Earnings ·
Reports Q1 net income of $5.4M and EPS of $1.24 on $114.0M in sales
FLXSFlexsteel Industries Inc
Flexsteel Industries reported first-quarter fiscal 2027 results with net sales increasing 3.2% to $114.0 million, driven by a $5.5 million growth in Flexsteel branded soft seating products that was partially offset by a $1.9 million decline in Homestyles ready-to-assemble products as the company exits that category. GAAP operating income decreased to $6.9 million from $9.0 million in the prior year period, resulting in diluted earnings per share of $1.24 compared to $1.31 previously. The company reported a gross margin of 22.0%, impacted by unfavorable foreign currency translation and inflationary pressures on energy prices. Management provided second-quarter fiscal 2027 guidance expecting sales growth of 1% to 4% and an operating margin between 6.5% and 7%. Flexsteel Industries is one of the largest manufacturers, importers, and marketers of residential furniture products in the United States.