DUBUQUE, IA — Flexsteel Industries announced a net sales growth of 12% in the quarter ended Sept. 30, while profits for the furniture company rose more than 20% to $2.9 million.
Sales for the first quarter totaled $91.2 million, up from $81.5 million in the same quarter last year. Sales in the residential segment rose to $72.3 million, a 16% increase from the comparable period. Commercial sales stayed steady at $19.0 million, the company reported.
In a statement, Flexsteel said it expects the “moderate top line growth” to continue through the end of 2012. "The company is confident in its ability to take advantage of market opportunities as they present themselves. However, our optimism is guarded due to the uncertainty that the upcoming elections and economic factors have on the consumers' confidence and willingness to buy,” the release read.
Flexsteel added it “remains committed to its core strategies which include offering a wide range of quality products and price points to the residential and commercial markets, combined with a conservative approach to business.”
In business since 1929, the Dubuque, IA-based Flexsteel is a designer, manufacturer, importer and marketer of upholstered and wood furniture for residential, recreational vehicle, office, hospitality and healthcare markets.