Jennifer Convertibles sales, profits plummet in Q4

Woodbury, N.Y. Jennifer Convertibles, parent to Ashley Homestores, announced Tuesday that revenues for the fourth quarter and fiscal year ended Aug. 29, dropped 25.6% to $22.8 million, from $30.6 million reported for the same period last year.

For the fiscal year 2009, revenues decreased 21.6% to $94.1 million.

For the fourth quarter, the company reported a loss of $5.2 million, widening from a $0.8 million loss a year ago. For the year, the loss was $11 million, widening from a loss of $3.3 million last year.