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From Home Furnishing Business

Stanley 1Q Sales Remain Flat

Stanley Furniture Co. (NASDAQ: STLY) reported an operating loss of $663,000 for the first quarter ended March 31 compared to an operating loss of $1.3 million in the same quarter last year.

Net sales for the quarter were $14.7 million compared to $14.6 million in the same quarter last year.

The company reported net income of $2.8 million for the first quarter driven by $3.8 million in anti-dumping distributions.

“It was disappointing to lose the momentum we were building as we began the year due to factors outside of our control, but the initiatives we have underway give us confidence in our plan for this year’s growth and profitability,” said Glenn Prillaman, president and CEO. 

The company unveiled its new nursery and youth furniture line Stone & Leign at last month’s High Point Market. Retail orders are building a backlog, and the company is currently expanding its overseas production capacity.

Stanley is also in the early testing of a new consumer marketing platform to integrate preferred brick-&-mortar retail locations with localized online advertising support driving consumer traffic to a fully enabled e-commerce solution. The plan is powered by new websites. Several other initiatives specifically targeted for growth in one or more of the company’s multiple channels of distribution are also scheduled for later this year. 

Prillaman said the company’s $60 million adult case goods business should increase this year. Teamed with the Stone & Leigh business, Prillaman said he expects across the board growth.

“We maintain a healthy balance sheet, and we are committed to returning value to our shareholders this year,” he said. “We made adjustments to our cost structure late in the first quarter to lower our breakeven point to current sales levels.”

The entire earnings release is available online

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