Furniture Brands International, Inc. (NYSE:FBN)
CAPS Rating:
The Company designs, manufactures, sources & markets home rfurnishings through its four operating subsidiaries: Broyhill Furniture Industries, Inc.; Lane Furniture Industries, Inc.; Thomasville Furniture Industries, Inc. & HDM Furniture Industries, Inc.
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In line with our latest retail checks, which indicate that sales remain depressed nationally, FBN lowered its 4Q guidance. Anecdotally, FL & the NE are among the weakest mkts, down as much as 12% YOY, while sales in TX are up slightly
off flat comps. We believe this reflects the cyclical downturn the industry is in the midst of, given the housing slowdown & higher interest rates.
Once more... It's time to get some value.