Leggett & Platt Net Rises 4 Percent in Second Quarter

CARTHAGE, Mo.-In what President and CEO David Haffner described as "a reasonably good quarter," Leggett & Platt posted net income of $54.7 million, up 4 percent from last year's second quarter.

 The company's bottom line firmed largely due a gain in net sales of 8.1 percent, to $945.2 million. At the same time, according to a Leggett & Platt statement, much of this growth came from items that brought a low level of incremental profit, such as inflation from price increases instituted to recover higher costs; currency exchange rates; and trade sales from the company's steel mill.

 Expenses pressured the company's profits in the second quarter. Gross margin was down 131 basis points to 19.2 percent. Selling, general and administrative expenses picked up 10.5 percent on a dollar basis and 22 basis points as a percentage of sales, to 10.4 percent. Haffner said the "unusually high" SG&A costs were due to items non-recurring items.

 Leggett & Platt said it expects net sales for all of 2011 to finish at between $3.5 billion and $3.7 billion, which would represent an increase of from 4 percent to 10 percent.

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.


  • Von Tobel Cites Brass Textures Among Top Trends

    Camera Icon   More Videos

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 cover for September 2017


    September 2017


    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.