Krause’s Expects Profits to Be Off in Quarter
Krause’s Furniture Inc. said Monday it expects that second-quarter sales and earnings fell below first-quarter levels, primarily because of delays in opening new showrooms and the closing of some less profitable locations.
The stock fell 18%, or 44 cents, to $2.06 a share.
In the first quarter, Krause’s reported a loss of $169,000, or 1 cent a share, on $37 million in revenue. Analysts estimated the Brea furniture retailer and manufacturer would post another loss of 1 cent a share for the second quarter.
Krause’s said it expects sales for the period ended Aug. 1 will fall 3% from the first quarter.
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