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FBI Posts $44.7M Loss in 4Q

Larry Thomas -- Furniture Today, February 10, 2011

ST. LOUIS - Furniture Brands International said fourth-quarter sales were 3.3% below the fourth quarter of 2009, as the company recorded a net loss of $44.7 million.
     The loss, which equals 82 cents per share, compares with a net loss of $65 million or $1.35 per share that the manufacturer and retailer posted in the same quarter in 2009.
     Sales of $276.1 million were down from $285.6 million in the fourth quarter of 2009.
     Sales at Furniture Brands' 67 company-owned stores, including 48 Thomasville stores, totaled $38.8 million, up from $35.6 million the comparable period in 2009. Same-store sales at the Thomasville stores rose 15%.
     Companywide sales for 2010 were $1.16 billion, a drop of 5.3% from $1.22 billion in 2009.
     The company said same-store sales rose 19% at the Thomasville stores in 2010, but didn't provide a total sales figure for the year.
     Last year's net loss totaled $39 million or 76 cents per share. That compares with a loss of $108.7 million or $2.25 per share in 2009. The 2009 figure included an impairment charge of $39.1 million.
     Ralph Scozzafava, chairman and CEO, said the company's balance sheet remains strong, and pointed out the gross margin for the year was 23.8% - the highest since 2004, and up from 18.8% in 2009.
     "Significant operating leverage has been created as a result of the actions of the past three years, and our balance sheet is strengthened," he said. "We are doing the right things to grow our sales, and in 2011, we will do more of them."
     In addition to Thomasville, Furniture Brands is the parent company of Broyhill, Lane, Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture, Maitland-Smith and Creative Interiors.

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