Jennifer Revenue, Income up in Third Quarter

July 11, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on July 2006 Jennifer Convertibles, owner and licensor of the largest U.S. group of sofa-bed specialty retail stores, reported unaudited fiscal 2006 third-quarter revenue of $35.5 million and net income of $2.245 million, respective increases of 16.4 percent and 63.5 percent over prior-year performance.

Through Jennifer’s first nine-months of fiscal 2006, which ended May 27, the company reported a 21.4% revenue increase to $104.2 million. Year-to-date net income was $3.65 million, compared to a loss of $6.5 million through the first three quarters of fiscal 2005.

“We are extremely pleased to again report significant increases in revenues and operating results for our third fiscal quarter,” said Harley Greenfield, Jennifer Convertibles’ chief executive officer. “This marks our fifth consecutive profitable quarter. Strong demand for our product offerings has continued, and we anticipate reporting increasing revenues, while maintaining operating margins, resulting in continued profitability. We believe the results, which have been achieved during the previous five quarters, confirm that our plan is on course to restore profitability and growth. We expect this to continue into the future.”

Jennifer closed a store in Las Vegas in the third quarter, and has closed three fiscal year to date. In fiscal 2005, the company closed 20 stores.

Jennifer Convertibles’ retail network includes 175 Jennifer Convertibles stores and 16 Jennifer Leather stores. As of May 27, the company owned 167 stores and licensed 24 locations, including 23 stores owned and operated by a private company on a royalty free basis.