Rowe 1Q sales up 11% to $70.7M
By Furniture Today Staff -- Furniture Today, March 21, 2004
MCLEAN, Va. — MCLEAN, Va.— The Rowe Companies, parent of upholstery maker Rowe Furniture and retailer Storehouse, posted a sales increase of 11% in its first quarter. Net income for the quarter was $44,000, compared with $2,000 a year ago.
Sales for the quarter ended Feb. 29 came to $70.7 million, compared with $63.7 million a year ago. The 2003 quarter included sales from the Mitchell Gold Company, which Rowe sold in April of last year. The latest quarter included a net loss of $105,000 from Mitchell Gold, now classified as a discontinued operation.
The 2003 quarter included $815,000 in net earnings from discontinued operations and a $469,000 income tax benefit.
During a conference call with analysts, Rowe management said Storehouse posted a 23.9% sales increase in the quarter, compared with the year-earlier period. Same-store sales were up 18.8%. Imports from Europe and the Far East make up about 40% of Storehouse's mix.
Gerald Birnbach, Rowe's chairman and president, said upholstery sales at Storehouse were strong, and bedroom and accessory sales were up substantially at the 61-store chain. Rowe expects to have about 70 Storehouses in 2004, with more planned for 2005.
On March 17, Rowe added e-commerce to its sales channels. The company now sells through its catalog, stores and Web site. Catalog sales represented about $700,000 of Rowe's sales in the first quarter.
On the manufacturing side, Rowe said it expects to move from 30-day delivery to a 10-day cycle within the next 12 to 15 months, thus freeing up working capital for its dealers. The company said manufacturing was running in "the high 80s" in capacity, based on a Monday-Friday single shift.
Birnbach said furniture shipments increased 1% in the latest quarter, despite two less production days compared to last year.
| The Rowe Cos. | |||
|---|---|---|---|
| Owns Rowe Furniture and Storehouse | |||
| Earnings per share are fully diluted, and all figures in parentheses are loses or declines. | |||
| Quarter ended 2/29 | 2004(a) | 2003 | Change |
| Sales | $70,746,000 | $63,719,000 | 11.0% |
| Operating income | 878,000 | (341,000) | — |
| Net income | (b)44,000 | (c)2,000 | 2,100.0% |
| Earnings per share (d) | 0.00 | 0.00 | — |
| (a) Includes the results of the Mitchell Gold Co., subsequently sold in April, 2003. (b) Includes a $105,000 net loss from discontinued operations. (c) Includes an $815,000 net gain from discontinued operations and a $469,000 income tax benefit. (d) Based on average shares outstanding of 13.5 million in the 2004 quarter and 13.2 million in the 2004 quarter. | |||
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