Furniture Brands Sales down 3.6% in Q1

May 2, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on May 3, 2012

Furniture Brands International (NYSE: FBN) reported first-quarter 2012 sales of $287.3 million, a decline of 3.6% compared with first-quarter 2011.

Furniture Brands reported a net profit of $400,000 for the period, or $0.01 per share, compared with a net loss of $3.1 million, or $0.06 loss per share, in the first quarter of 2011.
       
First-quarter 2012 retail sales at 64 company-owned stores and showrooms totaled $35.5 million, compared with retail sales of $39 million at 65 company owned stores and showrooms in the prior-year period. First-quarter 2012 same-store sales at the 44 Thomasville stores that the company has owned for more than 15 months were even with the first quarter of 2011, following a 17 percent increase in the prior year period.        

"We were pleased to report an improvement in operating earnings this quarter as the cost and efficiency initiatives put in place are yielding the intended results," said Ralph Scozzafava, chairman and CEO of Furniture Brands, St. Louis. "We are focused on driving sales by developing relevant product and values that resonate with customers, providing the highest level of service to our dealer partners and improving the performance of our company owned stores. We will do this while staying disciplined on the cost and capital allocation front in order to continue to improve profitability and deliver on our 2012 goal of generating positive free cash flow."

Click here for the entire Furniture Brands first-quarter release.