Flexsteel, a furniture manufacturer and importer based in Dubuque, Iowa, reported a 4.7% increase in fourth-quarter net sales, totalling $110.8 million. This growth is part of a positive trend, as Flexsteel has experienced both year-over-year and sequential increases in the past three quarters. For the full fiscal year 2024, the company achieved sales of $412.8 million, marking a 4.8% rise from the previous year.
Photo: FlexSteel.
Flexsteel generated $7.5 million in cash for the quarter and $31.9 million for the year, using part of this to repay $23.5 million in debt, an 83% reduction under its credit line.
Despite Flexsteel's strong performance, net income for the fourth quarter decreased to $4.92 million from $10.1 million the previous year, though operating income increased to $7.6 million from $4.23 million.
Derek Schmidt, the newly appointed CEO and president, expressed satisfaction with the company's results in an article on Furniture Today, highlighting its resilience amid a broader industry downturn affecting competitors like Bassett, Dorel, and Hooker.
Schmidt credited the company's sales growth, operational execution, and investments in innovation, new product development, customer experience, and marketing as key factors in Flexsteel's performance.
Source: www.furnituretoday.com