— Furniture Today,
STANLEYTOWN, Va. — Mired in what the manufacturer called an industry-wide slowdown, case goods major Stanley Furniture reported double-

digit declines in third-quarter sales and earnings, and said fourth-quarter sales could be even worse.

The company said sales in the most recent quarter were 11.3% below last year’s third quarter, while net income was 48.4% below the 2012 period.

“We believe wooden residential furniture sales are in the midst of an industry-wide slowdown that is likely to persist for a while,” said Jeffrey Scheffer, chairman and CEO. “Consequently, accurately projecting sales in this environment is difficult because of the limited visibility due to our quick order-fulfillment times.”

Sales for the quarter ended Sept. 30 totaled $75.9 million, compared with $85.6 million in last year’s third quarter. Net income was $3 million, or 26 cents per share, compared with $5.8 million, or 44 cents per share, in the same period last year.

For the first nine months of 2013, sales were down 6.1% to $236.9 million. Net income was off 29.1% to $12.3 million, or $1.01 per share.

The company, which serves both the adult and juvenile furniture segments, said fourth-quarter sales should be $69 million to $71.5 million, a decrease of 12% to 15% from last year’s fourth quarter.

For the full year, net sales are projected to be $305.9 million to $308.4 million. That’s a drop of 7.6% to 8.3% from 2012.

Full-year earnings are projected to be $1.15 to $1.18 per share. In 2012, earnings totaled $1.77 per share.