Stanley Furniture reports $5.1 million quarterly loss
Sales down 29.4% in third period
Larry Thomas -- Furniture Today, October 15, 2009
STANLEYTOWN, Va. — Stanley Furniture reported a third-quarter net loss of $5.1 million as sales tumbled 29.4%.The loss, which equals 49 cents per share, was blamed on an industry-wide sales slump that has been especially hard on producers such as Stanley, which focuses on upper-middle price points.
"Demand for better goods continues to bump along at very depressed levels and we see no signs of any near-term improvement," said Albert Prillaman, chairman and CEO. "We are disappointed with our operating results, as our sales have declined at a faster rate than we have been able to adjust our cost structure."
For the quarter ended Sept. 26, sales totaled $38.5 million, down from $54.5 million in last year's third quarter.
The most recent quarter's loss is larger than the loss of $3.5 million or 34 cents per share the company reported in the same quarter a year earlier.
The most recent quarter included restructuring charges of 6 cents per share, while last year's third quarter included restructuring charges of 27 cents per share.
For the nine months ended Sept. 26, sales fell 31.6% to $120.5 million. The nine-month net loss totaled $10.5 million or $1.01 per share, compared with a loss of $2.5 million or 24 cents per share in the first nine months of 2008.
-
Stanley loses $8.3M as sales fall 30% in 4Q
Feb 10, 2011 -
Stanley gets back into black
Feb 23, 2012
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
VIEW ALL GALLERIES
