Flexsteel Sees 2Q Sales Growth; Earnings Flat
Dubuque, Iowa-based furniture supplier Flexsteel Industries Inc. reported an 11% increase in revenue for its fiscal second quarter, ended Dec. 31.
Second-quarter sales totaled $94.6 million compared with $85 million in the prior year quarter. Residential sales were $76.6 million, an increase of 14% from the prior year quarter of $67 million. Commercial net sales were approximately $18 million in the current and prior year quarters.
The company reported net income of $2.9 million, or 40 cents per share, for the quarter compared to $2.9 million, or 42 cents per share, for the prior year quarter.
For the six months, sales totaled $185.8 million, a 12% increase from the same period a year ago. Residential net sales were $148.9 million, an increase of 15% from the prior year six-month period of $129.5 million. Commercial net sales were approximately $37.0 million in the current and prior year six month periods.
The company reported record net income of $5.8 million, or 80 cents per share, for the six months compared to $5.3 million, or 76 cents per share, for the prior six-month period.
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