From Home Furnishing Business
Flexsteel Reports Seven Consecutive Quarters of Record Net Sales
Flexsteel Industries, a manufacturer, importer and marketer of residential and commercial upholstered and wooden furniture products, has reported its third quarter and fiscal year-to-date financial results.
Its financial highlights for the quarter include net sales increased to a record $125.4 million, a 2.4 percent increase; the seventh consecutive quarter of record net sales; and an adjusted net income of $5.3 million, 4.2 percent of net sales.
The increase in residential net sales was substantially due to increased sales volume in upholstered and ready-to-assemble products partially offset by discounting of certain casegoods. The increase in commercial net sales was substantially due to increased volume.
Flexsteel believes that demand for furniture products in the United States continues to weaken due to political and economic uncertainty. It expects weaker demand in the near term for residential and commercial products.