Stanley Furniture Announces Net Sales Down 5.6%

July 30, 2015  by in Financial Reports, Industry   

Net sales were $15.1 million, down 5.6 percent from the prior year. The expansion of Stanley Furniture’s case goods product line into the nursery and youth category is expected to help fuel future sales gains. Orders from large regional retailers and smaller independent stores alike continue to support the launch of this new product line, which began shipping from overseas in early July. 

“After only a few quarters of operating in our new business model focused on design, marketing and sourcing, our company is now operating profitably and generating earnings for our shareholders,” said Glenn Prillaman, president and CEO of Stanley Furniture. “The demand for case goods in traditional channels of distribution remains difficult to predict, yet the initiatives we have underway give us confidence in our plan for this year’s growth and profitability.” 

Initial testing of Stanley Furniture’s new consumer marketing platform continues. This effort is focused on driving consumer traffic from the web to the company’s wholesale customer base. 

“Management made a lot of progress in the period,” Prillaman said. “We improved our margins considerably, kept our spending in check, completed the sale of the inventory associated with our discontinued product line and remained in a very healthy cash position.”