Flexsteel's profit jumps 20% on 11.9% sales gain

Larry Thomas -- Furniture Today, October 17, 2012

DUBUQUE, Iowa — Flexsteel Inds. said its sales rose 11.9% in the quarter ended Sept. 30, while profits rose more than 20% to $2.87 million - a record for its first fiscal quarter.

Sales totaled $91.2 million, up from $81.5 million in the same quarter last year. The total included residential furniture sales of $72.3 million, a 16% jump from the comparable period.

The upholstery and case goods manufacturer and importer said the quarterly profit, which equals 40 cents per share, is up from $2.38 million or 34 cents per share in the same quarter last year.

In a statement announcing its earnings, Flexsteel said it is expecting "moderate top line growth" through the end of the calendar year.

"The company is confident of its ability to advantage of market opportunities as they present themselves. However, our optimism is guarded due to the uncertainty that the upcoming elections and economic factors have on the consumer's confidence and willingness to buy," the statement said.

The company said it remains committed to its core strategies, including offering "a wide range of quality products and price points to the residential and commercial markets, combined with a conservative approach to business."