Fleetwood Enterprises fiscal 4Q, full-year sales decline

RIVERSIDE, Calif.—Fleetwood Enterprises Inc. said Thursday its fiscal fourth-quarter and full-year revenue slipped as a softening economy hampered recreational vehicle sales.

The sector, along with many other industries, has been squeezed as consumers curb spending due to the continued housing slowdown, eroding credit, rising food and gas costs and recession fears.

Preliminary results show sales for the quarter ended April 27 declined 24 percent to $370 million from $488 million. Fiscal year revenue dipped 13 percent to $1.67 billion from $1.92 billion.

Analysts polled by Thomson Financial predicted fourth-quarter revenue of $421.5 million and full-year sales of $1.78 billion.

The results exclude folding trailer unit sales, which is now a discontinued operation.

Motor home shipments dropped in both February and March, while sales for Trendsetter Homes, a new modular unit, climbed during the quarter.

The company said it expects to post a quarterly profit partly on cost cuts, real estate gains and lower operating expenses.