Furniture Brands sees 9% to 10% drop in 3Q sales
By Furniture Today Staff -- Furniture Today, September 16, 2001
ST. LOUIS — Furniture Brands International, parent of Broyhill, Lane and Thomasville, expects third-quarter sales will be down 9% to 10%, with earnings per share in the 25 to 27 cents range. Third-quarter sales a year ago were $499.8 million and earnings per share were 46 cents.
The company projected that full-year earnings will be $1.35 to $1.40, in line with previous guidance.
Anticipated earnings exclude restructuring charges.
So far this year, Furniture Brands has closed eight plants, with three more scheduled to close by the end of the quarter. All costs associated with the plant closings are expected to be expensed by year's end, resulting in increased manufacturing efficiencies and higher operating profit margins in 2002.
FBI Chairman, President and Chief Executive Officer Mickey Holliman said, "Recent business failures, both in manufacturing and in retail, are accelerating a consolidation in our industry that, in our opinion, is long overdue. We will continue to offer innovative and fashionable products, focus on long-term operating profitability, and exercise balance sheet discipline."
He added, "We will emerge from the current economic softness a stronger company, positioned to achieve significant market share growth going forward."
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