Business
Flexsteel Industries, Inc. Reports Fiscal Second Quarter 2020 Results
Ecommerce Channel Grew 30% Year-Over-Year DUBUQUE, Iowa--(BUSINESS WIRE)-- Flexsteel Industries, Inc. (NASDAQ:FLXS) (“Flexsteel” or the “Company”), one of
About this update from Flexsteel Industries, Inc.
[{"type":"text","content":"\nEcommerce Channel Grew 30% Year-Over-Year\n\n DUBUQUE, Iowa--(BUSINESS WIRE)--\nFlexsteel Industries, Inc. (NASDAQ:FLXS) (“Flexsteel” or the “Company”), one of the oldest and largest manufacturers, importers and marketers of residential and contract upholstered and wooden furniture products in the United States, today reported fiscal second quarter 2020 results.\n\n\nOperating Results\n\n\nNet sales for the quarters ended December 31, (in millions):\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\n$ Change\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nResidential\n\n\n\n \n\n\n\n$\n\n\n\n94.1\n\n\n\n \n\n\n\n$\n\n\n\n99.4\n\n\n\n \n\n\n\n$\n\n\n\n(5.3)\n\n\n\n \n\n\n\n(5.4)\n\n\n\n%\n\n\n\n\n\nContract\n\n\n\n \n\n\n\n \n\n\n\n8.9\n\n\n\n \n\n\n\n \n\n\n\n18.9\n\n\n\n \n\n\n\n \n\n\n\n(10.1)\n\n\n\n \n\n\n\n(53.1)\n\n\n\n \n\n\n\n\n\nTotal\n\n\n\n \n\n\n\n$\n\n\n\n102.9\n\n\n\n \n\n\n\n$\n\n\n\n118.4\n\n\n\n \n\n\n\n$\n\n\n\n(15.4)\n\n\n\n \n\n\n\n(13.0)\n\n\n\n%\n\n\n\n\n\nNet sales for the six months ended December 31, (in millions):\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\n$ Change\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nResidential\n\n\n\n \n\n\n\n$\n\n\n\n182.7\n\n\n\n \n\n\n\n$\n\n\n\n195.5\n\n\n\n \n\n\n\n$\n\n\n\n(12.8)\n\n\n\n \n\n\n\n(6.5)\n\n\n\n%\n\n\n\n\n\nContract\n\n\n\n \n\n\n\n \n\n\n\n20.6\n\n\n\n \n\n\n\n \n\n\n\n36.4\n\n\n\n \n\n\n\n \n\n\n\n(15.8)\n\n\n\n \n\n\n\n(43.3)\n\n\n\n \n\n\n\n\n\nTotal\n\n\n\n \n\n\n\n$\n\n\n\n203.3\n\n\n\n \n\n\n\n$\n\n\n\n231.8\n\n\n\n \n\n\n\n$\n\n\n\n(28.5)\n\n\n\n \n\n\n\n(12.3)\n\n\n\n%\n\n\n\n\n\nNet sales were $102.9 million for the second quarter compared to net sales of $118.4 million in the prior year quarter, a decrease of 13%. The planned exit of the commercial office and custom-designed hospitality products accounted for $7.3 million or approximately 73% of the decline in Contract and 47% of the overall decline. Net sales were $203.3 million for the six months ended December 3...