Furniture Brands Slims Operating Loss in Fourth Quarter
ST. LOUIS-Furniture Brands International reported a fourth-quarter operating loss of $23.4 million, down from the $40 million operating loss it posted in the fourth quarter of 2008.
The company managed this in spite of a 29.2 percent drop in net sales for the quarter, which totaled $285.6 million. Furniture Brands trimmed 29 percent off its selling, general and administrative expenses, and cost of goods sold for the quarter were 28 percent less than in the prior year.
For 2009 as a whole, Furniture Brands' operating loss increased from $34.9 million in the previous year to $45.2 million. Net sales fell 30 percent to $1.2 billion.