Stanley Q2 Sales off 10.8%

July 17, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on July 18, 2012

Stanley Furniture Co. (NASDAQ-GS: STLY) reported second-quarter 2012 sales of $24.4 million, a 10.8 percent drop from the prior-year period.

Year to date, net sales of $51.2 million were off 5.2 percent compared with the first half of 2011.

The company reported net income of $36.9 million in the second quarter, which included $39.4 million of income, net of expenses, from Continued Dumping and Subsidy Offset Act in proceeds from anti-dumping wood bedroom furniture duties. Stanley had a second-quarter 2012 operating loss of $1.4 million, compared with an operating loss of $1.1 million the same period a year ago.

"We are very pleased with the ability we have demonstrated to manage our cost structure and reduce our operating losses on lower sales volume," commented Glenn Prillaman, president and CEO. "We continue to gain momentum with our Stanley brand. While net sales of this product line decreased sequentially as a result of our promotions during the first quarter, they held steady compared to the prior year quarter, our strongest of 2011."

Click here for Stanley's second-quarter release. Click here for the company's second-quarter 10-Q filing with the Security & Exchange Commission.