Flexsteel residential furniture sales rise 5.4% in quarter
Gary Evans -- Furniture Today, February 3, 2012
DUBUQUE, Iowa — Flexsteel Inds. said it closed its second quarter ending Dec. 31 with an increase in residential furniture sales of 5.4% over the previous quarter, indicating an increased demand for household furniture.
Sales for residential furniture were $67 million, up from $63.5 million in the corresponding quarter a year earlier.
Including commercial sales, revenue for the quarter was $85 million, up 2.6% from the same period a year ago. The company reported net income for the current quarter of $2.9 million or 65 cents per share, up 38.3% from $2.1 million or 31 cents per share a year earlier.
For the six months ended Dec. 31, the company reported net sales of $166.5 million compared to the prior year sales of $170.1, a decrease of 2.1%. Sales of residential furniture totaled $129.5 million, up 0.6%.
Net income for the current six-month period was $5.3 million or 76 cents per share compared to $4.5 million or 65 cents per share in the prior year period. The prior year six-month period included a pre-tax charge of about $1 million for facility closing costs for employee separation costs and other expenses.
Commercial net sales were $18 million for the second quarter, down from $19.3 million for the corresponding quarter a year earlier, and were $37 million for the six months ended Dec. 31, down 10.3% from the comparable period in 2010.
The company said that it expects top-line growth to be modest through the second half of the fiscal year 2012, which ends June 30.
"Our business continues to be adversely impacted by macroeconomic conditions such as high unemployment, limited job growth and a depressed housing market resulting in low consumer confidence levels," the company said in a statement. "We expect orders for residential seating products to continue to perform slightly above prior year levels. Our commercial office business has picked up modestly as we enter the second half of the fiscal year."
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