Flexsteel Net Jumps 26.1 Percent in Fourth Quarter, 25.4 Percent for Fiscal Year
August 15, 2012,
DUBUQUE, Iowa-Flexsteel closed out its fiscal year with a dramatic fourth-quarter net-income increase of 26.1 percent, to $4.4 million--bringing its fiscal-year net up 25.4 percent to $13.1 million.
Gains in sales and a better absorption of fixed costs on the higher sales volume helped enhance Flexsteel's bottom line for both the quarter and the fiscal year, which ended on June 30. Net sales rose 11.6 percent in the quarter to $93.9 million, and for the year it increased 3.7 percent to $352.1 million. Gross margin in the quarter climbed 80 basis points to 25.3 percent, and for the year it was up 140 basis points to 24.2 percent.
For the rest of calendar 2012, Flexsteel said it expects the top line to increase moderately due to additions to its product line and to expanding its residential customer base. The company said its optimism is guarded due to the uncertainty of the outcome of the upcoming elections and the effect economic factors have on consumers' willingness to spend.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money