Furniture Brands International recorded a loss of $47.3 million in fiscal 2012, compared to a $43.8 million loss in 2011. In the fourth quarter alone, Furniture Brands International had a net loss of $22.9 million. In the same quarter in 2011, it reported a loss $9.5 million.
The St. Louis-based company reported a 3-percent increase in fourth-quarter net sales from 2011 to 2012. But net sales for the year were down 3 percent, sinking from $1.11 billion to $1.07 billion. The decrease in sales was the main reason for the net loss for the fiscal year.
CEO Ralph Scozzafava said the company plans to focus on generating cash flow in 2013.