DUBUQUE, IA -- Flexsteel Industries, Inc. reported a strong end to its fiscal year, with $439 million in net sales, a 14 percent increase over fiscal year 2013.
The increase in net sales resulted from “capturing demand for upholstered and ready-to-assemble products,” corporate officials said. Net sales were $439 million for the fiscal year, a 14 percent increase from the prior fiscal year. Net income was $15 million, or $2 per share for the fiscal year compared to $13.2 million or $1.80 per share for the prior fiscal year
Flexsteel officials project continued growth in the next fiscal year due to a “strong order backlog and positive order trends.” Corporate officials expect growth will be led by increased demand for upholstered and ready-to-assemble products. Additionally residential growth is expected from existing customers and through expanding the product portfolio.
Over the next year the company will invest$35 to $40 million to purchase and equip an undisclosed Midwest distribution center.
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