Stanley Furniture Narrows Net Loss in Third Quarter
November 5, 2010,
STANLEYTOWN, Va.--Stanley Furniture reported a net loss for its third quarter of $4.9 million, compared to a net loss of $5.1 million for the third quarter of 2009.
The company was able to reduce its loss through expense controls. Selling, general and administrative expenses were slimmed by 16.3 percent, while cost of sales were down 9 percent. Glenn Prillaman, Stanley's president and chief executive officer, said the decline in expenses resulted from the company's efforts to restructure its business--which included the transition of its Young America product line to all-domestic production, improved operating efficiencies at the company's plant in Robbinsville, N.C., and transition of the Stanley adult product line from a partially domestic to a completely global-sourced model.
Prillaman added that the company is on track to cease manufacturing at its factory here in December, which may reduce Stanley's fourth-quarter sales and increase its operating loss due to operating inefficiencies stemming from the winding down of production.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money