STANLEYTOWN, Va.–The Stanley Furniture Co., which has been consolidating operations, today announced it has reduced its loss in the second quarter ended June 28.
Net income for the period was down $68,000, a sharp improvement over the loss of $2.37 million during the same time the year before. As a result, the per-share loss reached 1 cent, compared with a 23-cents-per-share loss in the year-ago period.
The results were based on sales of $59.14 million, a decline of 12.7 percent from the $67.7 million taken in last year.
Recounting the difficult economic environment affecting the furniture industry, Jeffrey R. Scheffer, the president and chief executive officer, said the company was “making difficult moves from top to bottom and throughout our business to remain profitable at lower sales volumes, and to be well positioned for continued success when demand eventually improves.”
The firm said that as a result of its cost-cutting moves, it eventually expects to realize a savings of $6 million to $8 million annually.
