STANLEYTOWN, VA - Stanley Furniture Company Inc. (Nasdaq-NGS:STLY) said second quarter net sales rose 3.1% to $27.4 million versus second quarter, its frist sequential gain in a year.
“While we do not believe the slight increase represents any positive macro-level signs, our reaching a meaningful top line milestone is important given the recent changes in our operational model,” said Glenn Prillaman, president and CEO. “We are still operating in a sluggish retail environment that continues to deal with a stagnant housing market."
The residential furnishings manufacturer said its operating loss narrowed by almost 70 percent, to $1.1 million, aided by tax refunds of $3.1 million, as well as $1.1 million in Continued Dumping and Subsidy Offset Act penalties disbursed to it by the Commerce Department and levied against its mostly Chinese wood bedroom furniture competitors.
Have something to say? Share your thoughts with us in the comments below.