884 7698Stanley Furniture Pre Announces First Quarter Sales and Profitability Results Sample Clauses


884-7698Stanley Furniture Pre-Announces First Quarter Sales and Profitability Results. Company Shares in Weather and Port Strike EffectsHigh Point, NC, April 8, 2015/Businesswire/ -- Stanley Furniture Company, Inc. (Nasdaq-NGS:STLY) announced today that it expects to report flat first quarter sales from continuing operations and an operating loss driven by the west coast port strike and weather.The company‚Äôs sales remained flat with the prior year quarter as backlog from successful fall product introductions shipped. Order rates fell sharply as the quarter progressed due to bad weather mostly in the northeast and mid-Atlantic. "After building momentum in the fourth quarter of last year and the first month of 2015, our business felt the effect of what was a very tough winter on retail throughout numerous industries," said Glenn Prillaman, President and Chief Executive Officer.In addition, overseas port congestion caused by the west coast port strikes significantly increased costs as the quarter progressed and will contribute to an operating loss for the quarter. "As we commented mid-quarter when asked about the port strike, we had not yet experienced significant logistic issues as most of our shipments move through the east coast. However, the ripple effect of the issues on the west coast created overseas port congestion. We have since been incurring additional expenses to facilitate shipments to customers and expect to continue to do so until about midway through the second quarter," stated Prillaman.Outlook