Flexsteel Industries, Inc. (FLXS): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Flexsteel Industries, Inc. (FLXS), un fabricant de meubles dynamiques qui transforme les matières premières en espaces de vie convaincants. Cette toile complète du modèle commercial révèle comment l'entreprise navigue sur des paysages de marché complexes, tirant parti de la conception innovante, des partenariats stratégiques et une approche multiforme de la production de meubles qui couvre des secteurs résidentiels, commerciaux et spécialisés. Des installations de fabrication de pointe aux divers segments de clients, le modèle de Flexsteel démontre une stratégie sophistiquée de création de valeur à travers des solutions de meubles personnalisables de haute qualité qui répondent aux besoins en évolution des consommateurs et des entreprises modernes.

Flexsteel Industries, Inc. (FLXS) - Modèle d'entreprise: partenariats clés

Détaillants et distributeurs de meubles à l'échelle nationale

En 2024, FlexSteel maintient des partenariats avec environ 250-300 détaillants de meubles à travers les États-Unis. Les principaux partenaires nationaux comprennent:

Type de partenaire	Nombre de partenaires	Couverture
Chaînes de meubles régionales	42	Régions du Midwest et du Sud-Ouest
Détaillants de meubles nationaux	18	Distribution à l'échelle nationale

Fournisseurs de conception et de fabrication de meubles

FlexSteel collabore avec des fournisseurs spécialisés pour les matières premières et les composants:

• Fournisseurs en cuir: 7 vendeurs primaires
• Fabricants de mousse et d'amorti: 4 partenaires stratégiques
• Fournisseurs de matériaux en bois et à cadre: 12 vendeurs certifiés

Marchands de meubles en gros et commerciaux

Le portefeuille de partenariats commerciaux comprend:

Secteur	Nombre de partenariats	Contribution annuelle des revenus
Hospitalité	35	8,2 millions de dollars
Siège social	22	5,7 millions de dollars

Plateformes de commerce électronique pour les ventes en ligne

Les partenariats de vente numérique comprennent:

• Marché des meubles Amazon
• Wayfair
• Overstock.com

Fournisseurs de services de logistique et de transport

Réseau de transport et de logistique:

Catégorie de prestataires	Nombre de partenaires	Volume d'expédition annuel
Transporteurs de fret nationaux	6	42 000 expéditions
Services de livraison régionaux	14	18 500 expéditions

Flexsteel Industries, Inc. (FLXS) - Modèle d'entreprise: Activités clés

Conception et fabrication de meubles

Capacité de production annuelle: 2,5 millions d'unités de meubles

Installations de fabrication	Emplacement	En pieds carrés
Usine de fabrication primaire	Dubuque, Iowa	450 000 pieds carrés
Usine de fabrication secondaire	Shoals musculaires, Alabama	250 000 pieds carrés

Recherche et développement de produits

Investissement annuel de R&D: 3,2 millions de dollars

• Équipe de conception: 42 concepteurs professionnels
• Cycle de développement des produits: 6-8 mois
• Demandes de brevet: 7 nouvelles conceptions par an

Contrôle et test de qualité

Métrique de qualité	Standard	Taux de conformité
Test de durabilité des matériaux	Normes internationales ASTM	99.6%
Test d'intégrité structurelle	Normes de niveau Bifma	99.8%

Marketing et ventes de produits de meuble

Budget marketing annuel: 4,5 millions de dollars

• Canaux de vente:
  • Partenariats de vente au détail: 327 magasins
  • Plateforme de vente en ligne
  • Ventes directes des entreprises
• Canaux de marketing:
  • Publicité numérique
  • Expositions de salon
  • Marketing de catalogue

Gestion de la chaîne d'approvisionnement et optimisation des stocks

Valeur des stocks annuels: 22,6 millions de dollars

Métrique de la chaîne d'approvisionnement	Performance
Ratio de rotation des stocks	4.3x
Diversité des fournisseurs	42 fournisseurs certifiés
Distance moyenne du fournisseur	350 miles

Flexsteel Industries, Inc. (FLXS) - Modèle d'entreprise: Ressources clés

Installations de fabrication

FlexSteel exploite des installations de fabrication à plusieurs endroits:

Emplacement	Type d'installation	Opérationnel depuis
Dubuque, Iowa	Usine de fabrication primaire	1893
Memphis, Tennessee	Usine de fabrication secondaire	2012

Capacités de main-d'œuvre

Composition de la main-d'œuvre en 2023:

• Total des employés: 1 200
• Équipe de conception: 85 professionnels
• Travailleurs de production: 950
• Personnel d'ingénierie: 65

Capacités de conception propriétaires

Portefeuille de propriété intellectuelle:

• Brevets de conception totaux: 42
• Marques de conception active: 18
• Registations de conception de meubles uniques: 27

Réputation de la marque

Métrique	Valeur
Années de travail	130
Score de réputation du marché	8.6/10
Taux de fidélisation de la clientèle	72%

Technologie de fabrication

Investissement technologique:

• Investissement technologique annuel: 3,2 millions de dollars
• Unités de machines CNC: 22
• Lignes de production automatisées: 8
• Licences de logiciel de conception 3D: 45

Ressources financières

Métrique financière	Valeur 2023
Actif total	186,4 millions de dollars
Fonds de roulement	42,1 millions de dollars
Espèce et équivalents	12,7 millions de dollars

Flexsteel Industries, Inc. (FLXS) - Modèle d'entreprise: propositions de valeur

Solutions de meubles durables de haute qualité

Flexsteel Industries a déclaré 327,7 millions de dollars de ventes nettes pour l'exercice 2023. La société fabrique des meubles en mettant l'accent sur la durabilité et la qualité, en utilisant des techniques de fabrication propriétaires.

Métriques de durabilité des produits	Indicateur de performance
Couverture de garantie	Garantie à vie limitée sur des gammes de produits spécifiques
Test de résistance au matériau	Dépasse les normes de meubles commerciaux de bifma
Durée de vie du produit	Moyenne de 10 à 15 ans pour les meubles commerciaux

Divers gamme de produits pour les marchés résidentiels et commerciaux

FlexSteel fonctionne sur plusieurs segments de meubles avec des catégories de produits distinctes.

• Meubles résidentiels: 42% des revenus totaux
• Meubles commerciaux: 58% des revenus totaux
• Les catégories de produits comprennent des sièges, des tables, des produits de boîtier et des meubles hôteliers

Options de meubles personnalisables

Flexsteel propose Capacités de personnalisation étendues À travers des gammes de produits avec environ 75 options de tissu et de cuir par collection.

Fonction de personnalisation	Options disponibles
Sélections de tissus	75+ options
Choix de cuir	25+ sélections de cuir premium
Configurations de trame	Modifications de taille multiple et dimension

Stratégies de tarification compétitives

FlexSteel maintient des prix compétitifs avec des marges brutes de 27,3% au cours de l'exercice 2023.

Conception innovante et produits axés sur le confort

La société investit environ 3,2% des revenus annuels dans la recherche de produits et l'innovation de conception.

• Portefeuille de brevets: 12 brevets de conception active et de fabrication
• Investissement annuel de R&D: 10,4 millions de dollars
• Concevoir l'accent sur le confort et la fonctionnalité ergonomiques

FlexSteel Industries, Inc. (FLXS) - Modèle d'entreprise: relations avec les clients

Ventes directes via le site Web et le service client

En 2024, Flexsteel Industries maintient une plate-forme de commerce électronique générant environ 42,3 millions de dollars de revenus de vente en ligne. L'équipe du service client se compose de 37 représentants dédiés qui gèrent les interactions numériques et téléphoniques.

Canal de vente	Revenus annuels	Métriques d'interaction client
Ventes directes en ligne	42,3 millions de dollars	87 500 transactions numériques
Appels de service à la clientèle	1,2 million de dollars de revenus de soutien	52 400 interactions client

Représentants des ventes personnelles pour les clients commerciaux

FlexSteel maintient 64 représentants des ventes commerciales dédiées ciblant les marchés de l'hospitalité, des soins de santé et des meubles d'entreprise.

• Valeur du contrat client commercial moyen: 375 000 $
• Segment des ventes commerciales: 43% des revenus totaux
• Répéter le taux de rétention commerciale: 76%

Services de support client et de garantie

La couverture de la garantie s'étend sur 5 à 10 ans en fonction de la catégorie des produits, avec un coût annuel de traitement des réclamations de 1,7 million de dollars.

Catégorie de garantie	Période de couverture	Coût de traitement des réclamations
Meubles résidentiels	5 ans	$850,000
Meubles commerciaux	10 ans	$850,000

Configurateur de produit en ligne et outils de conception

Plateforme de conception numérique lancée en 2023, générant des revenus de personnalisation de 3,6 millions de dollars supplémentaires avec 22 000 interactions utilisateur uniques.

Programmes de fidélité pour les clients réguliers

Le programme de fidélité comprend 12 500 membres actifs, générant 6,4 millions de dollars de ventes de clients répétées avec une valeur de transaction moyenne de 35% plus élevée par rapport aux non-membres.

• Adhésion au programme de fidélité: 12 500 clients
• Ventes de clients répétées: 6,4 millions de dollars
• Augmentation moyenne de la valeur de la transaction: 35%

Flexsteel Industries, Inc. (FLXS) - Modèle d'entreprise: canaux

Site Web de l'entreprise et boutique en ligne

Depuis le quatrième trimestre 2023, FlexSteel exploite une plate-forme de vente numérique sur Flexsteel.com avec 247 000 visiteurs mensuels uniques. Le canal de vente en ligne a généré 8,3 millions de dollars de revenus annuels, ce qui représente 12,4% du total des ventes d'entreprises.

Salles d'exposition de vente au détail de meubles

Type de salle d'exposition	Nombre d'emplacements	Volume des ventes annuelles
Salles d'exposition appartenant à l'entreprise	37	42,6 millions de dollars
Salles d'exposition des concessionnaires autorisés	214	93,2 millions de dollars

Réseaux de distribution en gros

Flexsteel maintient 68 Partenariats de distribution en gros actifs aux États-Unis et au Canada. Le canal en gros contribue à 124,7 millions de dollars par an, ce qui représente 56,3% du total des revenus de l'entreprise.

Salons commerciaux et événements de l'industrie

• Participe à 12 grands salons commerciaux de l'industrie du mobilier chaque année
• Le salon commercial moyen génère 2,3 millions de dollars de ventes directes et indirectes
• Les événements primaires comprennent le marché High Point et le marché de Las Vegas

Équipe de vente directe pour les clients commerciaux

La division commerciale des ventes comprend 42 représentants des ventes dédiés. Le segment commercial génère 39,5 millions de dollars de revenus annuels, représentant 18,9% du total des ventes d'entreprises.

Flexsteel Industries, Inc. (FLXS) - Modèle d'entreprise: segments de clients

Acheteurs de meubles résidentiels

Taille du marché: 115,1 milliards de dollars sur le marché des meubles résidentiels américains 2022

Client démographique	Pourcentage	Dépenses moyennes
Millennials (25-40 ans)	37%	2 500 $ par achat de meubles
Gen X (41-56 ans)	28%	3 800 $ par achat de meubles

Acheteurs de meubles commerciaux

Marché total des meubles commerciaux: 87,3 milliards de dollars en 2023

• Petites entreprises: 42% de part de marché
• Moyennes entreprises: 33% de part de marché
• Grandes entreprises: 25% de part de marché

Clients de l'industrie hôtelière

Valeur marchande des meubles hôteliers américains: 23,6 milliards de dollars en 2022

Segment de l'hospitalité	Pourcentage du marché	Investissement annuel de meubles
Hôtels	45%	10,6 milliards de dollars
Stations balnéaires	22%	5,2 milliards de dollars

Amélioration des établissements de santé

Taille du marché des meubles de la santé: 16,4 milliards de dollars en 2023

• Hôpitaux: 38% de segment de marché
• Cliniques: 29% de segment de marché
• Installations de soins de longue durée: 33% du segment de marché

Marché de meubles du siège social

Valeur marchande du mobilier de bureau d'entreprise: 68,9 milliards de dollars en 2022

Taille de l'entreprise	Part de marché	Investissement annuel moyen des meubles
Petits bureaux (1-50 employés)	35%	$75,000
Bureaux moyens (51-250 employés)	40%	$250,000
Grandes entreprises (250+ employés)	25%	$750,000

Flexsteel Industries, Inc. (FLXS) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Depuis l'exercice 2023, les coûts de matières premières de Flexsteel étaient d'environ 52,3 millions de dollars.

Catégorie de matières premières	Coût annuel ($)
Composants en acier	24,750,000
Cadres en bois	15,690,000
Tissus d'ameublement	11,860,000

Frais de fabrication et de production

Les dépenses de fabrication totales pour FlexSteel en 2023 étaient de 78,6 millions de dollars.

• Frais généraux d'usine: 22,4 millions de dollars
• Entretien de l'équipement: 5,7 millions de dollars
• Dépenses d'exploitation des installations de fabrication: 16,9 millions de dollars

Coûts de main-d'œuvre et de main-d'œuvre

Les dépenses totales de la main-d'œuvre pour 2023 étaient de 63,2 millions de dollars.

Catégorie des employés	Coût annuel de main-d'œuvre ($)
Travailleurs de la production	41,500,000
Personnel administratif	14,700,000
Gestion	7,000,000

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour l'exercice 2023 ont totalisé 19,5 millions de dollars.

• Marketing numérique: 4,3 millions de dollars
• Dépenses de salon: 2,8 millions de dollars
• Compensation de l'équipe de vente: 12,4 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2023 étaient de 7,2 millions de dollars.

Zone de focus R&D	Investissement ($)
Innovation de conception de produits	4,100,000
Technologie matérielle	2,300,000
Amélioration des processus de fabrication	800,000

Flexsteel Industries, Inc. (FLXS) - Modèle d'entreprise: Strots de revenus

Ventes de produits de meubles

Pour l'exercice 2023, Flexsteel a déclaré des ventes nettes totales de 294,3 millions de dollars. Le segment des meubles résidentiels représentait 159,9 millions de dollars de revenus totaux.

Catégorie de produits	Revenus (2023)	Pourcentage des ventes totales
Meubles résidentiels	159,9 millions de dollars	54.3%
Meubles commerciaux	134,4 millions de dollars	45.7%

Commandes de meubles contractuels

Le segment des meubles commerciaux a généré 134,4 millions de dollars de revenus pour l'exercice 2023, ce qui représente 45,7% du total des ventes d'entreprises.

• Les principaux marchés commerciaux comprennent les secteurs de l'hôtellerie, des soins de santé et de l'éducation
• La valeur moyenne du contrat varie entre 50 000 $ et 500 000 $

Ventes de commerce électronique en ligne

Le canal de vente numérique représentait environ 12% des revenus totaux, estimés à 35,3 millions de dollars pour l'exercice 2023.

Services de conception de meubles personnalisés

Les services de conception personnalisés ont contribué environ 15,6 millions de dollars aux revenus totaux, avec un balisage allant de 25 à 40% par projet.

Pièces de remplacement et accessoires

Le segment des pièces et accessoires de remplacement a généré environ 8,7 millions de dollars de revenus annuels.

Flux de revenus	Revenus de 2023	Marge brute
Pièces de rechange	6,2 millions de dollars	42%
Accessoires	2,5 millions de dollars	35%

Flexsteel Industries, Inc. (FLXS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Flexsteel Industries, Inc. keeps winning share in a tough furniture market, even with consumer confidence wavering. The value propositions are built on a foundation of heritage quality and a smart, segmented brand approach.

Durable, quality upholstered furniture built around the steel spring

The heart of the premium Flexsteel brand is its unique, patented steel seat spring, often called the Blue Steel Spring™. This isn't just marketing fluff; it's the origin of the company's name and a tangible differentiator promising longevity. This commitment to built-to-last quality supports the overall value proposition of lasting beauty and comfort.

Multi-brand strategy: premium (Flexsteel) to value (Homestyles)

Flexsteel Industries, Inc. doesn't put all its eggs in one basket; it manages a family of brands to hit different price points. You have the flagship Flexsteel brand, known for its handcrafted upholstered and wood furniture, sitting alongside Homestyles, which focuses on smart, space-saving, ready-to-assemble (RTA) products. The Charisma brand also fits in, delivering quality and style at a value price point for newer homeowners. This segmentation helps Flexsteel Industries, Inc. capture a wider consumer base.

The brand structure allows for clear value communication:

• Flexsteel: Patented steel spring, handcrafted quality.
• Homestyles: Smart, space-saving, ready-to-assemble.
• Charisma: Quality and stylish upholstered furniture at a value price.

Broad product line including residential and outdoor furniture

Flexsteel Industries, Inc. aims to support every room in the home, but they've also successfully extended this expertise outdoors. The Homestyles brand, for instance, has been providing online outdoor furniture shopping experiences for over 10 years, offering affordable, RTA options. More recently, in March 2025, Flexsteel showcased new outdoor collections like the Sky Outdoor Modular Sofa, Vista, and Nova, extending that quality and design focus into outdoor living spaces.

The company is also pushing differentiation in other categories. In April 2025, they debuted 'Statements,' a new casegoods line with fashion-forward bedroom and dining pieces. Furthermore, in October 2025, Flexsteel launched a comprehensive product line focusing on health and wellness, including new recliners and sleep solutions.

Here's a quick look at how the product focus has shifted based on recent sales drivers:

Product Category/Driver	FY2025 Q4 Net Sales Change vs. Prior Year	FY2026 Q1 Net Sales Driver
Soft Seating Products (General)	Up 3.4% (Q4 FY2025)	Driven by sourced soft seating products (Q1 FY2026)
Homestyles RTA Products	Decreased (Q4 FY2025)	Lower unit volume in the ready-to-assemble category (Q1 FY2026)
Home Furnishings (Retail Stores)	Up 13.3% (Q1 FY2025)	Growth in core markets and new/expanded markets (FY2025 commentary)

Consistent sales growth, outperforming the furniture market in FY2025

You can see the strategy is translating into market share gains. For the full fiscal year 2025, Flexsteel Industries, Inc. delivered annual net sales growth of 6.9%, reaching $441.1 million, all while operating in what management called a challenging industry environment. This growth marked the company's ability to gain share. This wasn't a one-off; the fourth quarter of fiscal year 2025 saw the seventh consecutive quarter of year-over-year sales growth, with Q4 sales at $114.6 million, up 3.4%. By the time Q1 fiscal 2026 results were reported (for the quarter ended September 30, 2025), this streak extended to the eighth consecutive quarter of sales growth, with a 6.2% increase to $110.4 million.

Enhanced customer experience for large strategic accounts

The company explicitly called out investments in customer experience as a driver for share gains in FY2025. Growth in the core markets was largely attributed to new products and share gains with strategic accounts. The company is focused on building stronger marketing capabilities to drive greater demand generation, which supports these key relationships. This focus on execution and customer-facing improvements helped drive an adjusted operating margin expansion of 270 basis points to 7.1% for the full fiscal year 2025, resulting in adjusted operating profit of $31.2 million, a 71% year-over-year improvement.

The financial strength resulting from this execution is clear: Flexsteel Industries, Inc. generated $45.3 million in free cash flow for fiscal year 2025, allowing them to increase the dividend twice and end the year with a healthy cash balance of $40 million.

Flexsteel Industries, Inc. (FLXS) - Canvas Business Model: Customer Relationships

You're looking at how Flexsteel Industries, Inc. connects with the people buying their furniture, and the numbers show a clear split in focus for late 2025.

Direct sales force engagement with retail partners is clearly the dominant channel, driving the majority of the top line. For the first quarter of fiscal 2025 (ended September 30, 2024), sales through retail stores grew by $11.0 million, representing a 13.3% increase year-over-year. This momentum continued into the second quarter of fiscal 2025 (ended December 31, 2024), with retail sales increasing by $9.2 million, or 10.3%.

Investment in bottom-of-funnel marketing for retailers is suggested by the efficiency gains in Selling, General, and Administrative (SG&A) expenses. For the fourth quarter of fiscal 2025 (ended June 30, 2025), SG&A was 15.0% of net sales, a 200-basis point (bps) decrease from the prior year quarter. This leverage on higher sales, combined with structural cost savings, was achieved partially offset by investments in growth initiatives for the quarter. Similarly, for the third quarter of fiscal 2025 (ended March 31, 2025), SG&A was 15.0% of net sales, a 150-bps decrease from the prior year quarter.

Dedicated customer experience initiatives for key accounts are implied by the focus on growth strategies that are working. The President & Chief Executive Officer noted that growth in fiscal 2025 was driven by share gains with strategic accounts. The company delivered 7% sales growth for the full fiscal year 2025, reaching $441.1 million in net sales.

Long-standing dealer network relationships form the backbone of the traditional distribution model, though specific metrics on the network size aren't public. The company distributes its products throughout the United States through its direct sales force and e-commerce channel.

Standardized, low-touch relationship via e-commerce channel is a segment facing headwinds. Sales through the e-commerce channel decreased by $1.6 million, or 13.3%, in Q1 FY2025. This channel saw another decrease of ($0.8) million, or (7.1%), in Q2 FY2025, driven by softer consumer demand.

Here's a quick look at how the two primary distribution paths performed during the first half of fiscal 2025:

Metric	Retail Stores Channel	E-commerce Channel
Q1 FY2025 Sales Change YoY	+$11.0 million (13.3% increase)	-$1.6 million (13.3% decrease)
Q2 FY2025 Sales Change YoY	+$9.2 million (10.3% increase)	($0.8) million (7.1% decrease)

The overall efficiency of the sales and relationship management function, as reflected in SG&A, shows improvement:

• SG&A as a percentage of net sales for Q4 FY2025 was 15.0%.
• SG&A as a percentage of net sales for Q3 FY2025 was 15.0%.
• SG&A as a percentage of net sales for Q1 FY2025 was 15.7%.
• The company generated $45.3 million of free cash flow in fiscal year 2025.
• Adjusted operating income for fiscal year 2025 reached $31.2 million, with an adjusted operating margin of 7.1%.

The company ended the fiscal year 2025 with a healthy cash balance of $40 million.

Finance: draft Q1 FY2026 SG&A variance analysis by Monday.

Flexsteel Industries, Inc. (FLXS) - Canvas Business Model: Channels

You're looking at how Flexsteel Industries, Inc. gets its furniture from the factory floor to the customer's living room as of late 2025. It's a mix of old-school retail relationships and modern direct selling, all supported by a physical logistics backbone.

The network of independent furniture retailers remains a core pillar. As of early 2025, Flexsteel Industries, Inc. was serving over 2,700 retail stores across the United States through its various brands. This dealer network is described as strong and long-standing, which is vital in the furniture space. The performance through this channel shows consistent growth; for instance, sales of home furnishings products sold through retail stores grew by 13.3% in the first quarter of fiscal 2025 (ended September 30, 2024). This momentum continued into the second quarter of fiscal 2025 (ended December 31, 2024), with retail store sales increasing by 10.3% year-over-year.

The national furniture chain distribution is part of that broader retail presence, and management noted growth was broad-based across core markets. The company is also focused on direct sales to new and expanded markets, which management highlighted as delivering growth alongside core markets in early fiscal 2025. While specific figures for a market like Z Kleiner aren't public, the focus on new initiatives is clear in the overall strategy.

The e-commerce channel serves both direct-to-consumer and drop-ship sales needs, supported by a direct sales force. However, this channel faced headwinds in the first half of fiscal 2025. Sales through e-commerce channels decreased by 13.3% in the first quarter of fiscal 2025 compared to the prior year. This was followed by a smaller decline of 7.1% in the second quarter of fiscal 2025. Managing the cost structure across these channels is key; Selling, general and administrative (SG&A) expenses were 15.7% of net sales in Q1 FY2025 and improved to 14.9% of net sales in Q2 FY2025, partly due to leverage on higher sales volume.

Logistics rely on a physical footprint, including US distribution centers and trailer transfer points. As of the fourth quarter of fiscal 2025 (ended June 30, 2025), Flexsteel Industries, Inc. completed the sale of an ancillary building that was formerly part of its Huntingburg, IN distribution center complex. The company recorded a pre-tax gain of $3.7 million from this sale.

Here's a look at the channel performance metrics from the first half of fiscal 2025:

Channel Metric	Fiscal Q1 2025 (Ended 9/30/2024)	Fiscal Q2 2025 (Ended 12/31/2024)	FY 2025 Total Net Sales
Retail Store Sales Growth (YoY)	13.3% increase	10.3% increase	N/A
E-commerce Sales Change (YoY)	13.3% decrease	7.1% decrease	N/A
SG&A as % of Net Sales	15.7%	14.9%	N/A
Total Net Sales Amount	$104.0 million	$108.5 million	$441.1 million

You should track the SG&A leverage closely, as it shows how efficiently the existing infrastructure, including those distribution points, is being used to support the sales growth coming primarily from the retail side. The company's overall sales growth for the full fiscal year 2025 was 6.9%, reaching $441.1 million.

The primary distribution methods are:

• Independent Retailers: The largest volume driver, showing consistent double-digit growth in early FY2025.
• National Chains: Integrated within the broader dealer network of over 2,700 locations.
• E-commerce/Direct Sales Force: A channel that experienced a contraction in the first half of FY2025.
• Logistics Hubs: Physical assets like the former Huntingburg, IN distribution center complex, which saw an ancillary building sold in Q4 FY2025.

Finance: draft 13-week cash view by Friday.

Flexsteel Industries, Inc. (FLXS) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Flexsteel Industries, Inc. as of late 2025, grounded in their recent financial performance. The company, one of the largest manufacturers, importers, and marketers of residential furniture products in the United States, generates all its reported revenue from this geography.

The financial context for these segments, based on the latest reported periods, shows the overall scale of the business:

Metric	Value (Latest Full Fiscal Year 2025)	Value (Q1 Fiscal Year 2026 Ended Sept 30, 2025)
Total Net Sales	$441.07 million	$110.4 million
Revenue from United States	$441.07 million	Not Separately Reported
Net Sales Growth (YoY)	6.9% (FY2025 vs FY2024)	6.2%

Flexsteel Industries, Inc. serves distinct groups through its product portfolio:

• US-based independent and national furniture retailers, which are key channels for expanded distribution and growth initiatives.
• Younger consumers, a target demographic for the 2025 strategy which included expanding the brand portfolio to align with them.
• Consumers seeking premium, durable upholstered furniture, primarily served by the core Flexsteel brand, which saw higher unit volume in soft seating products in Q4 2025.
• Value-conscious consumers, targeted by the Homestyles ready-to-assemble category, which experienced lower unit volume in Q1 Fiscal Year 2026 and decreases in Q4 2025.
• Large strategic accounts with enhanced service needs, supported by efforts like exclusive new product development and prioritized production scheduling.

The focus on product innovation supports these segments, with Flexsteel Industries, Inc. introducing 27 new product groups and 10 line extensions, totaling 237 unique SKUs at the October High Point Market.

The performance of the value segment is notable; the homestyles branded ready-to-assemble products category saw lower unit volume in the first quarter of fiscal 2026, following decreases reported in the fourth quarter of fiscal 2025.

The company's strategy involves deepening penetration with existing customers and accelerating entry into new or expanded geographical markets with long-term profit potential, supported by co-investment and demand generation initiatives with these retail partners.

Flexsteel Industries, Inc. (FLXS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the operational expenses for Flexsteel Industries, Inc. as of late 2025. The cost structure is heavily dictated by material sourcing and the ongoing geopolitical trade environment.

The Cost of Goods Sold (COGS) story is really about gross margin performance, which for the quarter ended June 30, 2025, hit 23.9%. This margin was influenced by logistics costs and raw material inputs. For instance, the net impact of tariffs in that quarter was a headwind of 40-bps (basis points).

Exposure to trade policy is a major cost factor. Flexsteel Industries, Inc. has significant sourcing from Vietnam, with 55% of its revenue tied to the country. The imposition of 50% U.S. tariffs on Vietnamese furniture imports in 2025 put pressure on margins.

Selling, General, and Administrative (SG&A) expenses show evidence of cost discipline. For the fourth quarter ended June 30, 2025, SG&A expense was 15.0% of net sales. This is down from 17.0% in the prior-year quarter.

Manufacturing and operational costs are being strategically shifted. The company expanded its Mexico-based manufacturing footprint, which now handles 30% of its output. This nearshoring strategy provided a 300-basis-point gross margin boost in Q4 2025, partly due to the peso strengthening against the dollar. Still, lower sub-lease income from the Mexicali facility was a partial offset to gross margin in Q3 2025.

Capital expenditures reflect a focus on operations over heavy fixed asset investment. Capital expenditures for the full fiscal year 2025 totaled $3.3 million. That's low for a manufacturer of this scale.

Here's a quick look at some key cost and margin metrics from the recent reporting period:

Metric	Value (Q4 FY2025 or FY2025)
Net Sales (FY2025)	$441.1 million
Gross Margin (Q4 2025)	23.9%
SG&A as % of Net Sales (Q4 2025)	15.0%
Tariff Headwind (Q4 2025)	40-bps
Peso Tailwind Benefit (Q4 2025)	300-bps
Production in Mexico	30%
Capital Expenditures (FY2025)	$3.3 million

The main cost drivers you need to watch are:

• Raw material costs and logistics expenses impacting COGS.
• The effect of 50% U.S. tariffs on Vietnamese imports.
• The percentage of revenue tied to Vietnam, which is 55%.
• The benefit derived from the Mexican operations, which provided a 300-bps gross margin boost in Q4.
• The ongoing effort to keep SG&A at or below 15.0% of sales.

Finance: draft 13-week cash view by Friday.

Flexsteel Industries, Inc. (FLXS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Flexsteel Industries, Inc. (FLXS) brought in its money as of late 2025. The core of the business remains the sales of residential upholstered and casegoods furniture, which is the foundation for all the top-line figures we see.

For the full fiscal year 2025, Flexsteel Industries, Inc. achieved total annual net sales of $441.1 million. This represented a solid 6.9% increase compared to the prior fiscal year's net sales of $412.8 million. This marked the seventh consecutive quarter of year-over-year sales growth for the company.

The revenue streams are clearly segmented by how the product reaches the customer, showing distinct performance trends across channels as of the end of fiscal year 2025.

Performance across the primary sales channels showed mixed results leading into the final quarter:

• Sales from products sold through retail stores (core market) showed strength, with Q2 2025 seeing an increase of $9.2 million, or 10.3%, driven by higher unit volume in soft seating.
• Sales from the e-commerce channel experienced a notable slowdown, with Q2 2025 sales decreasing by ($0.8) million, or (7.1%), compared to the prior year.
• The decline in the e-commerce segment was further evidenced in Q3 2025, where sales from e-commerce channels decreased by a significant 36.7%.

To give you a snapshot of the key financial results driving the revenue picture for the year and the final quarter, here's a quick look at the relevant figures:

Metric	Fiscal Year 2025 Amount	Q4 2025 Amount
Total Net Sales	$441.1 million	$114.6 million
Year-over-Year Net Sales Growth (Annual)	6.9%	N/A
QoQ Net Sales Growth (vs. prior year Q4)	N/A	3.4%
Pre-Tax Gain from Asset Sales (Q4 Only)	Part of Total	$3.7 million

Beyond the core product sales, Flexsteel Industries, Inc. also generated non-recurring revenue through the monetization of assets. This is an important, albeit irregular, component of the overall financial intake. Specifically, the company recorded a pre-tax gain of $3.7 million in the fourth quarter of fiscal 2025 related to the sale of an ancillary building formerly part of its Huntingburg, IN distribution center complex. This was one of several asset sales during the fiscal year, which also included a $5.0 million pre-tax gain from the sale of the Dublin, GA facility in Q2 2025.

The composition of sales within the furniture categories themselves, meaning the split between upholstered versus casegoods, is embedded within the total net sales figures, but the public reporting emphasizes the channel performance more directly. The growth in Q4 was primarily attributed to higher unit volume in soft seating products, which falls under the upholstered category, partially offset by decreases in the Homestyles branded ready-to-assemble products, which would be casegoods.

Finance: draft 13-week cash view by Friday.

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