HIGH POINT, NC -- Stanley Furniture Co. Inc. (Nasdaq-NGS:STLY) saw its revenue climb 20.8% to $16 million in the fourth quarter of 2014 despite the discontinuation its Young America furniture line. Total net sales for the year were up 3.5%.
“We were pleased with our momentum exiting the year. The distractions from discontinued operations subsided and we are fully focused on profitable growth. In 2015 we look forward to growing sales, leveraging our cost structure and creating value for our shareholders,” stated Glenn Prillaman, President and Chief Executive Officer. “Our multi-year effort to operate competitively and grow in our industry’s changing marketplace has not been without missteps. However, the opportunity that lies ahead for our company is now showing through sales gains.”
|Stanley Furniture Co. announced plans to re-enter the nursery and youth furniture market with a mid-year product launch.||Stanley Furniture saw a burst of orders upon closing its U.S. furniture manufacturing.|
The outlook for 2015 continues to improve as the company expects minimal capital expenditures and only nominal investments related to new product launches.
“Given the size of our company and market share lost during our multi-year disruptions due to change, our management team will not be satisfied with marginal growth,” stated Prillaman. “While sales in any particular quarter remain very difficult to predict, we feel confident in our position with customers.”
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