FBI cuts 1Q profit estimate
By Furniture Today Staff -- Furniture Today, March 18, 2007
St. Louis — Citing continuing softness at retail, Furniture Brands International has cut its first quarter sales and earnings estimates.
The company said last week it expects sales for the quarter to be about 15% below last year's first quarter, while net earnings are projected at 3 cents to 7 cents per share, after an estimated 5 cents per share in one-time charges.
In late January, FBI said it believed first-quarter sales would be down about 10%, and earnings were projected at 12 cents to 16 cents per share, including the same one-time charges.
"Retail conditions remain challenging across the industry and are softer than expected when we last commented on the business," said Mickey Holliman, chairman and CEO.
In last year's first quarter, FBI reported earnings of 51 cents per share. Holliman said first quarter results will be announced May 2.
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