Furniture Retailers Rise As Fortune Brands Ups Second-Quarter Outlook<\/p>\n
NEW YORK (AP) — Furniture company shares rose Thursday, after Furniture Brands International Inc. hiked its second-quarter earnings and revenue outlook, an unusual bit of good news in the otherwise bleak housing sector.
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\nAfter the market closed on Wednesday, Furniture Brands, which sells the Broyhill, Thomasville and Lane brands, said it expects a second-quarter loss between 3 cents and 7 cents per share, from previous guidance of a loss between 7 cents to 11 cents per share. Both forecasts include 2 cents in one-time charges.<\/p>\n
Analysts polled by Thomson Financial expect a loss of 8 cents per share. Analyst estimates typically exclude one-time charges.<\/p>\n
The company also said it expects sales to fall by just under 12 percent, compared with a previous estimate of a 15 percent fall.<\/p>\n
Stifel Nicolaus & Co. analyst John A. Baugh said in a note to investors on Thursday that Memorial Day sales apparently were better than expected industrywide, but he also said that that improvement was fleeting.<\/p>\n
He kept his “Sell” rating on the stock.<\/p>\n
“The company will continue to focus on controlling costs during this downturn,” he said.<\/p>\n
Furniture Brands rose 97 cents, or 6.9 percent, to $14.98. Other furniture company shares rose as well. La-Z-Boy Inc. shares gained 53 cents, or 4.7 percent, to $11.82. The stock has traded between $11.15 and $15.60 during the past 52 weeks. Ethan Allan shares rose 42 cents to $35.14.<\/p>\n","protected":false},"excerpt":{"rendered":"
Furniture Retailers Rise As Fortune Brands Ups Second-Quarter Outlook NEW YORK (AP) — Furniture company shares rose Thursday, after Furniture Brands International Inc. hiked its second-quarter earnings and revenue outlook, an unusual bit of good news in the otherwise bleak housing sector.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4225","post","type-post","status-publish","format-standard","hentry","category-furniture-indonesia-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=4225"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4225\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=4225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=4225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=4225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}