Stanley CEO believes sales have hit bottom -- almost

If you’re looking for a teeny-weeny bit of positive financial news about the furniture industry, listen to Stanley Furniture’s Thursday conference call to discuss first quarter financial results with securities analysts.

Granted, it’s hard to get excited about a 36.4% sales decline and an operating loss of more than $3 million, but Stanley CEO Albert Prillaman told analysts he believes we are nearing the bottom of this slump. He said that while January sales were “extremely weak,” there was slight improvement in February and March.

“Our view is that we are near the trough of this recession,” Prillaman said. “We think now is the time to be as efficient as we can while we wait out this trough.”

And Prillaman believes Stanley is poised to grow significantly as soon as the upturn begins. The key driver, he said, is the company’s ability to deliver custom finishes without long lead times.

“That will truly give us a competitive advantage. It cannot be duplicated 12,000 miles away,” he said, unable to resist a dig at competitors who are heavily dependent on Asian imports. “And you cannot build a warehouse big enough to provide that type of customization, either.”