Jennifer's 2Q profits drop as sales stay flat
By Furniture Today Staff -- Furniture Today, April 14, 2002
WOODBURY, N.Y. — Jennifer Convertibles posted a net profit of $227,000 in its second quarter ended Feb. 23, off 58% from the year-earlier period.
Sales for the quarter were flat at $32.2 million.
The sofa-sleeper specialty retailer increased profits 79.6% to $1.3 million for the first six months, with sales up 1.6% to $68 million from $67 million a year ago.
Same-store sales for the quarter were off 4.9% and were down 3.5% for the six months.
The company said its second quarter typically is its weakest, and comparisons this year were skewed by an unusually strong second quarter a year ago.
Gross margins were consistent, at 32.9% and 33.4% for the 2002 and 2001 quarters, respectively, and 33.8% for the 2002 six months and 34.1% for the 2001 six months.
During the quarter, the chain opened one store, with a total of three opened in the six-month period.
Harley Greenfield, Jennifer's chief executive, said, "We believe that our merchandising and marketing approach, coupled with continuous monitoring of expenses, will continue to produce solid results in the future."
There are 177 Jennifer Convertibles stores and 17 Jennifer Leather stores, with 118 company owned and 76 licensed.
| Quarter ended 2/23 | 2002 | 2001 | Change |
|---|---|---|---|
| Sales(a) | $32,227,000 | $32,298,000 | (0.2%) |
| Operating income | 718,000 | 1,219,000 | (41.1%) |
| Net income | 277,000 | 660,000 | (58.0%) |
| Earnings per share(b) | 0.04 | 0.09 | (55.6%) |
| 6 months ended 2/23 | 2002 | 2001 | Change |
| Sales(a) | $68,039,000 | $66,969,000 | 1.6% |
| Operating income | 2,346,000 | 1,733,000 | 35.4% |
| Net income | 1,336,000 | 744,000 | 79.6% |
| Earnings per share(b) | 0.19 | 0.10 | 90.0% |
| (a) Excludes royalty income of $24,000 in the 2002 quarter, $33,000 in the 2001 quarter, $58,000 in the 2002 six months and $70,000 in the 2001 six months. (b) Based on average shares outstanding of 7.29 million in the 2002 quarter, 7.23 million in the 2001 quarter, 7.21 million in the 2002 six months and 7.26 million in the 2001 six months. | |||
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