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Furniture Brands International Battles Soft Retail Environment; Reports Net Increase
07-27-06
RTO Online - The rent to own industry's trade website
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As the quarter progressed we witnessed an increasingly challenging retail environment. Despite this, we delivered a positive year-over-year sales comparison.
W. G. (Mickey) Holliman, Chairman and Chief Executive Officer, Furniture Brands International

Furniture Brands International (FBN) reported net sales for the second quarter of 2006 were $601.3 million, compared with $593.8 million in the second quarter of 2005, an increase of 1.3%. Net earnings for the second quarter were $17.0 million, up from $9.6 million in the second quarter of last year.

"As the quarter progressed we witnessed an increasingly challenging retail environment. Despite this, we delivered a positive year-over-year sales comparison and a meaningful earnings improvement over the prior year," said W. G. (Mickey) Holliman, Chairman and Chief Executive Officer.

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Mr. Holliman concluded, "With respect to the third quarter, we currently expect net sales to be up in the low single digits versus the third quarter of last year and net earnings per diluted common share to be in the $0.18 to $0.22 range. This includes the effect of $0.07 in previously disclosed restructuring, asset impairment and severance charges. This also includes the effect of $0.03 in increased interest expense due to the upfront recognition of the gain on the interest rate swaps, also previously disclosed. As is our practice, we will provide an update on our third quarter expectations in early September."

A conference call will be held to discuss the second quarter results at 7:30 a.m. (Central Time) on July 27, 2006. The call can be listened to on the company's website - www.furniturebrands.com.

Furniture Brands International is one of America's largest residential furniture companies. The company produces, sources and markets its products under six of the best-known brand names in the industry - Broyhill, Lane, Thomasville, Henredon, Drexel Heritage and Maitland-Smith.

 

 

 

 

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