STANLEYTOWN, Va. (AP) ¿ Stanley Furniture Co. on Wednesday reported a wider third-quarter loss as cash-strapped consumers continued to avoid big-ticket purchases of items like wood furniture.
Chairman and CEO Albert Prillaman said there are no signs of improvement in the near term.
Stanley Furniture lost $5.1 million, or 49 cents per share, in the quarter that ended Sept. 26. That compares with a year-ago loss of $3.5 million, or 34 cents per share. Stanley said the per-share quarterly loss included a 6-cent-per-share depreciation charge due to a warehouse consolidation.
Analysts polled by Thomson Reuters, who typically exclude one-time charges, expected a smaller loss of 33 cents per share.Revenue fell 29 percent to $38.5 million from $54.5 million. Prillaman said demand for its wood furniture "continues to bump along at very depressed levels and we see no signs of any near-term improvement. We are disappointed with our operating results, as our sales have declined at a faster rate than we have been able to adjust our cost structure." The company said it is looking at ways to further cur costs and lower its break-even point. Shares of Stanleytown, Va.-based Stanley rose 66 cents, or 6.6 percent, to close at $10.65 on Wednesday before the report.