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 Furniture
Brands' net sales for the 2008 first quarter were down
significantly to $477 million, compared with $557 million in the
first quarter of 2007.
Furniture Brands International's
(NYSE: FBN) board of directors elected Chief Executive Officer
Ralph P. Scozzafava as its chairman, replacing W.G. (Mickey)
Holliman.
Scozzafava said, "I look forward to working with Aubrey and
Mickey along with the rest of the board as we regain our
position as one of the pre-eminent home furnishings companies in
the world."
Furniture Brands' net sales for the 2008 first quarter were down
significantly to $477 million, compared with $557 million in the
first quarter of 2007.
Newly appointed CEO Ralph Scozzafava commented, "The strategic
plan the company unveiled last fall continues to drive improved
performance despite a challenging retail environment."
"We have reduced unproductive discounts as a means of moving
inventory because we are starting to sell the right products at
the right price in the right categories," Scozzafava added. "In
addition, at the beginning of the second quarter, we announced
price increases across our brands that will take effect in
Mid-April and May."
"Broyhill is leading our initiative to incorporate consumer
insight testing and market research prior to launching new
products. Beginning in 2009, all major new product introductions
will reflect our consumer research and testing processes."
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