Furniture Brands '11 Sales Dip 4.5%

February 8, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on February 9, 2012

Furniture Brands International (NYSE: FBN) reported fourth-quarter 2011 sales of $255.5 million, a decline of 7.4 percent from the prior-year period.

While St. Louis-based Furniture Brands lost $9.5 million in the three months ended Dec. 31, that was a big improvement over the $44.7 million the company lost in fourth-quarter 2010.

Sales for the full year 2011 of $1.1 billion were off 4.5 percent from 2010. Furniture Brands lost $43.7 million in 2011, compared with a prior-year loss of $39 million.
        
Fourth-quarter 2011 retail sales at the 64 company-owned stores and showrooms totaled $34.6 million, compared with retail sales of $38.8 million at 67 company owned stores and showrooms in the fourth quarter of 2010. Same-store sales at the 44 Thomasville stores that the company has owned for more than 15 months decreased 4 percent in the fourth quarter of 2011 following a 15 percent increase in the fourth quarter of 2010.

"2011 has been a year defined by continued progress on the cost and efficiency fronts but importantly, it also was a year where we made key investments to strengthen our infrastructure and improve our competitiveness for the long term," said Ralph Scozzafava, chairman and CEO. "Looking to 2012, our priority as an organization is to drive profitable sales. The progress we have made to reduce our operating losses the last few years has been driven by actions taken to align our cost structure with our revenue base, improve the efficiency of our manufacturing operations and drive profitable sales. This year we will focus on delivering the right product at the right price to the right retailers. We expect to improve our operational performance and generate positive free cash flow as we continue to make progress on the path to profitability."

Click here for the full Furniture Brands earnings announcement.