Furniture Brands moves to loss in 1st quarter

Furniture Brands moves to loss in 1st quarter; sales fall at Thomasville company-owned stores

Associated Press

ST. LOUIS (AP) -- Furniture Brands International Inc. moved to a loss in its first quarter, dragged down by some charges as sales declined at its Thomasville company-owned stores.

The furniture company lost $21.2 million, or 38 cents per share, for the three months ended March 30. That compares with a profit of $379,000, or 1 cent per share, a year ago.

The current quarter included $2.9 million in charges related to product rationalization and other items.

Analysts surveyed by FactSet forecast a loss of 2 cents per share.

Revenue fell 11 percent to $254.7 million from $287.3 million as sales at its Thomasville company-owned stores dropped to $26.9 million from $27.5 million. There were 49 Thomasville company-owned stores in the current quarter compared with 48 stores in the prior-year period.

Wall Street was looking for higher revenue of $290.3 million.

Revenue for stores open more than 15 months dropped 2.3 percent. This figure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.

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