Samson's sales slip 8.3% in 2008, report says
By Larry Thomas -- Furniture Today, May 11, 2009
HONG KONG — Samson Holding, parent company of Lacquer Craft Mfg. in China, as well as U.S. companies including Universal Furniture and Legacy Classic, reported a net loss of $18.5 million for 2008 as sales slid 8.3%.
In an annual report filed with the Hong Kong Stock Exchange, the company said the loss was due largely to an asset impairment charge of $59.3 million.
Samson, which generates most of its sales in the United States and gives its financial statements in U.S. dollars, said its core businesses had an operating profit of $40.9 million.
Sales for the year totaled $466.6 million, down from $508.7 million in 2007.
Last year's net loss, which equals 6 cents per share, compares with a profit of $55 million or $2 per share in 2007.
“Despite the dreadful news in the global economy, we believe that we are in a much better position than our competitors in the furniture industry,” Chairman Samuel Kuo wrote in the report. “We also believe that the consolidation in the furniture industry will present more opportunities for our group.”
Samson Holding is the parent company of Lacquer Craft, Universal, Legacy Classic, Craftmaster and Pennsylvania House. The company acquired U.K.-based case goods producer Willis & Gambier last October.
Specialty retailer LoveSac introduces new store design
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Exclusive Research: 2012 Retail Planning Guide
Furniture, mattress sales boost Conn's sales 37.6% in recent quarter
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
VIEW ALL GALLERIES
