Despite stronger sales, Flexsteel is impeded by foam, container shortage
Wednesday, 28 Apr, 2021
Furniture giant Flexsteel, number 28 on the FDMC 300, reported strong sales increases for the quarter ending March 31, 2021.
Net sales increased nearly 20 percent to $118.4 million compared to $98.8 million over the same period last year. Organic net sales, excluding its discontinued vehicle seating and hospitality lines, increased 32.9 percent. Gross margin increased to 19.5 percent over last year’s 14.0 percent. Record backlog growth of 131 percent was also seen.