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 As a result of
weaker than anticipated sales, Stanley lowered its 2008 sales
guidance to a range of $233 million to $243 million, compared to
$282.8 million in 2007.
Stanley Furniture Company, Inc. (Nasdaq:STLY)
today reported a 16.7% drop in first quarter sales compared to
2007.
"Business conditions were about as anticipated for the first two
months of the quarter," said Jeffrey R. Scheffer, President and
Chief Executive Officer. "However, based on our customer order
trends, it appears that consumer demand became noticeably weaker
starting around the middle of March as consumer confidence hit a
five year low and the weakness which began in housing and
related areas appears to be spreading to other sectors of the
economy."
As a result of weaker than anticipated sales, Stanley lowered
its 2008 sales guidance to a range of $233 million to $243
million, compared to $282.8 million in 2007.
"Despite the most challenging environment our industry has
experienced in perhaps a generation, we remain profitable and
have a strong financial position. I am confident we have a
mission that differentiates us from the competition, a strategy
that provides for profitable growth, and an enthusiastic and
engaged management team that is preparing the Company for the
eventual upturn in business," concluded Scheffer.
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