SHERBROOKE, QU – Furniture manufacturer Shermag Inc. reported gross revenue of $29.6 million for the first quarter, ended June 29, which is down 32% from $43.6 million during the same period last year. Net revenue was $27.9 million, a 31% reduction from the $40.4 million posted a year ago.
Jeff Casselman, Shermag president and CEO, explained that the reduced sales volume was related to a challenging economic environment for furniture, combined with the company’s decision to increase its selling prices in U.S. dollars to better reflect the costs of domestically manufactured products.
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