transparent we committed us stakeholders. communications today. a new you joining quarter of I XX, When era to call on held April third Thank with our for conference Flexsteel’s
of the public there have quarter restructuring and shareholder during end execution profitable the our activity of our generate returns. surrounding you For those which supports our a can our decisive been growth, see to following serve fourth customers, improve better of who all plan, and disclosures, lot has been goal quick
As it’s three ingredients: the tall achievable execute order yet our I and said people, best key and our flexibility before, financial dedication class a given the talent of products, strategy. in to
our few will I unpack on the restructuring with Marcus a minutes, progress start today In financial will a update us. for plan. results
mind Flexsteel look restructuring robust with improvement the to a approach and to bottom, future opportunities. viewpoint profit and tough announced growth and made open we restructuring opportunities an we some been started progress Our the business necessary has a of with created analyzed report at decisions. and plan, on top job X. tremendous immediately but to have pleased plan our that executing very since company our April I’m of We
reality. talent organization to in turn with Hand was in team unlock leadership vision and in change. high tier on bringing critical it and mission hand We culture our installing into of to the areas energized Flexsteel, new a the positions potential entire winning mobilize the key of now drive our top risk to have necessary through to plan by also
XXXX wrap end We of non-binding up facility, fulfill the in close before completed with the design as line, The the product office custom to expected I’ll the under close of exit product end which of Now was summarize stand September. commercial Riverside, a completed XX, our remaining will where orders. July. now exited we line Since hospitality at letter the which we is intent we of the manufacturing process. in May California sale
to three and our at product exit consolidated commercial going the vacated Huntingburg, the line, we operations from for warehousing sale are warehouses, of Indiana two property. holding the office With facilities,
On which plan lines With time, Arkansas investors. its closure underutilized restructuring cost of transitioned of Harrison August on the our of manufacturing listed we to scope product XX our facilities, and and consisted visibility that on all provided sale. Harrison, At two the we were additional operations, was announced plants. to entire finalized properties June XX, the closure both for other of
here’s a we forces overall developed with key the on plan, we’re moving how forward. conjunction streams, we an broader restructuring To company. these In actions, drive work also in across the implemented and six update reduction
as performance considered mentioned, the and consolidation we closed for and are on and opportunities network Regarding being optimization, capabilities. and plant and logistics based other analyzed previously Riverside Harrison locations
footprint, initial focus provide and the logistics more Following details distribution assessing appropriate. we on when will manufacturing also optimizing are our and
planning. is another optimization of costs have plan date, as key and reduced based to workforce. in SG&A portion sales operations To functions key reductions on ongoing global sourcing, we a work the and development, into such SG&A the We stream. savings product reinvest
generate to working and profitable to management and capital sustainable is improve objective cost and Our growth.
sourcing opportunities resourcing, cost global strategies through changes, have are and negotiations. With specification for for and savings we identified value-added key procurement, each and supplier category, we deploying developing sourcing spending and
robust Sourcing capability product development, engineering on highly processes, and strong is cadence. reliant
We have a to to outcomes. and improving seeing of priority do early a these lot achieve is full in top our potential. signs work of areas we’re It
for fourth million. the $X.X were restructuring was case which $XX the of used Total quarter within recorded restructuring quarter charges million, in
In our design impaired of we custom office lines. addition, exit commercial hospitality million and product $X.X from inventory to the related
totally however, ERP functioned project, past ERP and flawed, that required in unusable stabilized that designed will practical and, system was components or software context our cases, means in the the the status will development, many as in planning, the was not not of lack of many view, the and future. to itself, and be That implementation either year our ERP on the team not future Moving the future developed the of used upfront our designed; the needs. be of design ERP system. In successfully has the over it plans, our scope the system
you. ERP and analysis the now we share go-forward books, of our asset as painful was, completed as on plan our evaluation with right-sized necessary a and it to have Having
working gained to knowledge has therefore, very the within new reduced clear midstream same and it to on capability different including reducing significantly work with environment and strong platform team the be streams, simplification, business we ERP customization system platform; system and for complexity. switch new by a project plan Our entirely six a approach, to reboot our regressive a transformation, an would Guided the complexity. we scope, have and the path
firsthand scoping, Mike implementing transforming, and team the Mike of have the deep with starting end analysis into-the-situation systems new I successfully. board. designing capability In created position February, He McClaflin the since of for and his ERP I at forward on thinking February. and with was years worked and bring at seen fortunate to CIO go has many
total to plan $X.X year our Our to is the execute under million sales and scope IT capital additional of X.X% fully keep million new $X project implementation through of of per expenses the with operational limited the
proud can-do feel continue. I’m so pursuit far positive spirit truly tremendous team what confident of their solutions, accomplished support, their will and appreciate and that attitude the has of and relentless
term to recognize potential, the stabilize growth To headwinds our term despite are we marketing future The restructuring long long is prosperity. full execution critically top critically above I external at the achieve line way the to levels. to of industry however, company; and cannot of or plans our to important restructure us reestablish it our ERP and successful important
channels distribution, Over to we partnerships. to of procedures implementing will new open and the consumer intensely new our development processes product next our distribution and continue more up focus year, needs new on and activities desires on expand existing to needs, through
some seeing here in positive already results a few initiatives and examples. are just are We these
As our system ecommerce in line, initial implementation customers. you consequences with our Styles Home may the recall in the disastrous of ERP resulted product
some Home to key We leadership the quarter in strong as reestablishing momentum. we’ve work are the injecting expect see we improvement positive see starting stabilizing We business, the customers. sequential growth from to fourth more done with gain from Styles and and relationships indications new saw
opportunity, that We have a sales product end, the lost it’s traction not going this recovering coming to it’s in exciting very we believe to also the bit important gain of very ground only and are expanding but growing we committed To channels. year channel. extremely in business launches and quite
anything competitive time the more excited product and at us opportunity offers our can’t say this about but this channel reasons, are very new we For partners.
In our American over strong North which our and drive great we like we leveraging year. products and traditional our capability performance year case retail moderate quarter demonstrated this manufactured recliners, to manufacturing in to growth more channel, continue saw goods, motion
coming expanding will opportunities increase are consumers distribution in partnerships key to Flexsteel products working engaging that months. on also within some in by buy We for the retail
set we would when expect have During us During said where hold conference accountable. what finished? the we investors, I of next bar we calls you those call asked, with we are in the discussions, some should can a
X%-plus Looking at of been high Flexsteel, the the EBIT has profitability historical margin. range of end the
before Our to fundamentals basis. of first solid a run business storied and in the will reach are has give now making and capability assured, on built to a Rest of business stop this rate place, level XXXX is us right to before and attainable. bar we in upside there Flexsteel’s profitability have by potential all won’t seen not profitability believe growth the yet we foundation this get The once heights and never decisions with history. we the end investments long
to Marcus our financials to turn operations. will over Now, I and the discuss call
