ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Friday, April 25, 1997 TAG: 9704250029
SECTION: BUSINESS PAGE: A-10 EDITION: METRO
SOURCE: MEGAN SCHNABEL THE ROANOKE TIMES
Stanley Furniture is one of few companies in that industry reporting sharp growth in sales and profits.
The key to turning a profit in the low-growth furniture industry is to take business from competitors, Stanley Furniture Co.'s president told shareholders Thursday.
Stanley, which last year reported a 131 percent increase in earnings and a 16 percent increase in sales, has focused on building a diversified product line that includes dining room, bedroom and occasional pieces and upholstery in a number of styles in the upper-medium price range.
"What people want in south Florida is different from what they want in Boston," said Chairman, president and CEO Albert Prillaman. A diverse product mix is insurance against falling prey to regional recessions, he said. Youth furniture, a company staple, also tends to be recession-proof, he said.
Stanley also has concentrated on product quality and improving its delivery times. The company is relying less on imports, whose quality and delivery are beyond local control. About 10 percent of its business is exports, however.
Stanley, based at Stanleytown in Henry County, recently reported first-quarter income of $2.8million, up 75percent from 1996. Sales were up 3percent. The company's goal, said Douglas Payne, senior vice president of finance and administration, is to see sales grow 5percent to 10percent annually.
LENGTH: Short : 35 linesby CNB