Flexsteel Industries Reporting Record 3Q Sales
Net sales were $327 million for the nine-month period, a 15% increase from the prior year. Net income was $9.4 million, or $1.24 per share, compared to $8.9 million, or $1.22 per share.
Net sales for the quarter were a third-quarter record $111 million, a 12% increase over prior year quarter net sales of $98 million. Net income was $4.4 million, or 58 cents per share, compared to $3.1 million, or 42 cents per share for the prior year quarter.
The increase in residential sales for the three- and nine-month periods is primarily due to increased demand for upholstered and, to a lesser extent, ready-to-assemble products. The company said that the increase in commercial sales for the three months is primarily from hospitality products while gains in commercial sales for the nine months reflects growth in hospitality and vehicle seating products.
Gross margin for the nine months was 22.8% of net sales compared to 23.5% of net sales in the prior year. Gross margin for the quarters was 22.7% versus 23.2% a year ago. The decrease in the current year periods was primarily due to price discounting on certain case goods to address changing customer requirements.
To view the entire report click here.