Flexsteel Industries, Inc. Reports Fiscal Fourth Quarter and Full Year 2023 Results
Key Results for the Fourth Quarter and Full Year Ended June 30, 2023
- Key Results for the Fourth Quarter and Full Year Ended June 30, 2023
Net sales for the quarter decreased (15.0%) to $105.8 million compared to $124.5 million in the prior year quarter. - Fourth quarter net sales grew 6.8% sequentially compared to $99.1 million in the third quarter, which similarly grew 6.4% sequentially compared to $93.1 million in the second quarter.
- The continued focus on our growth initiatives enabled us to deliver another quarter of solid sequential sales growth as fourth quarter results climbed 6.8% above third quarter sales, which in turn, grew 6.4% over second quarter sales.
- Selling, general and administrative (SG&A) expenses increased to 16.0% of net sales in the fourth quarter of fiscal 2023 compared with 11.3% of net sales in the prior-year quarter.