Daily News
From Home Furnishing Business
Stanley Q4 Sales off 3 Percent
February 4,
2014 by in Financial Reports, Industry 
Case goods vendor Stanley Furniture Co. reported fourth-quarter 2013 sales of $22.7 million, a 3 percent drop from the prior-year period; and a net loss of $4.3 million.
For the full year, sales of $96.9 million were off 1.7 percent from 2012; and High Point-based Stanley lost $12.6 million. In 2012, Stanley reported net income of $30.4 million, but that included $39.3 million in distribution of antidumping duties on wood bedroom furniture from China.
“Retail activity in the last three months of the year proved to be weaker than anticipated," said Glenn Prillaman, president and CEO. "We believe this is primarily a result of overall industry conditions within the case goods sector of the industry. Though our operational performance improved throughout the period, retail traffic slowed as the quarter progressed. However, we would have shown year-over-year sales growth in the quarter if not for a delay in shipping our newest major introduction in our Stanley product line, now being delivered to customers.”
During 2013, the company invested $5.1 million in the office and showroom consolidation, the implementation of its new operating systems and capital spending in the Robbinsville plant during 2013, with a majority of the spending occurring during the first half of the year.
“As we have said, the capital expenditures associated with restructuring the company and its brands to position them for growth are behind us,” continued Prillaman. “Our team has also overcome the operational challenges associated with the structural changes that negatively affected service to customers. As order rates begin to grow, we are positioned to generate sales results quicker than we have in recent years.”
Click here for the complete Stanley fourth-quarter and 2013 release.