Stanley Furniture Increases Q2 Sales, Cuts Loss

July 20, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on July 21, 2011

Stanley Furniture Co. (NASDAQ-GS: STLY) reported second-quarter 2011 sales of $27.4 million, a 3.1 percent increase over the prior-year period.

Net loss for the quarter ended July 2 decreased to $595,000, or $0.04 per share compared with a net loss of $3.9 million, or $0.27 per share, in the first quarter of 2011. Stanley lost $11.5 million in 2010's second quarter.

"Sales growth in the second quarter represented our first sequential quarter increase in over a year," said Stanley President and CEO Glenn Prillaman. "While we do not believe the slight increase represents any positive macro-level signs, our reaching a meaningful top line milestone is important given the recent changes in our operational model. We are still operating in a sluggish retail environment that continues to deal with a stagnant housing market. However, as our efforts to build our product offering and improve our service position continue to take hold, we believe we should recapture lost market share from our restructuring period.

"We are pleased with our continued progress towards reaching profitability. Our focus remains on regaining the confidence of our customers."

Click here for the complete Stanley Furniture second-quarter performance release.