ST. LOUIS, MO – Furniture Brands Int’l. announced a third-quarter decrease in net sales of 9.2% compared to the same period last year. Net sales for the third quarter, ended Sept. 30, were $516.3 million, compared with the $568.9 million of the third-quarter of 2006. The company incurred a net loss of $13.7 million, compared with net earnings of $5.8 million in the same period last year.
According to the company, results for the third quarters of 2007 and 2006 include several special items, including the previously-announced make-whole payment in 2007 and restructuring and asset impairment changes in both 2006 and 2007. Net sales for the first nine months of 2007 were $1.625 billion compared with $1.831 billion during the same period last year. Net loss was $5.0 million versus net earnings of $53.0 million for the first nine months of 2006. Read more.
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