Furniture Brands Expects First Quarter Sales Decline

Furniture World Magazine

Furniture Brands International commented on recent business trends and operations in the first quarter of 2005. W.G. (Mickey) Holliman, Chairman of the Board and Chief Executive Officer, said, “Business conditions are relatively unchanged from January when we issued our first quarter results. Against a record sales and earnings quarter last year, revenues for the company are expected to be down in the mid-single digits. This weakness in business is generally affecting both the middle-price companies and the upper-end companies, but it is more pronounced in the casegood business than in the upholstery business. We continue to believe the weakness in consumer confidence is the primary driver of dampened demand in the furniture industry.” Mr. Holliman concluded, “We currently estimate our first quarter earnings per share will be at the lower end of the range given at the end of January. We will report the actual results for the first quarter on April 27, 2005.” Furniture Brands International is America’s largest home furnishings manufacturer, manufacturing and sourcing its products under six of the best-known brand names in the industry – Broyhill, Lane, Thomasville, Henredon, Drexel Heritage and Maitland- Smith. The company markets its products across a broad spectrum of price categories and distributes its products through an extensive system of independently owned national, regional and local retailers.