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From Home Furnishing Business

Flexsteel Posts Annual Net Income of $13.2M

Furniture supplier Flexsteel Inds. (NASDAQ: FLXS) reported net income of $13.2 million for the year ended June 30, compared to $13.1 million for the same period last year.

Net sales for the company were $386.2 million for the year ended June 30, a 10 percent increase compared to net sales of $352.1 million for last year.

Furniture net sales were $311 million in the fiscal year, an increase of 13 percent over last year's sales of $275 million. The company attributed the $36 million sales increase to growth from existing retail partners and expansion of its product portfolio and customer base.

Furniture net sales for the quarter were $82 million for the fourth quarter, compared to $77 million in the fourth quarter of last year.

The complete earnings report can be viewed online.

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