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Stanley hikes 1Q estimate

By Furniture Today Staff -- Furniture Today, March 14, 2004

Stanleytown, Va. — Stanleytown, Va.— Stanley Furniture has raised its earnings estimate for the first quarter and now expects to post 66 to 69 cents per share, up from its previous guidance of 58 to 63 cents.

"The sales momentum we experienced toward the end of 2003 has continued into the first quarter, and we now expect sales to increase 11% to 13% for the first quarter of 2004 compared to the first quarter of 2003," said Jeff Scheffer, president and CEO of the case goods and occasional manufacturer and importer.

In the 2003 first quarter, Stanley earned $3.5 million or 52 cents per share on sales of $61.3 million.

It plans to report the current quarter's earnings April 13.

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