logo
Share SHARE
FONT-SIZE Plus   Neg

Furniture Brands Intl. Q4 Loss Widens

Retailing home furnishings company Furniture Brands International (FBN) posted a wider loss for the fourth quarter, hurt by a charge, but sales were higher compared to last year.

For the quarter, net loss was $22.9 million or $0.41 per share, including a $10.8 million after-tax charge, partially offset by the reversal of a $2.4 million valuation allowance on tax assets. This compares to a year-ago net loss of $9.5 million or $0.17 per share, which comprised a $2.8 million after-tax gain.

Net sales for the quarter rose to $264.0 million from $255.5 million a year ago. Fourth-quarter same-store sales at the 45 Thomasville stores that the company has owned for more than 15 months were up 4.8%.

For the year 2012, net loss widened to $47.3 million or $0.86 per share, from $43.8 million or $0.80 per share in 2011. Total revenue for the year declined 3.2 percent to $1.07 billion from $1.11 billion.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Tiffany & Co. reported Wednesday higher profit in its first quarter, above market estimates. Net sales edged up, but missed market view amid lower comparable sales in all regions. Further, the company maintained its fiscal 2017 earnings view, but updated sales growth view on a constant exchange rate basis. In pre-market activity, Tiffany shares were losing 3.92 percent. Lowe's Co. reported Wednesday lower profit in its first quarter, reflecting a loss on extinguishment of debt, despite higher sales and comparable sales. Adjusted earnings per share and sales missed market estimates. Further, the company updated its fiscal 2017 earnings view to reflect the loss, and backed sales growth forecast. In pre-market activity, shares were declining 7.34 percent. Shares of Kingfisher Plc were declining around 7 percent in the morning trading in London after the home improvement retailer reported Wednesday weak sales in its first quarter on a constant currency and like-for-like basis amid continued weaker sales in France. On a reported basis, sales increased from last year.
comments powered by Disqus
Follow RTT