American Furniture 2Q sales down 2.3%
Furniture Today Staff -- Furniture Today, September 21, 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.
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American Furniture sales slip 2.3% in second quarter
Aug 11, 2010
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