Furniture Brands (FBN) Accelerates Strategic Plan; Cuts Guidance
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Furniture Brands International (NYSE: FBN) accelerates its strategic plan. The company announced:
- Expanding low-cost company-owned manufacturing in Asia
- Consolidating and leveraging domestic manufacturing assets
- Expediting exit from unprofitable retail locations
- Revising 2008 guidance to reflect charges and unusually weak economic conditions
- Increasing savings targets from strategic plan, maintaining
Furniture Brands now anticipates net sales for fiscal 2008 of $1.75 billion to $1.80 billion, below the consensus of $1.87 billion. The company is revising its 2008 guidance to a GAAP net loss per share from continuing operations of $0.49 to $0.55, which may not compare to the consensus of $0.41.
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