We expect to
regain overall profitability in the second half of our fiscal
year. Harley J Greenfield, CEO, Jennifer Convertibles
Specialty furniture retailer
Jennifer Convertibles (AMEX:JEN) reported same store sales
dropped 2.6% for the fiscal quarter ended November 24, 2007. The
company reported a net loss of $0.07 per share for the quarter
versus a $0.09 loss for the same quarter in 2006.
Revenue increased by 6.5% to $34.7 million primarily due to the
company's Ashley Furniture HomeStore. Jennifer locations had a
slight decrease in revenue.
Operating margins from continuing operations increased in the
quarter to 30.0% from 29.9% during the same period last year.
"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," said
Harley J Greenfield, Chief Executive Officer of Jennifer.
Jennifer Convertibles operates 161 Jennifer Convertibles stores
and is the largest specialty retailer of leather furniture in
the U.S.
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We expect to
regain overall profitability in the second half of our fiscal
year.