Sales picking up at Jennifer Convertibles
Leather and furniture specialist Jennifer Convertibles posted revenues of $25.2 million for its second quarter ended February 27, up11% compared with prior-year sales of $25.2 million. However, the company posted a net loss of $6.4 million during the period compared with a net loss of $2.3 million during the same period a year ago.
For the first six months of the fiscal year, revenues fell 1.6% to $48.3 million from $49.1 million, while net loss surged to $13.3 million from $4.2 million.
During the second quarter the company closed two New York stores as well as one outlet in California and one in Arizona. It also completed the takeover of 20 Jennifer stores previously affiliated with a former related company. Five of the related company stores were adjacent to existing Jennifer stores and are now operating as combined stores.
According to CEO, Harley Greenfield, the company was "quite pleased" with the revenue gain during the second quarter. Although times have been tough recently, Mr Greenfield believes it will make Jennifer a “much stronger company” in the long run.
The company now owns 142 Jennifer Convertibles stores, 12 Jennifer Leather stores and operates five Ashley Furniture HomeStores.
