Leggett & Platt Net Leaps in First Quarter
April 22, 2010,
CARTHAGE, Mo.-Boosted by significant growth in sales and margins, Leggett & Platt's first-quarter net income jumped 1,267 percent to $45.1 million.
The manufacturer attributed the strong performance to a combination of "higher sales, cost structure improvements and pricing discipline," according to a Leggett & Platt statement. It reported a 14 percent gain in net sales, to $816.4 million; and a 290-basis point in its gross margin, which reached 20.3 percent. In addition, it slimmed selling and administrative expenses by 9 percent.
"The third step of our strategy is to grow the company at 4 to 5 percent per year on average over the long term," Haffner said. This growth should come from product development and the identification of and expansion into new growth areas, he said.
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
COVER STORY: Sharpening the Focus on Millennials
Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.
ALSO IN THIS ISSUE: