|
Promotional upholstery producer American Furniture, a subsidiary of
publicly traded Compass Diversified Holdings, said second quarter sales
slipped 2.3% due largely to a drop in motion furniture sales. In
a filing with the Securities and Exchange Commission, Compass said
American's sales for the quarter ended June 30 were $33.3 million.
That's down from $34.1 million in last year's second quarter. The most recent quarter's operating profit was $1.19 million, down 39.4% from $1.96 million in the second quarter of 2009. The
regulatory filing said American had a slight increase in stationary
upholstery and recliner sales, but that was offset by a drop in motion
sales. For the six months ended June 30, sales were $77.3 million, up 2.3% from $75.6 million in the first six months of 2009. Six-month operating profits totaled $3.9 million, a drop of 6.2% from $4.16 million in the first half of last year. The
filing said the gain in stationary upholstery sales was due to an
improved retail sales environment, especially at promotional price
points. The drop in motion sales was due to softer retail sales at
higher price points and increasing competition from Asian imports. www.furnituretoday.com
| 
