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Furniture supplier Flexsteel Industries Inc. reported flat sales and a decline in earnings for its fourth quarter and fiscal year, ended June 30, citing market pressures coupled with rising raw materials and fuel costs.
The Dubuque, Iowa-based company said sales decreased 2.3% for the quarter from $108.3 million a year ago to $105.8 million. Net income for the three-month period was $1.5 million compared to $2.7 million, a decrease of 43.2%.
Sales rose 2.2% for the fiscal year to $410 million compared to $401.2 million in the prior year while net income declined 40.3% to $6 million from $10.1 million.
The company said that sales of vehicle seating have fallen off as “several manufacturers of recreational vehicles adjust inventory levels of finished units due to weakness in demand.”
RV sales fell 20.3% during Flexsteel’s fourth quarter to $18.4 million and were down 7.7% for the year.
Flexsteel is a designer, manufacturer, importer and marketer of quality upholstered and wood furniture for residential, recreational vehicle, office, hospitality and health-care markets.