This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Furniture Brands International's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Please refer to our SEC filings including our Form 10-Qs and Form 10-Ks for a discussion of the major risks and uncertainties that may affect our business. The forward-looking statements made today are as of the date of this call and we do not undertake any obligation to update our forward-looking statements. If you do not have a copy of today’s press release, you may obtain one along with copies of prior press releases and past SEC filings by link through to the Investor Relations page of our website furniturebrands.com.

I now hand it over to Vance to discuss our financial results.

Vance Johnston

Thanks Rick and good morning everyone. As reported in this morning’s press release, total sales were 265.5 million for the second quarter, a decrease of 10.4% from the same period last year. Gross profit for the second quarter of 2012 was 64 million and gross margin was 24.1% as compared to 73.4 million in gross profit and 24.8% gross margin in the same quarter of last year.

The year-over-year change in gross margin was primarily due to additional clearance of older inventory and product that has been replaced, decreased retail margin and lower plat utilization, partially offset by lower cost resulting from prior cost reduction activity.

SG&A expenses totaled 69.8 million for the second quarter compared to 79.3 million in the second quarter of 2011. The decrease in second quarter SG&A was primarily due to lower expenses resulting from prior cost reduction activities.

As our cost reduction efforts have taken route, we expect SG&A for the remaining quarters of 2012 to track towards the lower end or below our previously communicated 73 to 77 million guidance range.

Our operating loss of 5.8 million was essentially flat to year ago period as the lower sales volumes were offset by our cost savings efforts. Net loss for the quarter was 6.8 million or $0.12 on a per share basis as compared to a net loss of 6.6 million or $0.12 per share in the second quarter of 2011.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,749.82 -1.57 -0.01%
S&P 500 2,106.41 -2.16 -0.10%
NASDAQ 5,121.06 +9.3270 0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs