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 Although I
am certainly not pleased with the results achieved during fiscal
2008, I believe we have the right strategy in place.
Harley J. Greenfield, CEO, Jennifer Convertibles
Specialty furniture retailer Jennifer Convertibles, Inc. (AMEX:JEN)
announced that revenue for its the fourth quarter ended August
30, 2008 dropped 16.3% to $30.8 million from the $36.8 million
reported for the same period last year. The Company had a net
loss of $867,000 compared to net income of $1,741,000 for the
same period last year. For the fiscal year 2008, the net loss
was $3,329,000, compared to net income of $3,971,000 in 2007.
Commenting on the results of the year, Harley J. Greenfield
Chief Executive of Jennifer said, "Although I am certainly not
pleased with the results achieved during fiscal 2008, I believe
we have the right strategy in place."
Greenfield said that Jennifer Convertibles' Ashley division is
now generating approximately 10% of the company's revenues. "We
are pursuing the opening of a third store in 2009. We are also
pleased that in this time of credit concern we had approximately
$11.5 million in cash and investments at year-end and a vendor
line of credit for $10 million which is committed into 2010."
Jennifer Convertibles operates 156 Jennifer Convertibles stores
and is the largest specialty retailer of leather furniture with
14 Jennifer Leather stores.
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