Leggett & Platt Profit Falls in First Quarter

CARTHAGE, Mo.-First-quarter net income for Leggett & Platt slipped 2.2 percent to $44 million, slimmed by a higher effective tax rate than in the first quarter of last year.

Net sales for the diversified manufacturer finished the quarter, which ended on March 31, at $946.8 million, up 5.7 percent from last year. This included a 7 percent pickup in sales of residential furnishings, a gain of 13 percent in sales of industrial materials (driven largely by Leggett & Platt's acquisition of Western Pneumatic Tube) and a 6 percent increase in sales of specialized products.

Gross margin edged downward by 15 basis points to 18.8 percent. Selling, general and administrative expenses rose 2.2 percent in dollars but declined 35 basis points as a percentage of sales to 10.3 percent.

For 2012 as a whole, Leggett & Platt said it anticipates sales to total between $3.65 billion and $3.85 billion. David Haffner, president and CEO, said he expects increased demand, the company's restructuring activities in late 2011 and a lower effective tax rate for the remainder of this year to produce "meaningful, full-year margin improvement."

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN May digital issue


    May 2017

    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.


    • 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