Stanley Furniture Co. stock fell as much as 13 percent Tuesday after decreased third-quarter sales and an unexpected loss, according to a filing with the Securities and Exchange Commission.
Third-quarter net sales were $10.4 million, down 5.5 percent from the third-quarter of 2016 and down 10.2 percent from the second-quarter of 2017.
The company also reported a loss of $305,000, or 2 cents per share.
“The company missed its goal of slight profitability for the quarter,” said Chief Executive Officer Glenn Prillaman in a statement.
Production delays with Starwood Manufacturing Corp. continued to negatively impact Stanley Furniture.
The High Point-based company has been unable to service customers in more than 90 percent of its product offerings since early 2016.
This inventory is now in the company’s Virginia warehouse or in transit from oversea vendors.
“October was the company’s first month, since early last year, when stock availability served customers as expected, and with each positive experience at retail, we expect to regain the customer confidence that grows revenues,” said Prillaman.
The company believes these sourcing issues will no longer be an issue. It said sales grew 8 percent in October.
Stanley Furniture stock is currently trading at 88 cents per share, down 13 cents or 13.05 percent for the day.
This is below the NASDAQ minimum bid requirement of $1 per share.