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From Home Furnishing Business

Flexsteel Sales up 19 Percent in Fiscal Q2

February 6, 2014  by in Financial Reports, Industry   

Net income of $1.2 million for the quarter ended Dec. 31 was half of the $2.9 million netted in the comparable prior-year quarter.

Through six months of Dubuque, Iowa-based Flexsteel's fiscal year, record sales of $217 million were 17 percent ahead of the previous year's first half.

Flexsteel attributed the increase in residential sales for the three and six months ended Dec. 31 to increased demand for upholstered and, to a lesser extent, ready-to-assemble products. The increase in commercial sales is primarily from hospitality and vehicle seating products.

Looking ahead, the company believes that top line growth will continue through the end of fiscal year 2014. Residential growth is expected to continue with existing customers and products, and through expanding our product portfolio and customer base. The company expects this growth to be led by increased demand for upholstered and ready to assemble products; and that sales of commercial products will moderately increase for the remainder of the fiscal year.

Click here for the complete Flexsteel release.