Flexsteel Q2 net loss of $7.5M; sales up 18.9% but margins crushed by supply chain costs

FLEXSTEEL INDUSTRIES INC

2022-Q2 EPS reported -$0.47 revenue$279,356,000

GAAP diluted EPS $(1.13) vs $1.13 a year ago; non-GAAP diluted EPS $(1.05) vs $0.79.
Gross margin collapsed to 6.7% from 20.5%, primarily due to $15M+ in ancillary container logistics charges.
Retail home furnishings backlog grew 20.4% to $121M; Q3 sales growth expected 14%-22%.
Board approved new $30M share repurchase program on Jan. 20, 2022.
Restructuring expenses of $0.6M in Q2; FY22 capex guided $10.5M-$12.5M for capacity expansion.

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