American Furniture sales slip 2.3% in second quarter
Operating income declines 39.4% to $1.19 million
Larry Thomas -- Furniture Today, August 11, 2010
ECRU, Miss. — Promotional upholstery producer American Furniture, a subsidiary of publicly traded Compass Diversified Holdings, said second quarter sales slipped 2.3% due largely to a drop in motion furniture sales.
In a filing with the Securities and Exchange Commission, Compass said American's sales for the quarter ended June 30 were $33.3 million. That's down from $34.1 million in last year's second quarter.
The most recent quarter's operating profit was $1.19 million, down 39.4% from $1.96 million in the second quarter of 2009.
The regulatory filing said American had a slight increase in stationary upholstery and recliner sales, but that was offset by a drop in motion sales.
For the six months ended June 30, sales were $77.3 million, up 2.3% from $75.6 million in the first six months of 2009.
Six-month operating profits totaled $3.9 million, a drop of 6.2% from $4.16 million in the first half of last year.
The filing said the gain in stationary upholstery sales was due to an improved retail sales environment, especially at promotional price points. The drop in motion sales was due to softer retail sales at higher price points and increasing competition from Asian imports.
-
American Furniture 2Q sales down 2.3%
Sep 21, 2010
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Specialty retailer LoveSac introduces new store design
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Omnia Furniture ends relationship with Kathy Ireland Worldwide
New contemporary furniture show set for Copenhagen
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
