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Larry Thomas

Flexsteel's sales climb 11.3% in latest quarter

DUBUQUE, Iowa — Driven by double-digit growth in its residential furniture business, upholstery and case goods resource Flexsteel Inds. said sales rose 11.3% in the quarter ended Dec. 31.

The company said residential sales rose 14% in the quarter - the second quarter of its fiscal year - while commercial furniture sales were essentially even with the prior year's second fiscal quarter.

Profits also were essentially unchanged from the comparable quarter.

Net sales for the quarter totaled $94.6 million, up from $85 million in last year's second fiscal quarter. Flexsteel said residential furniture sales totaled $94.6 million in the most recent quarter while commercial furniture sales were $18 million.

Net income was $2.92 million or 40 cents per share, compared with $2.95 million or 42 cents per share a year earlier.

For the six months ended Dec. 31, net sales rose 11.6% to $185.8 million. Of that total, residential furniture sales were $148.9 million - an increase of 15% from the comparable six-month period - while commercial furniture sales were essentially flat at $37 million.

Six-month profits totaled $5.79 million or 80 cents per share. That was an increase of 8.8% from $5.33 million or 76 cents per share in the first half of the previous fiscal year.

In a statement accompanying the earnings announcement, Flexsteel said it expects "moderate top line growth" through the end of its fiscal year on June 30.

"Residential growth will continue with existing customers and products, and through expanding our product portfolio and customer base," the company said. "The company is confident of its ability to take advantage of market opportunities. However, our optimism is tempered due to economic uncertainty and its impact on the consumers' confidence and willingness to buy."

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