Jennifer Convertibles sales slide 17.5% in 2Q
By Larry Thomas -- Furniture Today, April 25, 2009
Woodbury, N.Y. — Retailer Jennifer Convertibles said sales for the quarter ended Feb. 28 slid 17.5% as the sofa-sleeper specialist reported a net loss of $2.34 million.
The company, which has 165 Jennifer Convertibles and Jennifer Leather stores and two licensed Ashley HomeStores, said same-store sales tumbled 21.2%.
Harley Greenfield, CEO, said the slumping economy and reduced retail store traffic were largely responsible for the poor performance.
"We have taken a number of additional steps to reduce operating expenses, including restructuring leases and modifying (a) warehousing and management agreement ... which should improve our operating results for the balance of the fiscal year," Greenfield said.
In addition, three stores were closed during the quarter and no new stores were opened.
Revenues for the quarter, the second quarter of Jennifer's fiscal year, totaled $22.8 million, down from $27.6 million in the quarter ended Feb. 23, 2008.
The most recent quarter's loss, which equals 33 cents per share, is nearly double the loss recorded in the comparable quarter the previous fiscal year, when the company lost $1.25 million or 18 cents per share.
Greenfield said the two Ashley stores generated an operating profit for the quarter and accounted for nearly 13% of revenues.
For the six months ended Feb. 28, revenues fell 19.7% to $49.4 million and same-store sales were off 22.9%.
The six-month loss totaled $4.21 million or 60 cents per share. That compares with a loss of $1.75 million or 25 cents per share for the six months ended Feb. 23, 2008.
Jennifer Convertibles
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
| Quarter ended 2/28 | 2009 | 2008 | Change |
| (a) Includes revenue from service contracts of $1.3 million in the 2009 three months, $2.8 million in the 2009 six months, $1.6 million in the 2008 three months and $3.7 million in the 2008 six months. (b) Includes losses from discontinued operations of $160,000 in the 2009 three months, $214,000 in the 2009 six months, $173,000 in the 2008 three months and $218,000 in the 2008 six months. |
|||
| Revenues (a) | $22,800,000 | $27,638,000 | (17.5%) |
| Operating income | (1,746,000) | (1,012,000) | — |
| Net income (b) | (2,344,000) | (1,246,000) | — |
| Earnings per share | (0.33) | (0.18) | — |
| 6 months ended 2/28 | 2009 | 2008 | Change |
| Revenues (a) | $49,396,000 | $61,503,000 | (19.7%) |
| Operating income | (3,364,000) | (1,361,000) | — |
| Net income (b) | (4,213,000) | (1,751,000) | — |
| Earnings per share | (0.60) | (0.25) | — |
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Jennifer sales fall 21.8%
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Jennifer reports 2Q loss of $6.4 million
May 3, 2010 -
Jennifer Convertibles’ loss widens in latest quarter
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Pier 1 reports $38.8M profit
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