St. Louis Business Journal
\n Profits fell by more than $100 million at Furniture Brands International Inc. as business conditions continue to challenge the furniture manufacturer.<\/p>\n
Furniture Brands reported Wednesday a loss of $45.7 million, or 94 cents per share, during the full year 2014. That compares to earnings of $55.1 million, or $1.13 per share, during 2013.
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\n For the fourth quarter ended Dec. 31, 2014, the company posted a $40.7 million loss, or 84 cents per share, compared to earnings of $2.1 million, or 4 cents per share, during the fourth quarter of 2013.<\/p>\n
Net sales for the fourth quarter of 2014 dropped 11.9 percent from $572.8 million to $504.8 million.<\/p>\n
Sales for the full year fell 11.8 percent from $2.36 billion in 2013 to $2.08 billion in 2014.<\/p>\n
The company doesn’t expect sales to get much better in 2015. Furniture Brands said it expects sales in 2015 to be in the $1.9 billion to $2.0 billion range. It also expects 2015 net earnings per share to be in the 40 cents to 60 cents range.<\/p>\n
“We find that current business conditions continue to be as challenging as they have been throughout the second half of 2014,” Ralph Scozzafava, the company’s vice chairman of the board and CEO, said in a statement.<\/p>\n
In October, the company unveiled the major elements of its new strategic direction, which has included closing 18 company-owned stores; closing five facilities; selected staffing reductions at its Lane, Thomasville, Drexel Heritage and Henredon businesses; and, targeted inventory reduction programs.<\/p>\n
Costs associated with these strategic initiatives and other matters totaled $38 million in the fourth quarter and $85 million for the full year of 2014.<\/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":"
St. Louis Business Journal Profits fell by more than $100 million at Furniture Brands International Inc. as business conditions continue to challenge the furniture manufacturer. Furniture Brands reported Wednesday a loss of $45.7 million, or 94 cents per share, during the full year 2014. That compares to earnings of $55.1 million, or $1.13 per share, […]<\/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-5198","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\/5198","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=5198"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/5198\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=5198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=5198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=5198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}