Furniture Brands International Inc. has scheduled “downtime” in several upholstery facilities in light of softening business conditions, Chairman and CEO W.G. “Mickey” Holliman said Wednesday in a statement.
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\n In commenting on the outlook for the third quarter, Holliman said that business conditions have “softened from when we last commented on trends.” He said the company also will “take more aggressive discounts on selected slower-moving product.”<\/p>\n
Holliman said the firm expects third-quarter net sales to be slightly positive versus the year-ago period. Furniture Brands plans to report its third-quarter results Oct. 25.<\/p>\n
The company now expects third-quarter net earnings per share of 9 cents to 13 cents including the effect of 7 cents of previously disclosed restructuring, asset impairment and severance charges and the effect of 3 cents in increased interest expense, but excluding a possible tariff reversal and reserve adjustment. In July, Furniture Brands had projected earnings per share in the range of 18 cents to 22 cents.<\/p>\n
According to a release, the company doesn’t yet know if a reversal of $1.8 million in tariffs paid on products from certain offshore vendors will fall in the third quarter as the timing depnds on publication of a court ruling in the Federal Register.<\/p>\n
Furniture Brands also stated that a litigation matter originating more than 10 years ago but decided against the company last week may prompt adjustments to its reserve account ranging from no additional reserve up to $4.7 million.<\/p>\n
St. Louis-based Furniture Brands International Inc. (NYSE: FBN) manufactures furniture under the Thomasville, Henredon, Drexel Heritage, Maitland-Smith, Broyhill and Lane brands.<\/p>\n","protected":false},"excerpt":{"rendered":"
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