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From Home Furnishing Business

Flexsteel Sales Decline 6 Percent

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. €œThe company continues to explore cost control opportunities in all facets of its business,€ officials said in a statement released Monday. €œThe 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.

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