Jennifer Sees Positives In Sales Decline

July 10, 2007  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on July 2007 Jennifer Convertibles, Woodbury, N.Y., reported a decline in third-quarter sales and profits from the same period a year ago, but the company’s CEO, Harley Greenfield, saw positives to build on in the upholstery retailer’s second straight profitable quarter.

Revenues from continuing operations decreased 6.3 percent to $33.3 million, and the company generated net income of $1.6 million, which was down from $2.2 million a year earlier.

“I am pleased to report that the changes to our merchandising and advertising strategies and adjustment to margins which returned us to profitability during our second fiscal quarter continued to be successful,” Greenfield said.

The company operates 187 stores, and it opened its first Ashley HomeStore during the quarter and is currently negotiating a lease for a second location. Greenfield said the Ashley store will “produce substantial revenues and additional profitability to fuel Jennifer’s growth.”