Flexsteel Industries Inc

Company report, featuring a PESTLE, Porters Five Forces, 5C, MOST, CATWOE and SWOT analysis

HomeSWOT AnalysisConsumerFlexsteel Industries Inc

Introduction

This comprehensive analysis of Flexsteel Industries Inc is part of our comprehensive look at the top 10,000 businesses in the world. It is created and refreshed rapidly to guarantee the most current material available.

Premium members of the website can access a full access to the study on Flexsteel Industries Inc, including the SWOT analysis, PESTLE, 5C analysis, CATWOE, Porters Five Forces, MOST analysis, and a myriad of additional high value sections.

We identify potential new products and services, forecast future market trends, and predict synergies between Flexsteel Industries Inc and other organisations, all separate from the analysis-driven sections.

Company Description

Flexsteel Industries Inc is a publicly traded furniture manufacturer headquartered in Dubuque, Iowa. It was founded in 1893 and its main products include residential and commercial upholstered and wood furniture. Flexsteel also offers custom furniture design services and a variety of products for the hospitality, healthcare, and senior living markets. The company serves retailers, designers, and contract furniture dealers throughout the United States and in Canada.

Industry Overview

Flexsteel Industries Inc operates in the furniture manufacturing industry, a market worth over $97 billion US Dollars annually. This industry has employed over 885,000 people across the globe, with a large portion of those employees based in the US and Canada. There are also a large number of employees located in countries such as Vietnam, Indonesia, China and India. The industry is highly competitive and comprised of a variety of different players.

Industry Classification

In terms of formal classification, Platform Executive has tagged Flexsteel Industries Inc as a business operating within the Consumer industry.

1. Introduction
2. Company Description
3. Industry Overview
    3.1 Industry Classification
4. Intellectual Property
5. Major Products and Services
6. Key Competitors
7. Stakeholders
8. Value Proposition
9. Customers and Cohorts
10. Competitive Advantages
11. Market Trends
12. Key Performance Indicators
13. Financials (BETA)
    13.1 Highlights
    13.2. Board members
    13.3 Share Performance
    13.4 Income Statement
14. PESTLE Analysis
15. Potential Products/Services
16. Potential Synergies
17. Porter's Five Forces
18. CATWOE Analysis
19. SWOT Analysis
    19.1 Strengths
    19.2 Weaknesses
    19.3 Opportunities
    19.4 Threats
20. 5C Analysis
21. MOST Analysis
22. Innovation Scorecard
23. Appendices

Save to Library

Bookmark (0)

To login to your account click here.

Intellectual Property

Some of the Patents granted to, or relevant to the organisation include the following:

Patent Title: Method for manufacturing a seat frame for a furniture article
Patent ID: US 10,539,841 B2
Date: October 8, 2019

Patent Title: Method for assembling a seat frame for a furniture article
Patent ID: US 10,539,840 B2
Date: October 8, 2019

Patent Title: Method for manufacturing a recliner mechanism for a furniture article
Patent ID: US 10,539,839 B2
Date: October 8, 2019

Patent Title: Method for manufacturing a recliner mechanism for a furniture article
Patent ID: US 10,539,838 B2
Date: October 8, 2019

Patent Title: Method for manufacturing a recliner mechanism for a furniture article
Patent ID: US 10,539,837 B2
Date: October 8, 2019

Patent Title: Feature for a furniture article
Patent ID: US 10,539,836 B2
Date: October 8, 2019

Patent Title: Method for manufacturing a furniture article
Patent ID: US 10,539,835 B2
Date: October 8, 2019

Patent Title: Method for manufacturing a furniture article
Patent ID: US 10,539,834 B2
Date: October 8, 2019

Patent Title: Method for manufacturing a furniture article
Patent ID: US 10,539,833 B2
Date: October 8, 2019

Patent Title: Method for manufacturing a furniture article
Patent ID: US 10,539,832 B2
Date: October 8, 2019

Patent Title: Method for manufacturing a furniture article
Patent ID: US 10,539,831 B2
Date: October 8, 2019

Major Products & Services

The main products and/or services commercialised by this business include the following:

Upholstered and leather furniture
Home entertainment centers
Reclining furniture
Home office furniture
Mattresses
Bedroom furniture
Outdoor furniture
Custom-built furniture
Automotive seating
Contract seating

Key Competitors

We have identified the following organisations as being key competitors:

Ashley Furniture Industries Inc
La-Z-Boy Incorporated
Bassett Furniture Industries Inc
Klaussner Home Furnishings
Hooker Furniture Corporation
Lovesac
American Leather
Thomasville Furniture Industries Inc
Broyhill Furniture Industries Inc
Standard Furniture Manufacturing Company Inc

Unlock this SWOT analysis report

Each detailed study features a PESTLE, Porters Five Forces, 5C, MOST, CATWOE and an expert SWOT analysis, along with a myriad of other sections.

Premium members have FULL ACCESS to this content and approximately 10,000 similar competitive intelligence reports.

Premium membership is just $195 per month, with annual membership at $1,950 / seat.

UNLOCK CONTENT

Key Stakeholders

Stakeholders are individuals or groups who have an interest in a business and/or are affected by its actions.

These stakeholders can have different requirements and expectations from the business, which must be taken into account when making decisions.

By understanding their stakeholders’ requirements, a business can make informed decisions that benefit all involved.

Below is the list of internal and external stakeholders we have identified for this business:

1. Customers: Retailers, consumers, and commercial customers who purchase Flexsteel products.

2. Employees: Workers who manufacture and distribute Flexsteel products.

3. Suppliers: Companies who supply Flexsteel with materials and components.

4. Investors: Those who have invested in the company’s stock.

5. Financial Institutions: Banks and other financial institutions that provide funding for the company.

6. Government: Local, state, and national governments that provide regulations, tax incentives, and other economic assistance.

7. Competitors: Companies that produce similar products and services.

8. Industry Organisations: Trade groups and industry associations that provide resources and support to the furniture industry.

Value Proposition

A value proposition explains the unique value and/or benefits that an organisation provides to its customers, partners, stakeholders and the overall market. It outlines what makes a company like Flexsteel Industries Inc different from its competitors, along with what it can offer that key competitors cannot.

A corporate value proposition can be used with the competitive advantages section of this report in order to better understand Flexsteel Industries Inc and its position within the marketplace.

Flexsteel Industries Inc. is a manufacturer of carbon fiber composites. The company offers carbon fiber products that are used in a variety of applications, including aerospace, automotive, and sporting goods. The company's products are designed to provide superior performance and durability.

Competitive Advantages

Competitive advantages are unique attributes, strategies, resources, or capabilities that allow an organisation to outperform its competitors and achieve superior market position and profitability.

Competitive advantages for the business include the following:

Quality: Flexsteel offers a wide range of high-quality furniture and upholstery, backed by a lifetime limited warranty.

Innovation: Flexsteel is committed to researching and developing new technologies, materials, and design techniques in order to provide better furniture solutions.

Customer Service: Flexsteel strives to provide outstanding customer service and support.

Manufacturing: Flexsteel is a vertically integrated company, utilizing high-tech processes to manufacture quality furniture.

Distribution: Flexsteel has established a nationwide network of distributors, allowing for quick and efficient delivery of their products.

Value: Flexsteel provides a wide range of furniture and upholstery that offers excellent value for money.

Customers & Cohorts

As part of this competitive intelligence study, we have identified the main customers of the organisation.

These include the following cohorts:

Home Furniture Retailers
Hospitality
Healthcare
Military
Education
Government
Corporate / Business
Manufacturers and Designers
Specialty Retailers
Specialty Markets

Market Trends

Market trends can impact an organisation by influencing consumer behavior, altering supply and demand dynamics, and affecting the organisation's ability to remain competitive in the market.

As part of this study, we have identified a number of potential short-term to medium-term trends that could impact the organisation. These include the following:

Increasing Competition: Flexsteel Industries Inc will face increasing competition from rival companies and new entrants in the market. As competition increases, Flexsteel Industries Inc will need to stay ahead of the curve by investing in research and development, new product innovation, and marketing campaigns.

Growing Demand for Sustainable Furniture: The demand for sustainable furniture is increasing among consumers. Flexsteel Industries Inc must invest in sustainable production techniques that reduce their environmental impact and use of natural resources.

Increasing Adoption of Digital Technologies: Digital technologies are becoming increasingly important for businesses in the furniture industry. Flexsteel Industries Inc must invest in digital technologies such as artificial intelligence and machine learning to remain competitive in the market.

Changing Consumer Preferences: Consumer preferences and tastes are changing rapidly, and Flexsteel Industries Inc must stay up to date with these changes to remain relevant in the market. The company must stay ahead of the trends and invest in research and development to stay ahead of the competition.

Key Performance Indicators

Below is a list of KPI's that we have identified as being strategically relevant to this organisation:

Financials (BETA)

The key financials for Flexsteel Industries Inc include income statements, which can be found in their annual reports. These financial statements provide information on the organisation's financial performance and health, including revenue, expenses, and profits. This information, along with other indicators are used by investors, analysts and other stakeholders to evaluate the company's performance and future prospects.

Where a financial does not match, we have included those of the parent company (if a listed entity). If the financials are missing please contact us and we will prioritise the update.

Key Personnel

Income Statement

[eod_financials target="FLXS.US" id="10329343" preset="Income Statement" years="2018-2023"]

Highlights

Top-level corporate stats and financial highlights for the listed entity, include:

Share Performance

Below is the current (EOD) share performance for the company, or its listed parent:

Potential Products/Services

As part of this study we have attempted to prognosticate potential products and/or services this organisation could develop in the short to medium-term.

Custom Upholstery Design Services: Flexsteel could offer a custom upholstery design service that would allow customers to choose from a range of fabrics and colours to create their own unique furniture piece.

Furniture Restoration Services: Flexsteel could offer furniture restoration services to help customers keep their existing furniture looking its best.

Furniture Care Products: Flexsteel could create a line of furniture care products such as leather conditioners, wood polishes, and cleaning agents for customers to use on their furniture.

Furniture Design Services: Flexsteel could provide a furniture design service that would allow customers to consult with a professional design team to create their desired furniture pieces.

Interior Design Services: Flexsteel could offer interior design services to help customers select the perfect furniture pieces to complement their home.

Home Delivery Services: Flexsteel could provide home delivery services to customers so they can receive their furniture in a timely and convenient manner.

Custom Upholstery Fabric: Flexsteel could create a line of custom upholstery fabrics that customers could choose from when designing their furniture.

Potential Synergies

Using our product and portfolio-matching algorithm, we have determined that the following organisations have potential synergies with the company:

1. Office Depot
2. Herman Miller
3. Ashley Furniture
4. La-Z-Boy
5. Hooker Furniture
6. Rooms To Go
7. Crate & Barrel
8. Bassett Furniture
9. Ethan Allen
10. Klaussner Furniture

Porter's Five Forces

Created by Harvard Business School Professor Michael Porter in 1979, Porter's Five Forces model is designed to help analyse the particular attractiveness of an industry; evaluate investment options; and better assess the competitive environment.

The five forces are as follows:

Competitive rivalry
Supplier power
Buyer power
Threat of substitution
Threat of new entries

The Porters 5 forces for Flexsteel Industries Inc are

1. bargaining power of suppliers,

2. bargaining power of buyers,

3. threat of substitutes,

4. threat of new entrants, and

5. competitive rivalry. The company scores relatively WELL in relation to these forces, with a few areas of improvement.

1. Bargaining power of suppliers: The company has good relationships with its suppliers and is able to negotiate favorable terms. However, it could improve its bargaining power by developing even stronger relationships and/or diversifying its supplier base.

2. Bargaining power of buyers: The company has a large customer base and relatively few competitors, giving it strong bargaining power. However, it could improve its bargaining power by developing even stronger relationships with its customers and/or offering more unique products.

3. Threat of substitutes: The company has a wide variety of products and services, making it less likely that customers will switch to substitutes. However, the company could improve its position by developing even more unique products and services.

4. Threat of new entrants: The company has a strong brand and a well-established customer base, making it difficult for new entrants to compete. However, the company could improve its position by further investing in marketing and/or developing even stronger relationships with its customers.

5. Competitive rivalry: The company faces MODERATE competition from other companies in its industry. However, it could improve its position by investing in research and development to create even more unique products and services.

PESTLE Analysis

This PESTLE analysis is a strategic planning tool that assesses key external factors affecting the organisation, including the following:

Political
Economic
Social
Technological
Legal
Environmental

Each of these factors is analysed to determine their impact on the organisations strategy, objectives, and operations.

By utilising a PESTLE analysis, the organisation can make better decisions and develop strategies to address potential risks and opportunities.

CATWOE Analysis

The CATWOE analysis is used to investigate each stakeholders perspectives in order to enable the business to make informed decisions.

The CATWOE analysis is a problem-solving tool consisting of six elements:

Customers
Actors
Transformation process
World view
Owners
Environmental constraints

We view the CATWOE as being most useful when used in conjunction with other problem-solving tools such as a SWOT analysis.

Customers: Flexsteel Industries Inc. provides furniture and related products to residential and commercial customers worldwide. Customers include individuals, businesses, designers and retailers.

Actors: The actors in the organisation are the shareholders, executives, management and employees of Flexsteel Industries Inc. They are responsible for the production and sale of the furniture and related products.

Transformation process: Flexsteel Industries Inc. produces furniture and related products by designing, sourcing, manufacturing, marketing and distributing the products to their customers. They use a combination of traditional and modern manufacturing processes to ensure the quality and durability of their products.

World view: Flexsteel Industries Inc. believes in providing quality products at competitive prices. They prioritise customer satisfaction and strive to innovate and improve their products and services.

Owners: Flexsteel Industries Inc. is a privately owned company. It is owned by its shareholders and management.

Environmental constraints: Flexsteel Industries Inc. is subject to environmental regulations and is committed to reducing its environmental impact. They are also committed to sustainable manufacturing practices and strive to use recycled and renewable materials in order to reduce their carbon footprint.

SWOT Analysis

This SWOT analysis is a strategic planning tool used to assess the strengths, weaknesses, opportunities and threats of the Flexsteel Industries Inc business.

When creating this SWOT the team at Platform Executive have taken into consideration the corporate strategy; brand; key financials; the competitive landscape; along with the products and/or services offered.

To offer increased context for future innovation and product development we also consider the historical context for the business and industry; and perceived direction of travel.

Upon researching the company, we have uncovered a number of strategic and operational strengths, weaknesses, opportunities and threats.

Strengths

Below is a list of the strengths we have identified for the business:

1. Broad Product Offerings: Flexsteel Industries Inc. offers a variety of furniture products including upholstered seating, recliners, sectionals, home office furniture, sofas, and sleepers. This broad product range enables the company to cater to a wide range of customers.

2. Strong Distribution Network: Flexsteel Industries Inc. has a well-established distribution network with approximately 1,400 retail locations across the United States. This strong distribution network allows the company to reach its customers quickly and efficiently.

3. Innovative Technology: Flexsteel Industries Inc. utilizes innovative technology in the design and manufacture of its products. This helps the company to produce high quality furniture products and stay ahead of the competition.

4. Advanced Manufacturing Process: Flexsteel Industries Inc. has implemented an advanced manufacturing process to ensure the quality and efficiency of its furniture products. This process includes the use of automated cutting, sewing, and upholstery equipment, as well as the use of high-end materials to ensure the highest quality furniture products.

Opportunities

Below is a list of opportunities we have identified for the business:

1. Invest in product innovation. Flexsteel Industries Inc. can invest in researching and developing new products, technologies, and services. This strategy will help them stay competitive in the marketplace and improve their profitability.

2. Expand their global presence. Flexsteel Industries Inc. can expand their operations into new markets and regions worldwide. This will help them reach more customers and increase their sales volume.

3. Increase their marketing efforts. Flexsteel Industries Inc. can focus on digital and social media marketing, as well as traditional advertising. This will help them reach a larger audience and increase their brand recognition.

4. Optimize their supply chain. Flexsteel Industries Inc. can focus on improving their supply chain management processes. This will help them reduce their costs and improve their efficiency and productivity.

Weaknesses

Below is a list of the weaknesses we have identified for the business:

1. Lack of vertical integration: Flexsteel Industries Inc. is not vertically integrated and relies heavily on suppliers for materials and components. This can lead to supply chain disruptions and increased costs in the event of a supplier dispute or disruption.

2. Over-reliance on a few key customers: Flexsteel Industries Inc. generates a significant portion of its revenues from just a few key customers. This leaves the company vulnerable to a drop in demand from these customers.

3. Limited distribution: Flexsteel Industries Inc. has a limited distribution network and is reliant on a few key distributors for the majority of its sales. This could limit the company's growth potential if these distributors are unable to meet demand.

4. Cyclical nature of the industry: The furniture industry is cyclical in nature and is subject to fluctuations in consumer demand. This can lead to volatility in Flexsteel Industries Inc.'s financial results.

Threats

Below is a list of the threats we have identified for the business:

1. Market Consolidation: Flexsteel Industries Inc. is facing increased competition from larger, more established competitors in the furniture market. This could result in a consolidation of the market, leading to lower margins and market share for Flexsteel.

2. Increased Raw Material Costs: Changes in the price of raw materials can have a significant impact on Flexsteel’s profitability. This is due to their high reliance on these materials for the production of their furniture.

3. Technology Disruption: Flexsteel’s business model relies heavily on traditional manufacturing techniques. If new technologies disrupt the furniture industry, Flexsteel may be left behind.

4. labour Shortages: With an aging workforce, Flexsteel is facing an increased risk of labour shortages. This could lead to higher labour costs and a decrease in production efficiency.

5C Analysis

The 5C Analysis is a marketing framework that can be used to provide insight into the key drivers of success, as well as the risk exposure to various environmental factors.

This (concise) 5C analysis examines the external and internal environment for Flexsteel Industries Inc. It includes analysing the company's customers, competitors, collaborators, context, and capabilities. We have produced this short analysis to identify potential opportunities and threats to Flexsteel Industries Inc, as well as areas where the company needs to improve its operations or strategy.

Company: Flexsteel Industries Inc. is a leading manufacturer of residential and commercial furniture, as well as automotive seating products. They have been in business for over 100 years and are known for their commitment to quality craftsmanship, comfort, and style.

Collaborators: Flexsteel has a long history of partnering with other companies to help supply the best products and services to their customers. Collaborations include suppliers, suppliers of raw materials, designers, retailers, and other furniture manufacturers.

Customers: Flexsteel's customers are mostly commercial, including hospitality and healthcare providers, as well as residential customers who purchase their high-quality furniture to furnish their homes.

Competitors: Flexsteel faces competition from a variety of furniture manufacturers, including La-Z-Boy, Bassett Furniture, and Ashley Furniture Industries.

Content: Flexsteel creates content to highlight their designs, craftsmanship, and commitment to quality. They have an active presence on social media, where they share photos of their products and stories about their company. They also create product brochures and marketing campaigns to reach out to potential customers.

MOST Analysis

The MOST analysis framework is commonly used to identify an organisation's strategic goals, assess its strengths and weaknesses, and develop a plan to achieve its objectives. This analysis helps organisations to focus on what they want to achieve and how to achieve it, while also identifying potential roadblocks or obstacles that may arise along the way.

Mission
Objectives
Strategy
Tactics

We have created this analysis from a 3rd person perspective.

Innovation Scorecard

As part of our research and analysis activity, the team at Platform Executive assesses and then benchmarks businesses and the industry verticals in which they operate using a proprietary scoring mechanism.

First, we allocate a score of A-E for the industry vertical, gauged on the key organisations operating within the space; and then score the individual business using a 1-5 score.

A score of D-E within an industry means that it is potentially ripe to be disrupted by a new entrant into the marketplace; and/or vulnerable to technological change.

Likewise, a high score of 4-5 for the company in question indicates that in the view of the analysis team it lags behind notable businesses in terms of innovation and product pipeline.

Below is a guide to each score:

Industry score:

A	The industry is amongst the most innovative; with the leading players all driving the sector forward. Example industry: PaaS
B	The industry and its leading players have a good track record of innovation; and can quickly react to change. Example industry: Pharmaceutical
C	Companies operating within the sector have adequate levels of innovation; and engage in R&D activities when appropriate. Example industry: FMCG
D	Businesses operating in the industry do not invest enough time and resource into innovation. The sector is stagnant and a good candidate for disruption. Example industry: Retail Banking
E	The major players in the sector seem to lack suitable product development roadmaps; and as a result the sector is highly vulnerable to industry change. Example industry: Publishing

Company score:

1	The business is amongst the leading players in terms innovation and product pipeline. This will fulfil and reinforce the operations of the business in the medium to long-term.
2	The business has a good track record of innovation, in terms of its products and/or its business model. It is therefore more likely to be able to react and adapt to any changes to the industry.
3	The business is deemed to have an adequate innovation plan, build on research and development and sustainability where appropriate. The business has a product development strategy.
4	The business needs to invest more resource and/or intellectual capital in product development, pipelines and/or its business model. The business is at risk of stagnation.
5	The business seems to lack a suitable product development roadmap; and as a result is vulnerable to any notable industry change and/or new entrants in the marketplace.

The team at Platform Executive has judged Flexsteel Industries Inc as having an innovation score of C3.

Appendices

The appendices section of this report contains supplementary information that the team at Platform Executive deems helpful in providing a more comprehensive understanding of the report's contents.

This information is not considered an essential part of the study but serves as a useful supplement to the main text.

Methodology

This study on Flexsteel Industries Inc forms part of our series of competitive intelligence reports, which focuses on 10,000 of the largest corporates.

The information and data included are updated on a timely schedule to ensure that our Premium members receive the most up to date information .

The report is based on information and learning from the following sources:

Corporate websites
Proprietary research databases
SEC Filings
Corporate press releases
News articles
Financial data API's
Product-matching algorithm

Further Information

Premium members: If you cannot find the desired information or data set for the business you are researching then please reach out to our research and analysis team. We can tailor reports to meet your requiremnents, with a fast turnaround time.

If you require a bespoke study on a particular industry vertical, or marketplace we may also be able to help.

Disclaimer

Reproduction of the content produced in this report is prohibited without the prior permission of the publisher, Platform Executive Pty Ltd.

The facts of this report have been gathered in good faith from both primary and secondary sources. It is believed to be correct at the time of publication, but cannot be guaranteed. As such Platform Executive can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.

Changelog

Premium members: To request a priority update to this report, please contact us. Our standard turnaround time is normally 48 hours.

The changelog for this report can be found below, complete with the next scheduled update:

v1.1: Initial load of report
Date: 1st March 2023

Key Financials added (BETA)
Date: 17th March 2023

Next scheduled update: 6th June 2023

Industry Keywords

Related keywords:

Furnishings manufacturing Recliners Upholstered

Ethan Allen Interiors Inc

Geo Group Inc (The) REIT