CARTHAGE, MO - Leggett & Platt said residential furnishing sales rose 5.1 percent to $1.84 billion. Total sales were $3.94 billion (see table below), an 8.3 percent rise over 2010.
Commercial fixtures sales dropped 5.1 percent or $27 million during fiscal 2011, to $507 million. Total sales for the diversified Leggett & Platt, which also makes bedsprings, metal hardware and automotive components, were $3.94 billion, an 8.3 percent rise over 2010.
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"Demand improved in certain of our markets during 2011, with automotive and office furniture leading the way," said Leggett & Platt CEO Dave Haffner during an earnings conference call. "In contrast, stagnant demand negatively impacted our major residential markets. Many consumers continue to postpone spending on larger ticket items such as bedding and furniture in the face of ongoing weak economy."
Residential furnishings sales increases were largely from inflation and currency shifts, and generated little profit, while unit volume was flat in the segment, says Leggett & Platt.
In the commercial fixturing and components segment, fourth-quarter sales fell 4 percent as sales to brand product companies supplied by its point-of-purchase business declined.
Of four plant closures reported by Leggett & Platt last quarter, one is in the commercial fixtures segment.
Leggett & Platt (NYSE: LEG) has 20 business units, 18,000 employees, and 130 manufacturing facilities located in 18 countries.
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