MasterBrand, Inc. reported a slight decline in net sales for the fiscal year ending December 29, 2024, totaling $2.7 billion, down 0.9% from $2.73 billion in the previous year. The decrease was attributed to a combination of lower sales unit volume and changes in pricing and product mix, with the latter accounting for 77% of the decline. Despite the overall decrease, the company benefited from the acquisition of Supreme Cabinetry, which contributed $121.2 million in sales during the second half of the year. The company’s gross profit also fell to $877 million, a decrease of 2.7% compared to the prior year, while operating income dropped significantly by 23% to $235.7 million.
In terms of operational changes, MasterBrand completed the acquisition of Supreme Cabinetry on July 10, 2024, for approximately $520 million. This acquisition is expected to enhance MasterBrand's product offerings in the premium cabinetry market and expand its distribution channels. The integration of Supreme is anticipated to create synergies and improve operational efficiencies, with the company projecting that the acquisition will contribute positively to its growth strategy moving forward.
MasterBrand's workforce as of December 29, 2024, consisted of over 13,000 employees, with approximately 81% in production and distribution roles. The company has maintained a strong dealer network, with over 7,700 cabinet dealers across North America. However, the company faced challenges in the market, including a decline in sales to dealers and retailers, which fell by 1.7% and 4.1%, respectively. Conversely, sales directly to builders increased by 12.4%, indicating a shift in demand dynamics within the residential construction market.
The company’s financial outlook remains cautious, with management noting that the overall demand in the repair and remodel markets softened in 2024, although single-family new construction showed signs of strengthening. MasterBrand plans to leverage its scale and operational agility to navigate these market conditions, focusing on technology and data to enhance customer experiences and streamline operations. The company also aims to continue its strategic transformation and explore further acquisition opportunities to bolster its market position.
About MasterBrand, Inc.
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