Flexsteel Industries reports Q1 EPS 14c vs. 5c last year

Reports Q1 revenue $94.6M vs. $95.7M last year. “I am pleased with our first quarter results. We are competing well and gaining share in a challenging business environment,” said Jerry Dittmer, CEO. “While net sales were down 1% compared to the prior year quarter, sales in the quarter were adversely impacted by the elimination of ocean freight surcharges in the prior year when ocean container delivery costs were significantly inflated. Excluding the approximately $7 million impact from the surcharge elimination, growth from unit volume and sales mix was a robust 6.8% in the quarter, reflecting our strong sales execution and the momentum of our growth initiatives. In addition, we leveraged operational efficiencies and cost savings to expand gross margin and improve operating income from $0.4 million in the prior year quarter to $1.9 million this quarter.”