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About Flexsteel Industries, Inc.
Founded in 1929, Flexsteel Industries, Inc. is one of the oldest and most prominent manufacturers, importers, and marketers of residential and commercial furniture in the United States. The company is renowned for its high-quality upholstered and wooden furniture, offering a diverse range of products designed for home, office, hospitality, and other commercial applications. Flexsteel's product portfolio includes sofas, loveseats, chairs, reclining chairs, sofa beds, dining tables, desks, bedroom furniture, and more. A key feature of its upholstered furniture is the proprietary Blue Steel Spring, known for its durability and comfort, a component that has become synonymous with the brand's commitment to quality.
Core Business Model
Flexsteel operates a hybrid business model that combines manufacturing and importing furniture, allowing it to cater to a broad spectrum of customer needs. The company distributes its products across the United States through a mix of direct sales, e-commerce channels, and a network of independent representatives. This multi-channel distribution strategy enables Flexsteel to maintain a strong presence in both residential and commercial markets. Its wholly-owned subsidiary, DMI Furniture, Inc., further expands its offerings, focusing on commercial furniture solutions.
Product Offerings
Flexsteel's extensive product lineup includes:
- Residential furniture: Sofas, loveseats, recliners, chairs, sofa beds, and bedroom furniture.
- Commercial furniture: Desks, dining tables, occasional tables, and seating for offices, hotels, and healthcare facilities.
- Outdoor furniture: Durable and stylish solutions for patios and other outdoor spaces.
These products are designed to meet the demands of various environments, combining aesthetics, functionality, and durability.
Competitive Positioning
Flexsteel operates in a competitive landscape alongside major players like La-Z-Boy, Ashley Furniture, and Macy's. Its differentiation lies in its emphasis on quality craftsmanship, highlighted by the Blue Steel Spring technology, and its ability to innovate. The company's recent partnership with 3D Cloud to integrate 3D product visualization and augmented reality tools reflects its commitment to enhancing the customer experience. By enabling customizable product configurations and immersive shopping experiences, Flexsteel is positioning itself as a forward-thinking brand in a traditional industry.
Technological Advancements
Flexsteel's adoption of cutting-edge technology, such as 3D product configurators and WebAR (Web Augmented Reality), demonstrates its focus on staying relevant in a digital-first world. These tools allow customers to visualize products in their own spaces, customize options, and make informed purchasing decisions. This initiative not only improves customer satisfaction but also strengthens Flexsteel's relationships with its retail partners by offering them advanced tools to drive sales.
Industry Challenges and Opportunities
While Flexsteel has a strong market presence, it operates in an industry characterized by challenges such as fluctuating raw material costs, supply chain complexities, and evolving consumer preferences. However, the company's diversified product portfolio, focus on quality, and investment in technology provide it with opportunities to sustain and expand its market share. By leveraging its long-standing reputation and embracing innovation, Flexsteel is well-positioned to navigate these challenges effectively.
Conclusion
Flexsteel Industries, Inc. stands out as a legacy brand in the furniture industry, combining nearly a century of expertise with modern innovations. Its commitment to quality, exemplified by the Blue Steel Spring, and its strategic investments in technology underscore its adaptability and customer-centric approach. Whether furnishing a home, office, or commercial space, Flexsteel offers versatile solutions that blend durability, style, and functionality.
Flexsteel Industries, Inc. (NASDAQ:FLXS) announced a quarterly dividend of $0.15 per share, payable on October 4, 2021, to shareholders of record as of September 22, 2021. This marks the 319th consecutive quarterly cash dividend, highlighting the company's long-standing commitment to returning value to shareholders since 1938. Flexsteel, a major player in the U.S. furniture industry, manufactures and markets a vast range of products including sofas and chairs, primarily through eCommerce and direct sales channels.
Flexsteel Industries reported a strong Q4 for fiscal 2021, achieving net sales of $136.2 million, a 110% increase from the previous year. For the full year, net sales rose 30.5% to $478.9 million. The company noted a record retail backlog of $152 million, a 238.3% increase year-over-year. Gross margin improved significantly to 19.4% in Q4, compared to 9.2% a year earlier. Flexsteel reported net income of $5.8 million ($0.81 per share) for the quarter, reversing a net loss of $25.7 million in the prior year. Management expressed confidence in continued growth despite ongoing supply chain challenges.
Flexsteel Industries, Inc. (NASDAQ:FLXS) will announce its fourth quarter 2021 financial results after market close on August 23, 2021. An earnings conference call is scheduled for August 24, 2021, at 8:00 a.m. Central Time, where analysts and investors can discuss the results. For convenience, pre-registration for the call is available to streamline participation. Flexsteel is prominent in the U.S. furniture market, offering diverse products through eCommerce and direct sales.
Flexsteel Industries, Inc. (NASDAQ:FLXS) announced a quarterly dividend of $0.15 per share, payable on July 12, 2021, to shareholders of record by June 30, 2021. This marks the 318th consecutive quarterly cash dividend since 1938, reflecting the company's commitment to returning value to shareholders. Flexsteel is one of the largest manufacturers and marketers of furniture in the U.S., offering a wide range of products through both eCommerce and direct sales channels.
Flexsteel Industries, Inc. (NASDAQ:FLXS) announced the appointment of Kathryn (Katy) P. Dickson as an independent director effective June 14, 2021. Dickson is recognized for her strategic leadership in digital transformation and brand innovation across notable companies including Tilray, Mattel, and General Mills. Chairman Thomas M. Levine and CEO Jerry Dittmer expressed their optimism, citing her experience in omni-channel strategies as a vital asset for enhancing Flexsteel's growth and customer experience. Dickson holds a B.S. from the U.S. Air Force Academy and an MBA from UCLA.
Flexsteel Industries, Inc. (NASDAQ:FLXS) has released a new investor presentation available on their website. This presentation details the company's business model, growth strategies, and financial goals. Flexsteel is recognized as one of the largest furniture manufacturers in the U.S., offering a diverse range of products including sofas, chairs, and bedroom furniture. Their unique steel drop-in seat spring design is a hallmark of their upholstered items, contributing to their brand identity.
Flexsteel Industries (NASDAQ:FLXS) announced that Jerry Dittmer, President and CEO, along with CFO Derek Schmidt, will present at the Sidoti & Company LLC Microcap Virtual Investor Conference on May 19, 2021, at 10:00 a.m. Eastern Time. The event will be webcast live and available for replay for 90 days post-conference. Flexsteel is a leading manufacturer and marketer of furniture in the U.S., offering products like sofas, chairs, and tables, known for its unique steel drop-in seat spring, which inspired the company’s name.
Flexsteel Industries (NASDAQ:FLXS) reported a strong third quarter for fiscal 2021, with net sales rising 19.8% to $118.4 million. Organic sales surged 32.9% as retail home furnishings backlog reached a record $140 million, up 314% year-over-year. Gross margin improved to 19.5% from 14.0%, showcasing enhanced operational efficiency. The company posted a GAAP net income of $4.9 million or $0.67 per diluted share, rebounding from a loss of ($5.3 million) in the same quarter last year.
Flexsteel Industries, Inc. (NASDAQ:FLXS) will release its third quarter 2021 financial results on April 26, 2021, after market close. The Company, a leading manufacturer and marketer of furniture in the U.S., will hold a conference call on April 27, 2021, at 8:00 a.m. Central Time to discuss the results. Investors can access the earnings release and join the call via provided phone numbers or an online registration link. Flexsteel offers a range of upholstered furniture products and markets them primarily through eCommerce and a direct sales force.
Flexsteel Industries, Inc. (NASDAQ:FLXS) declared a quarterly dividend of $0.15 per share, a 50% increase from the previous $0.10. This dividend is payable on March 29, 2021, to shareholders of record as of March 17, 2021. Flexsteel has maintained cash dividends annually since 1938, marking the 317th consecutive quarterly dividend. As one of the largest furniture manufacturers in the U.S., Flexsteel offers a broad range of products, including upholstered furniture and bedroom sets, distributed via eCommerce and direct sales.
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