Flexsteel Sales Decline 6 Percent

April 23, 2007  by in UnCategorized   

By Home Furnishings Business in Case Goods on April 2007 Flexsteel Industries, Dubuque, Iowa, reported that sales for its third quarter declined 6 percent to $104.1 million. The upholstery and case goods company said net income for the quarter ended March 31 was $1.5 million compared to $1.8 million in the same period a year earlier.

In a statement, company officials said sales have been soft across the industry and they expect the trend to continue through the remainder of its fiscal year. “The company continues to explore cost control opportunities in all facets of its business,” officials said in a statement released Monday. “The company believes it has the necessary inventories and product offerings in place to take advantage of opportunities for expansion of certain markets, such as commercial office and hospitality.”

Net sales for the first nine months of the company’s fiscal year were $311.1 million, a decrease of 1 percent. Net income for the nine-month period was $3.5 million, including a $0.4 million pre-tax gain from the sale of vacant land. In the first nine months of the company’s 2006 fiscal year, net income totaled $3.2 million.

Among the bright spots during the nine-month period, commercial net sales rose 17 percent to $74.5 million. Residential sales decreased 5 percent to $188.2 million during the same period.