The Ashley home furnishings company reported a loss of $9.1 million on its third quarter earnings call, according to CNBC.
Ashley said its net income fell to $9 million, or $9 a share, from $14 million, a loss, on a $13 million profit.
The company posted a loss for the year.
It also said it had been hit by a series of weather-related events, including the severe heatwave in June.
The Ashley Home Furniture website said that it had sold 4.8 million items for $2.2 million, and the company had a net loss of about $1.6 million for the quarter.
The company also reported a decrease in net profit due to its cost structure.
Ashly said it will pay about $7.5 million in severance, a payment it said was based on a reduction in the number of employees as a result of the company’s restructuring efforts.
It said it expects to provide a quarterly report in the next 12 to 18 months.