Furniture Brands Lowers Outlook for 3rd-Quarter, Cites Deteriorating Home Furniture Trends
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\nST. LOUIS (AP) — Furniture Brands International Inc. on Wednesday slashed its third-quarter profit forecast, citing to deteriorating trends in the home furniture market.<\/p>\n
The company, whose brands include Broyhill, Lane and Thomsaville, now sees earnings between 9 cents to 13 cents per share, down from its July 26 target of 18 cents to 22 cents per share.<\/p>\n
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\nThe outlook includes previously disclosed restructuring and asset impairment charges and increased interest expense, which will reduce the quarter’s profit by 7 cents and 3 cents per share, respectively. That puts the new operating profit forecast between 19 and 23 cents per share.<\/p>\n
However, the forecast doesn’t include the net effect of a reversal of $1.8 million in tariffs paid on products from certain offshore vendors, or an unfavorable legal ruling Furniture Brands said it received last week. The company said it doesn’t have enough information to determine the size of either event.<\/p>\n
On average, analysts surveyed by Thomson Financial are looking for profit of 29 cents per share for the quarter, according to a poll by Thomson Financial. Wall Street estimates typically exclude one-time charges and gains.<\/p>\n
Furniture Brands shares fell 55 cents, or 2.9 percent, to $18.70 on the New York Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"
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