— Furniture Today,
\nSTANLEYTOWN, Va.\u00c2\u00a0— Mired in what the manufacturer called an industry-wide slowdown, case goods major Stanley Furniture reported double-
\n\t\t
\ndigit declines in third-quarter sales and earnings, and said fourth-quarter sales could be even worse.<\/p>\n
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.<\/p>\n
“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.”<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Full-year earnings are projected to be $1.15 to $1.18 per share. In 2012, earnings totaled $1.77 per share.<\/p>\n","protected":false},"excerpt":{"rendered":"
— Furniture Today, STANLEYTOWN, Va.\u00c2\u00a0— Mired in what the manufacturer called an industry-wide slowdown, case goods major Stanley Furniture reported double-<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2381","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=2381"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2381\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=2381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=2381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=2381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}