Business
Flexsteel Industries, Inc. Reports Strong Fiscal First Quarter 2025 Results; 10% Sales Growth and Continued Operating Margin Expansion
DUBUQUE, Iowa--(BUSINESS WIRE)-- Flexsteel Industries, Inc. (NASDAQ: FLXS) (“Flexsteel” or the “Company”), one of the largest manufacturers, importers, and
About this update from Flexsteel Industries, Inc.
[{"type":"text","content":" DUBUQUE, Iowa--(BUSINESS WIRE)--\nFlexsteel Industries, Inc. (NASDAQ: FLXS) (“Flexsteel” or the “Company”), one of the largest manufacturers, importers, and marketers of residential furniture products in the United States, today reported first quarter fiscal 2025 results.\n\nKey Results for the First Quarter Ended September 30, 2024\n\n\nNet sales for the quarter of $104.0 million compared to $94.6 million in the prior year quarter, an increase of 9.9% and fourth consecutive quarter of year-over-year sales growth.\n\n\nRobust sales orders of $100.8 million for the first quarter representing growth of 9.4%, compared to the prior year quarter.\n\n\nGross margin increased to 21.5% for the first quarter compared to 19.5% in the prior year quarter.\n\n\nGAAP operating income of $6.0 million or 5.8% of net sales for the first quarter compared to $1.9 million or 2.0% of net sales in the prior year quarter.\n\n\nGAAP net income per diluted share of $0.74 for the current quarter compared to net income per diluted share of $0.14 in the prior year quarter.\n\n\nManagement Commentary\n\n“I am very pleased with our first quarter results and continued strong execution,” said Derek Schmidt, President and Chief Executive Officer of Flexsteel Industries, Inc. “While industry demand remains lackluster due to challenging macroeconomic conditions, we continue to build growth momentum and delivered 10% sales growth in the quarter which represents our fourth consecutive quarter of mid-single to low-double digit year-over-year growth. Our exceptional growth performance was driven by both share gains in our core markets and diversified new growth in expanded markets resulting from our commitment to aggressively invest in new product development, innovation, customer experience and marketing.”\n\nMr. Schmidt continues, “In addition to our top-line growth success, the organization remains steadfast in driving meaningful profitability improvement. Operating margin was 5.8% in the quarter, up compared to 2.0% in the prior year quarter, and represents our fifth consecutive quarter of year-over-year adjusted operating margin improvement. The levers driving our consistent profit improvement are unchanged and working effectively: sales growth leverage, strong operational execution and productivity, and product portfolio management. With ample manufacturing an...