LANCASTER, Pa. (May 14)—Armstrong Holdings Inc. recorded a 6-percent drop in net income to $23.6 million in the first quarter ended March 31 from $25 million in the like period in 2000. Sales dipped 2.6 percent to $716.5 million from $735.3 million last year. The company blamed a softening economy and customer inventory reductions, primarily on the retail side, as key reasons for the sales drop. It cited higher energy and raw material costs—primarily in floor coverings and wood products—along with reduced sales as reasons for the earnings decline.
Armstrong Holdings' sales, earnings decline
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