Stanley Furniture Company, Inc. (Nasdaq-NGS:STLY) announced today that it plans to re-enter the nursery and youth furniture market with a mid-year new product launch introduced to the trade at the High Point Market in April.
Stanley Furniture announced plans to re-enter the nursery and youth furniture market with a mid-year product launch at April's High Point Market. The company exited the market when it shuttered its Young America production last year.
Stanley Furniture Co. Inc. said it is projecting 15 percent sales growth in 2014 despite discontinuing its Young America juvenile furniture brand and closing of the residential furniture company's last domestic production facility.
Stanley Furniture Co. looks to overcome a 16% drop in net sales for the first quarter, saying its core "Stanley business is growing and profitable," with double-digit order growth in the quarter, and new orders already in place for the next.
Stanley Furniture will end domestic production of its Young America furniture Robbinsville, NC. The award-winning operation had been hailed as a successful example of reshoring furniture manufacturing from China.
Stanley Furniture software roll-out snafus, and rising lumber prices from wet weather, bit into earnings and hampered sales and operating results for the third quarter of 2013. Indonesians got a government-mandated raise.
Stanley Furniture has been awarded the 2013 Wooden Globe for its Commitment to Excellence through Technology, by the Woodworking Machinery Industry Association.