HIGH POINT, NC-- 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.
“Innovating is never easy, and we know there are challenges to any new product launch. However, we can assure prospective customers that our plan includes each of the components of a modern business model designed to attract this product category's target consumer”
The announcement comes shortly after the company recently said it expects to report fourth quarter sales from continuing operations up more than 15% year-over-year and up in the low single digits for total year 2014. The company also announced that it expects to report its fourth consecutive sequential quarter of improved operating results along with profits at the operating level for the fourth quarter of 2014.
“Stanley is now operating profitably. With the help of our loyal customers and patience of our shareholders, our team has successfully transformed the company into a growing design, sourcing and marketing company with momentum in its business and a brand with a marketable heritage as a style leader and source of quality furniture,” said Glenn Prillaman, President and Chief Executive Officer. "The flexibility of our operations model as well as our experience and relationships in the nursery and youth furniture business position the company to now expand and grow profitably through product line extension."
The new product launch is supported by fifty years of experience in the youth furniture category. The company will be working closely with its sales force, customer base and overseas manufacturing partners to develop and execute a unique strategy involving a diversity of styles properly marketed to today's consumer. "Innovating is never easy, and we know there are challenges to any new product launch. However, we can assure prospective customers that our plan includes each of the components of a modern business model designed to attract this product category's target consumer," continued Prillaman. "Our time in the marketplace as a manufacturer, marketer and supplier to the most popular retail brands in the category today uniquely position Stanley to help the industry's traditional channels of distribution that have recently struggled in the segment. These retailers have the assets and ability to serve this consumer well when paired with the right partner. Nursery and youth furniture is thriving in certain channels and it remains one of the most powerful and effective ways a retail store owner can attract and retain younger female consumers in an online age," concluded Prillaman.
The company plans to announce fourth quarter and full year operating results after the market closes on February 3, 2015.
In 2015, the company expects to continue to maintain a healthy balance sheet, grow revenues, expand margins and generate positive net income. It expects to execute its current strategy offering diversified product lines through multiple channels of distribution while executing an efficient sourcing model and further developing the Stanley Furniture brand in the global marketplace.
About the Company
Established in 1924, Stanley Furniture Company, Inc. is a leading design, marketing and sourcing resource in the upscale segment of the wood residential market. The company offers a diversified product line supported by an overseas sourcing model. The company distributes and markets its Stanley Furniture brand through a network of carefully chosen retailers and interior designers worldwide. The company’s common stock is traded on the NASDAQ stock market under the symbol STLY.
Source: Stanley Furniture/Business Wire
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