Stanley Furniture Company reports lackluster Q3 results
Stanley Furniture Company, Inc. (Nasdaq: STLY) reported lackluster results for the third quarter, citing unfavorable industry-wide conditions.
Earnings clocked in a shade below analyst expectations. For the three months ended Sept. 30, the furniture retailer recorded earnings of $0.16, compared with the consensus of three analysts polled by Thomson Financial for $0.18 per share. Last year the retailer earned $0.26 per share.
Net sales were $73.2 million, compared with sales of 75.91 million for the third quarter of 2006. Two analysts were on average expecting sales of $71.16 million.
Going forward, the retailer said it does not “foresee any improvement in the demand environment anytime soon” and has lowered expectations for the remainder of 2007.
For the fourth quarter, ending Dec. 31, the small cap said it expects net sales to be in the range of $62 million to $66 million, compared with sales of $70.64 million for the fourth quarter last year. Two analysts polled by Thomson Financial are on average expecting sales of $ 69.06 million.
Fourth quarter earnings per share are expected to be a loss of $0.31 to $0.35 per share, including approximately $0.26 per share of restructuring and impairment charge, compared with earnings of $0.14 per share in the fourth quarter of 2006. The consensus of three analysts polled by Thomson Financial is for earnings of $0.18 per share.
Shares of Stanley Furniture (STLY) were halted in pre-market trading.
