Stanley Furniture (STLY) Reports Q3 Loss of $0.15/Share
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Stanley Furniture Announces Third Quarter 2016 Results
October 25, 2016 5:44 PM EDTHIGH POINT, N.C., Oct. 25, 2016 (GLOBE NEWSWIRE) -- Stanley Furniture Company, Inc. (Nasdaq: STLY) today reported sales and operating results for the third quarter of 2016.Â
Third quarter 2016 financial results compared to prior year:
Net sales were $11.0 million compared to $13.8 million, down 19.8%. Gross profit margins were 16.6% compared to 24.8%, negatively impacted by discounting older product, promotional activities and lower sales.Selling, general and administrative expenses were $3.8 million, or 34.5% of net sales, compared to $2.8 million, or 20.5% of net sales.Net loss from continuing operations was $2.1 million compared to... More