La-Z-Boy (NYSE:LZB) said that they remain cautious going into fiscal 2011. Sales growth and cost-savings initiatives will need to be balanced against various macroeconomic factors, including relatively low consumer confidence levels, ongoing high unemployment and volatility within the housing market, as well as headwinds relating to raw material price increases versus last year.
After providing this outlook, shares of La-Z-Boy are down 17.4%.
Furniture Brands International (NYSE:FBN) is trading lower by about 9% and Ethan Allen (NYSE:ETH) is off by about 5%, following La-Z-Boy's outlook.
Smart Balance (SMBL) updated its outlook for 2010. For the full year of 2010, the Company now expects its net sales growth to be in the range of 2-4% and its cash operating income to be in line with the prior year, excluding previously announced reorganization charges and any potential non-cash impairment charges resulting from this updated outlook. The Company previously expected growth in the mid-teens for both net sales and cash operating income in 2010. The updated outlook reflects the combined impact of ongoing macroeconomic softness, consumer price sensitivity for premium-priced products, heightened promotional activity in the spreads category and slower than anticipated growth for new products.
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