Furniture Brands Looking at Sales Below Analysts Expectations

January 12, 2010  by in UnCategorized   

By Home Furnishings Business in on January 13, 2010 Furniture Brands International (NYSE: FBN) announced that net sales for the fourth quarter of 2009 are expected to reach between $280 million and $290 million.

Those figures are below expectations of analysts polled by Thomson Reuters who are looking for sales of $312.5 million.

Reported financial results for the fourth quarter of 2009 will include selected items related to severance charges, store and plant closure expenses, inventory charges, plant downtime costs, and asset impairment. The company plans to release fourth-quarter and year-end earnings Feb. 3.

Furniture Brands expects to achieve its guidance of being cash flow positive for fiscal 2009, excluding the effects of debt paydown and tax refunds. The company expects to report a cash and cash equivalents balance of about $83 million with debt of $95 million at Dec. 31, or net debt of about $12 million, compared to cash and cash equivalents of $106.6 million and debt of $190 million at Dec. 31, 2008, or net debt of $83.4 million.