Furniture Brands International Boosts Net Sales Estimate
Furniture World Magazine
Furniture Brands International commented on recent business trends and operations in the second quarter of 2007.
W.G. (Mickey) Holliman, Chairman of the Board and Chief Executive Officer, said, ``Retail conditions remain challenging across the industry. We continue to pursue cost savings and strategic opportunities in light of these difficult conditions.
"Though business conditions remain challenging, we now expect our net sales for the quarter to be down just under 12 percent, as opposed to the 15 percent we forecasted in early May. As a result, we now expect our net earnings per diluted common share to reflect a loss of 3 to 7 cents. This includes the effect of 2 cents in restructuring, asset impairment and severance charges. We will report the actual results for the second quarter of 2007 on August 1, 2007.''
Furniture Brands International is one of America's largest residential furniture companies. The company produces, sources and markets its products under six of the best-known brand names in the industry -- Broyhill, Lane, Thomasville, Henredon, Drexel Heritage and Maitland-Smith.