Stanley Furniture Reduces 2nd-Quarter Guidance Citing Softer Sales

STANLEYTOWN, Va. (AP) — Furniture maker Stanley Furniture Co. on Wednesday cut its second-quarter guidance citing weakness in retail furniture activity.

The company said it now anticipates a sales decline of 8 percent to 10 percent compared with shipments of $83.6 million in the year-ago quarter, and cut its earnings per share forecast to 29 cents to 31 cents from a prior forecast of 35 cents to 38 cents. In the year-ago quarter, the company posted a profit of 44 cents per share.

Wall Street analysts expect the company to earn 37 cents per share for the quarter, on revenue of $80.3 million.

The company is slated to report its second-quarter results on July 17.

Shares of Stanley Furniture added 32 cents to close at $22.47 on the Nasdaq.