Losses reduced at Jennifer Convertibles
Despite continued lower demand in the furniture industry, American leather furniture and sofabed retailer Jennifer Convertibles, Inc. managed to reduce its losses in the first quarter, ended November 24.
Revenue from continuing operations increased approximately 6.5% to $34.7 million, up from the $32.6 million for the same period in the prior year, while net loss was reduced to $505,000, down from $637,000.
Chief executive, Harley Greenfield, said: “I am extremely pleased with the results achieved at our first Ashley store during the quarter, showing increased revenues and generating a profit. Although revenues in our Jennifer stores were impacted by the decline in overall demand within the furniture industry, we continue to monitor costs and adjust merchandising and advertising strategies and expect to regain overall profitability in the second half of our fiscal year.”
Jennifer Convertibles claims to be the largest specialty retailer of leather furniture in the USA with 16 Jennifer Leather stores.
