Flexsteel Q3 net sales $99.1M (-29.5% YoY); EPS $0.28 vs $0.82; gross margin expands to 18.8%

FLEXSTEEL INDUSTRIES INC

2023-Q3 EPS reported $0.85 revenue$287,873,000

Net sales $99.1M, down 29.5% YoY from $140.4M, but up 6.4% sequentially from Q2.
GAAP net income $1.5M ($0.28 diluted) vs $5.3M ($0.82) in prior-year quarter.
Gross margin improved to 18.8% from 15.7% (+310 bps) on cost savings and expense control.
Operating income $2.1M (2.1% of revenue) in upper range of guidance (1.0%-2.5%).
Generated $26.9M free cash flow in nine months; repaid $20M debt; $43.2M revolver available.

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