Stanley Furniture posts $2 million loss as sales decline 2.7%
Larry Thomas -- Furniture Today, April 16, 2013
STANLEYTOWN, Va. — Case goods manufacturer and importer Stanley Furniture said its first quarter sales were 2.7% below last year's first quarter and the company's net loss widened to $2.09 million.
Sales, however, were 11.4% ahead of the fourth quarter of 2012, and the company said it was pleased with its progress on a variety of strategic initiatives.
For the quarter ended March 30, sales totaled $26.1 million, down from $26.8 million in the same quarter last year.
The most recent quarter's loss, which equals 15 cents per share, compares with a loss of $1.56 million or 11 cents per share in last year's first quarter.
"We are pleased with the progress we made on our strategic initiatives during the first quarter," said Glenn Prillaman, president and CEO. "Our Young America brand, after three years of transition, recorded the first sequential increase in both orders and shipments since the fourth quarter of 2010. Shipments of our Stanley Furniture brand significantly outpaced the previous three quarters and were down slightly compared to the prior year period, which was our strongest in 2012."
Stanley said its operating loss for the quarter was $1.2 million, not including the costs of moving its corporate headquarters from Stanleytown to High Point and relocating its High Point showroom.
Those moves should be completed by the end of the second quarter.
The operating loss was more than the $1 million operating loss in last year's first quarter, but about half the $2.4 million loss in the fourth quarter of 2012.
"With our operational models stabilized, our primary focus is on driving top-line growth for both brands. Our initiatives are well-guided and numerous," said Prillaman. "After what we understand to have been a tough past couple months for retailers in our segment of the wood residential furniture industry, we remain optimistic that a continued housing recovery will translate into increased demand for our product offerings in the coming quarters."