ST LOUIS, MO — Despite a 3.6% drop in net sales to $287.3 million, Furniture Brands International reported a net earnings gain of $379,000 for the first quarter 2012, up significantly from the $3.1 million loss recorded in the same time period a year ago.
Operating income for the quarter grew to $1.4 million, compared to a loss of $2.1 million for the same period in 2011.
“We were pleased to report an improvement in operating earnings this quarter as the cost and efficiency initiatives put in place are yielding the intended results,” Chairman and CEO Ralph Scozzafava said in a statement. “We are focused on driving sales by developing relevant product and values that resonate with customers, providing the highest level of service to our dealer partners and improving the performance of our company owned stores.”
Retail sales at the residential furniture company’s 64 stores dropped $3.5 million to $35.5 million, compared to quarterly figures year ago. Furniture Brands said quarterly sales at its 44 Thomasville stores were even with 2011.
In addition to Thomasville, Furniture Brand’s portfolio of companies includes: Broyhill, Lane, Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture, Maitland-Smith and LaBarge.
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