DMI posts 2.9% sales gain in 1Q
By Furniture Today Staff -- Furniture Today, January 12, 2003
Louisville, Ky. — Case goods manufacturer and importer DMI Furniture reported sales of $26 million in its 2003 first fiscal quarter, a 2.9% increase over the same period last year.
Net income for the quarter ended Nov. 30 jumped nearly 30% over the prior quarter to $424,000.
Excluding $1.6 million in first-quarter 2002 sales from DMI's discontinued Dolly Madison division, revenues were up 9.8% in the first three months of fiscal 2003.
Double-digit growth in the Wynwood and Home Styles residential import divisions helped offset continued difficulty in office furniture, suffering from lower corporate spending, lower overall demand and lower prices at retail.
The soft commercial office market also increased expenses due to manufacturing inefficiencies, the company said. Higher freight costs due to seasonal surcharges and rerouting of cargos to avoid idle West Coast ports also boosted expenses, offset somewhat by a 5.7% drop in selling, general and administrative expenses.
"In spite of some disruption in the supply chain, due to the temporary West Coast port closings during the quarter, we were able to deliver increases in both revenues and income over the previous year's first quarter," said Donald Dreher, DMI's president and chief executive officer.
Dreher said DMI sources 75% of its volume offshore and, of that, about 98% typically goes through West Coast ports. DMI countered the closings by building inventories and rerouting product.
DMI also built up inventories in anticipation of what could be a record second quarter. Dreher also anticipates gross margins will trend up and consumers will continue to seek lower-priced product.
DMI sells residential and commercial furniture from plants in Indiana, Asia and South America. Divisions include DMI Office Furniture, DMI Desk Co., Wynwood Furniture Co. and Home Styles.
| Quarter ended 11/30 | 2002 | 2001 | Change |
|---|---|---|---|
| Sales | $25,994,000 | $25,266,000 | 2.9% |
| Operating income | 1,049,000 | 963,000 | 8.9% |
| Net income | 424,000 | 327,000 | 29.7% |
| Earnings per share | 0.10 | 0.08 | 25.0% |
-
FBI posts $4.2M loss in 1Q
May 11, 2009 -
Flexsteel 4Q sales up 2%
Aug 26, 2007 -
Flexsteel profit up
Feb 17, 2008 -
Flexsteel 1Q sales dip as net income doubles
Oct 28, 2007 -
Jennifer earnings down 28.3% in quarter
Jul 15, 2007
Specialty retailer LoveSac introduces new store design
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Omnia Furniture ends relationship with Kathy Ireland Worldwide
Singapore furniture show expecting increased turnout
Featured Company
-
FurnitureCore.com
FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more
VIEW ALL GALLERIES
