Share this on

Stanley sales tumble 36.4%

By Larry Thomas -- Furniture Today, April 20, 2009

STANLEYTOWN, Va. — Case goods major Stanley Furniture reported a first-quarter loss of $2.4 million as sales tumbled 36.4%.

The company said sales were weak in all of its wood furniture categories as consumers continued to reduce spending on discretionary items such as home furnishings.

“As anticipated, we experienced a sharp decline in sales due to the recessionary environment,” said Albert Prillaman, chairman and CEO. “Since the lows of December and January, we have seen a modest upward trend in orders. However, we expect second quarter revenues … to be similar to the first quarter.”

Sales for the three months ended March 28 totaled $39.8 million, down from $62.5 million in the first quarter of 2008.

The most recent quarter's loss, which equals 23 cents per share, compares with net income of $1.05 million or 10 cents per share in last year's first quarter.

The first quarter of this year included restructuring charges of 1 cent per share, while last year's first quarter included restructuring charges of 2 cents per share.

Prillaman said Stanley's balance sheet remains strong, noting that the company ended the quarter with $41.1 million in cash and total debt of $29.3 million.

Stanley Furniture
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.

Quarter ended 3/28	2009	2008	Change
Sales	$39,764,000	$62,534,000	(36.4%)
Operating income	(3,075,000)	2,050,000	—
Net income	(2,376,000)	1,049,000	—
Earnings per share	(0.23)	0.10	—

Share this on

Stanley Furniture posts loss as sales tumble 36.4%

Apr 16, 2009

Also by this author

Also by Larry Thomas

Featured Company

Wright Labels

Bill and Tom Wright founded Wright of Thomasville in 1961 on the idea that printing was a creative medium and the belief that "a promise made is a promise kept." The Wright brothers focused their attention on providing exceptional printing for the... more

Related Resources

Shopatron: Bicycles & eCommerce

Atlanta International Gift & Home Furnishings Market

Here is a selection of products shown at this month's International Gift & Home Furnishings Market here.

Networking at the 13th annual F/T Leadership Conference

NAPLES, Fla. — Industry executives and guests took the opportunity to network and play golf during down time at Furniture/Today's 13th annual Leadership Conference here this month.