Stanley Furniture Co. Inc. (STLY) 2015年年度报告「NASDAQ」.pdf

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1、 STANLEY FURNITURE COMPANY,INC.2015 ANNUAL REPORT To Our Owners:Last year was another defining one for Stanley for two main reasons.As I explained in last years letter,we closed our last domestic factory late in 2014 and shifted the companys operations model to one exclusively dependent upon oversea

2、s sourcing.Entering the year focused only on making our furniture overseas,we spent all of last year solidifying an operations concept we had been exploring since we first started heavily sourcing over a decade ago.After the year closed,we announced a major strategic decision to form a manufacturing

3、 alliance with a well-known,efficient and financially sound manufacturer in Vietnam.This move does not come without its own inherent risks,yet the strength of our partnership with this particular supplier,along with our own managerial experience in manufacturing,makes for what we believe is one of t

4、he most competitively advantageous moves our company has made in many years.The other major development from the year is our re-entry into the nursery and youth product segment.We exited the category in 2014 with the closure of our domestic factory.We lost roughly 40%of our revenues without the cate

5、gory,so we are pleased to be in a position to grow revenues with our new brand,Stone&Leigh.The new brand represents not only a superior value in the marketplace,but also an easy-to-follow recipe for retail success with a Millennial generation of consumers that remains mostly elusive to traditional b

6、rick-&-mortar distribution.We did not grow last year.The companys revenue remained near breakeven levels.The lack of availability of newer,more marketable product to be made in the new factory in Vietnam was the reason.The construction phase simply was not completed on time.Without new product,we co