Jennifer Convertibles, Inc. (JEN) announced that it was opening two more Ashley Furniture HomeStores, bringing the total to four. The two new stores will be located in Farmingdale, N.Y. and Elmhurst, N.Y., and are operated under a license agreement with the parent company. Although the number of Ashley Stores is relatively small, the store chain is an important part of the overall company, and sales were 15% of the companyâ€™s total in the most recent quarter.
Jennifer Convertibles reported a loss of $1,532,000, or ($0.22) per share, in its third fiscal quarter ending 5/30/09. The company also saw revenues fall to $22.1 million, down 21.9% from the same quarter last year. Cash and equivalents at the end of the quarter totaled $6.1 million.
Harley J. Greenfield, the CEO of Jennifer Convertibles said, â€œWe are still very optimistic about the future. When either the economy begins to strengthen or our new marketing initiatives take hold, we have positioned ourselves to quickly resume sales momentum with a highly efficient infrastructure and a very competitive product mix.”
Jennifer Convertibles owns and licenses a chain of 149 sofa bed specialty retail stores in the United States, and 14 Leather furniture stores.