Flexsteel Sales up 4% for Fiscal Year

August 16, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on August 17, 2011

Flexsteel Inds. (NYSE: FLXS) reported a 4 percent increase in sales to $338.4 million for its fiscal year ended June 30.

Net income of $10.4 million was off slightly from last year's $10.8 million.

Net sales for Dubuque, Iowa-based Flexsteel's fourth fiscal quarter fell 1.6 percent to $84.2 million. Fourth-quarter net income this year was $3.5 million, down from $4.1 million in the prior year quarter.

For the entire fiscal year, residential net sales were $258.1 million, up 4.9 percent from the prior year; commercial net sales of $81.3 million were up 1.1 percent.

Residential fourth-quarter net sales of $64.4 million were down 2 percent compared with the prior-year quarter; commercial net sales of $19.8 million dipped from $19.9 million in the prior-year quarter.

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