Flexsteel Q4 sales down 8.6% to $124.5M; GAAP net loss $0.05/sh, adjusted EPS $0.41

FLEXSTEEL INDUSTRIES INC

2022-FY EPS reported $0.28 revenue$544,282,000

Q4 net sales $124.5M vs $136.2M prior year; full-year sales $544.3M up 13.6%.
Q4 GAAP net loss $0.3M ($0.05 loss per share); adjusted net income $2.2M ($0.41/sh).
Gross margin fell 520 bps to 14.2% on promotions, inventory write-downs, capacity investments, and cost inflation.
Full-year share repurchases $35.1M, including $7.1M in Q4.
Fiscal 2023 first-half profit expected to face pressure from slowing demand, retail inventory glut, and inflation.

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