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Lower demand results in loss for Stanley Furniture
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Published: October 16, 2009
STANLEYTOWN, Va. -- Stanley Furniture Co. reported Wednesday a wider third-quarter loss as cash-strapped consumers continued to avoid big-ticket purchases of such items as wood furniture.
Albert Prillaman, the chairman and chief executive, said that there are no signs of improvement in the near term.
Stanley lost $5.1 million, or 49 cents a share, in the quarter that ended Sept. 26. That compares with a year-ago loss of $3.5 million, or 34 cents a share.
The company said it is looking at ways to further cut costs and lower its break-even point.
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