Furniture Brands Downturn Takes Uptick

June 13, 2007  by in UnCategorized   

By Home Furnishings Business in Case Goods on June 2007 Furniture Brands International, St. Louis, revised its outlook for the second quarter Wednesday, saying an earlier forecast was overly grim.

In a news release Wednesday, Chairman and CEO Mickey Holliman said, “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.”

The company is scheduled to report second-quarter results on August 1. In the release, Holliman also said retail conditions remain challenging, and the company is continuing to pursue cost savings and “strategic opportunities” as a result.