Flexsteel Q1 net sales down 30.5% to $95.7M; GAAP EPS $0.05 vs $0.61 prior

FLEXSTEEL INDUSTRIES INC

2023-Q1 EPS reported $0.05 revenue$95,684,000

Net sales of $95.7M beat guidance of $80-90M; home furnishings retail -31.1% YoY.
GAAP net income $0.3M ($0.05 diluted EPS); non-GAAP adjusted EPS $0.09.
Gross margin 16.0% vs 17.0% prior; SG&A down 22.4% to $14.6M.
Cash flow from operations $13.0M; debt repayment $7.7M; liquidity $40.4M revolver available.
New brand Charisma launched; Zecliner and flex product lines planned for Q3.

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