Jennifer Returns To Profitability, Readies First Ashley HomeStore

April 9, 2007  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on April 2007 Jennifer Convertibles, Woodbury, N.Y., announced a return to profitability in its second quarter as revenues increased 1.6 percent. In the same period a year ago, revenues decreased by 3.6 percent.

The company, which operates 187 Jennifer Convertibles and Jennifer Leather stores, said it is on track to open the first of at least three planned Ashley HomeStores in the New York area in May. In November, the company announced plans for at least three Ashley stores in New York, saying the HomeStores that are typically 10 times larger than a Jennifer Convertibles location will quickly add to the company’s profitability.

In the second quarter ended Feb. 24, revenue from continuing operations increased to $33.4 million. Net income totaled $1.25 million compared to $554,000 in the same period of 2006.

CEO Harley J. Greenfield said, “I am very pleased to report that the strategies which we utilized in merchandising and advertising, and our adjustments to margins returned the company to profitability during our second fiscal quarter. This was accomplished despite softness generally in the furniture industry, which continues to impact our operations. We expect profitability to continue. We are extremely excited about the opening, at the end of May, of our first Ashley Furniture HomeStore. We believe that the Ashley stores added to our solid Jennifer base will propel the company to a new level.”