Leggett & Platt Net Falls 11 Percent in Q4
February 4, 2011,
CARTHAGE, Mo.-Fourth quarter net income for Leggett & Platt dropped 11 percent to $31.4 million, as higher raw-materials cost offset a pickup in net sales.
The materials costs resulted in a decrease of 447 basis points in gross margin, which finished the quarter (ending on Dec. 31, 2010) at 17.6 percent. Net sales increased 4 percent to $801.9 million, and selling and administrative expenses slipped 2 percent in dollars and 67 basis points as a percentage of sales, to 10.7 percent.
The company said it expects net sales in 2011 to finish between $3.4 billion and $3.6 billion, based on a continuing modest improvement in the U.S. economy.
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