Furniture Brands' Earnings Off 65%
St. Louis, MO, August 2, 2007--Furniture Brands International reported second quarter earnings that fell 65% on net sales that were down nearly 11% as the firm incurred $800,000 in restructuring, asset impairment and severance charges.
For the quarter ended June 30, the company reported profit of $5.8 million on net sales of $535.2 million, compared with profit of $16.9 million on net sales of $601.3 million in the same period last year.
In June, CEO W.G. Holliman said that he plans to retire May 1. Ralph Scozzafava was named his successor, as well as vice chair of the board of directors.
In a statement Wednesday, Holliman said, "Sluggish economic activity has dampened demand for discretionary spending by many consumers. We are meeting this situation with fresh product offerings as well as promotions to keep our family of brands in the consumer's eye."
Furniture Brands International manufactures furniture under the