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 We
continue to believe the weakness in consumer confidence is the
primary driver of dampened demand in the furniture industry
W.G. (Mickey) Holliman, Chairman of the
Board and CEO
Furniture Brands International (FBN),
commented on recent business trends and operations in the first
quarter of 2005.
W.G. (Mickey) Holliman, Chairman of the Board and Chief
Executive Officer, said, "Business conditions are relatively
unchanged from January when we issued our first quarter results.
Against a record sales and earnings quarter last year, revenues
for the company are expected to be down in the mid-single
digits. This weakness in business is generally affecting both
the middle-price companies and the upper-end companies, but it
is more pronounced in the casegood business than in the
upholstery business. We continue to believe the weakness in
consumer confidence is the primary driver of dampened demand in
the furniture industry."
Mr. Holliman concluded, "We currently estimate our first
quarter earnings per share will be at the lower end of the range
given at the end of January. We will report the actual results
for the first quarter on April 27, 2005."
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