FBI Sales off 9.2% in 3rd Quarter

October 31, 2007  by in UnCategorized   

By Home Furnishings Business in on November 2007 Furniture Brands International, St. Louis, reported yesterday that third-quarter 2007 sales fell 9.2 percent from last year’s period to $516.3 million. FBI lost $13.7 million, or $0.28 per diluted common share, during the period ended Sept. 30, compared earnings of $5.8 million, or $0.12 per share, in third-quarter 2006.

Excluding several special items during third-quarter 2007, including a previously announced make-whole payment and restructuring charges, FBI would have earned $0.02 per diluted common share.

Earlier in October, FBI had said it expected a third-quarter 2007 sales decrease of 12 percent.

“Our financial results for the third quarter were as expected, as the home furnishings industry continues to show the effects of cautious consumer spending,” said Chairman and CEO Mickey Holliman in an announcement of FBI’s performance. “As one of the nation’s largest furniture manufacturers with a diverse portfolio of respected brands, we are well-positioned to weather these challenging times going forward.”

Through 2007’s first nine months, Furniture Brands’ sales of $1.625 billion are down 11.3 percent from the same time last year; and the company lost $5 million compared with earnings of $53 million through 2006’s first three periods.

Furniture Brands expects to issue a 2008 earnings guidance in late January.