredible to XX,XXX I business a I how to enough teams common ago, vision AWC I make builder develop quickly As to teammates
