Flexsteel Q1 sales up 30.8% to $137.7M; GAAP EPS $0.61, non-GAAP $0.48 vs $0.80

FLEXSTEEL INDUSTRIES INC

2022-Q1 EPS reported $0.61 revenue$137,689,000

Net sales $137.7M (+30.8% YoY); retail home furnishings backlog $133M (+56.5% YoY).
GAAP net income $4.35M ($0.61/diluted share); adjusted net income $3.4M ($0.48/diluted share).
Gross margin fell 470 bps to 17.0% due to supply chain costs (material, labor, freight).
New Mexicali plant construction started (507,800 sq ft, completion June 2022); Juarez plant ramping.
Inventory at $193.7M (+174.5% over 15 months); new Greencastle, PA DC opening February 2022.

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