Furniture maker Flexsteel Industries Inc. reported a decline in sales for its third quarter and nine months, reflecting lower retail demand when compared to the prior period record results.
Revenue was $120.8 million for the quarter, ended March 31, compared to net sales of $125.4 million in the prior year quarter, a decrease of 3.7%. Net income totaled $7.6 million, or 96 cents per share, compared to $6.9 million, or 89 cents per share, in the prior year quarter.
Gross margin as a percent of net sales for the quarter ended March 31, 2017 was 23.6% compared to 22.9% for the prior year quarter.
For the nine months, sales were $351.3 million compared to record net sales of $377.3 million in the prior year period, a decrease of 6.9%. Net income was $17.8 million, or $2.26 per share, compared to $18.1 million, or $2.33 per share, in the prior year period.
Gross margin as a percent of net sales was 23.3% compared to 22.3% for the prior year period. Gross margin improvement is primarily due to changes in product mix.
To view the full report click here.