Furniture Brands Suffers 4th Quarter Drop From Last Year

Posted by MCC on January 21st, 2010 at 07:00am

Furniture Brands International recently announced that it expects the companies sales for the fourth quarter to fall between $280 to $290 million. That estimated amount is from 28 to 30 percent below the sales in the same quarter for 2008.

The company stated that the complete financial report will be released on February 3 and it expects to have a positive cash flow for the entire year. However, those expectations exclude the effects that tax refunds and debt payments has had.

At the end of 2009, the company had around $83 million in cash and about $95 million in debt. And, while 2008 ended with the company having more cash, $106.6 million, it also ended with a larger debt of $190 million. According to Thomson Reuters, the sales for 2010 fell below the estimated $312.5 million.

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