Furniture Brands International's CEO Discusses Q2 2012 Results - Earnings Call Transcript
On the retail side of our business, sales from the 44 Thomasville stores that we have operated for more than 15 months were down 7.4% from the second quarter of 2011 following an 8% same-store sales increase in the second quarter of 2011.
We ended the quarter with 48 company-owned Thomasville stores, our Thomasville retail operating loss for open stores improved to 4.3 million from the 4.7 million loss reported in the second quarter of 2011 driven by lower SG&A cost.
Moving on to our balance sheet. We generated 3.7 million of free cash flow in the second quarter. This was primarily driven by continued improvements in working capital management and disciplined capital spending.
Capital expenditures for the quarter came in at 2 million for a year-to-date capital spend of 3 million. We remained disciplined on the capital allocation front and expect CapEx as well as depreciation to come in at the low end or below our prior guidance ranges. Just as a reminder these ranges were 16 to 18 million for CapEx and 22 to 24 million for D&A in 2012. We continue to manage our resources diligently as we strive to maintain high service levels for our customers balanced by disciplined management of working capital.We contributed 2.9 million for our pension plan in the second quarter of 2012 or 5.5 million contribution year-to-date. As you know, with the recent passing of [Mac 21] and the resulting interest rate stabilization changes, Congress delivered pension relief in 2012. We expect the impact will be favorable relative to our prior expectations for cash contributions for pension plan over the next three years and we are currently in the process of determining exactly what the impact will be. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV