ST. LOUIS -- Furniture Brands International today announced that the company expects net sales for the fourth quarter of 2010 to total approximately $274 million. The company anticipates that financial results for the fourth quarter of 2010 will include selected charges totaling between $20 million and $25 million on a pre-tax basis.
The selected charges include closed store expense, property disposition and restructuring expenses, accounts receivable charges, factory downtime costs, inventory charges, and trade name impairment. The company anticipates that the selected charges will be allocated approximately evenly between cost of sales and selling, general & administrative expenses.
Based on the company's anticipated fourth-quarter 2010 net sales, the company's fiscal 2010 sales are expected to total approximately $1.158 billion. The selected charges included in the fourth quarter 2010 results will be in addition to the approximately $11 million in selected charges incurred through the first nine months of 2010 on a pre-tax basis. These charges were detailed in the company's third quarter 2010 earnings press release.
The company will announce financial results for the fourth quarter and fiscal year ended December 31, 2010 after the close of trading on February 2, 2011. Management will host a conference call to discuss the results and business trends at 7:30 am CST February 3, 2011.
On January 12, Furniture Brands' CEO Ralph Scozzafava and CFO Steve Rolls will discuss recent financial performance and provide an update on the company's strategic initiatives at the 13th annual ICR XChange. Management comments and presentation will be webcast live at 3:45 pm PST and may be accessed online.
About Furniture Brands
Furniture Brands International is a global operating company that is one of the nation's leading designers, manufacturers, and retailers of home furnishings. It markets through a wide range of retail channels, from mass merchant stores to single-brand and independent dealers to specialized interior designers. Furniture Brands serves its customers through some of the best known and most respected brands in the furniture industry, including Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Pearson, Hickory Chair, Laneventure, Maitland-Smith, and Creative Interiors.
SOURCE: Furniture Brands International
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