Furniture Brands Forecasts 4Q Sales

January 10, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on January 11, 2011 Furniture Brands International  (NYSE: FBN) expects net sales for the 2010 fourth quarter to be about $274 million.

In addition, the company expects financial results for the quarter to include charges of between $20 million and $25 million on a pre-tax basis. The selected charges include closed store expense, property disposition and restructuring expenses, accounts receivable charges, factory downtime costs, inventory charges, and trade name impairment. The company anticipates that the selected charges will be allocated approximately evenly between cost of sales and selling, general & administrative expenses.

Based on the company's anticipated fourth-quarter 2010 net sales, the company's fiscal 2010 sales are expected to total approximately $1.158 billion. The selected charges included in the fourth quarter 2010 results will be in addition to about $11 million in selected charges incurred through the first nine months of 2010 on a pre-tax basis. These charges were detailed in the company's third quarter 2010 earnings press release.

The company will announce financial results for the fourth quarter and fiscal year ended Dec. 31 after the close of trading Feb. 2. Management will host a conference call to discuss the results and business trends at 7:30 a.m. Central time Feb. 3.

Furniture Brands' CEO Ralph Scozzafava and CFO Steve Rolls will discuss recent financial performance and provide an update on the company's strategic initiatives at the 13th annual ICR XChange Jan. 12. Management comments and presentation will be Web cast live at 3:45 p.m. Pacific time.