Berkshire's retail group posts 25.8% sales gain
By Furniture Today Staff -- Furniture Today, June 21, 2004
Omaha, Neb. — Omaha, Neb.— Powered by store openings at two of its furniture retail chains, Berkshire Hathaway's retail group recorded a 25.8% jump in first-quarter sales.
The company said the retail group, which consists of four prominent furniture retailers and three jewelry retailers, had sales of $585 million. That's up from $465 million in the first quarter of 2003.
Pretax earnings for the group totaled $24 million, up 26.3% from last year's first quarter, according to Berkshire's quarterly financial statement.
Berkshire didn't break out sales and earnings for its furniture retailers, but said new stores opened by R.C. Willey in the Las Vegas area in May 2003 and by Nebraska Furniture Mart in Kansas City, Kan., in August 2003 rang up sales of $92 million in the most recent quarter.
Other furniture retailers owned by Berkshire Hathaway are Star Furniture of Houston and Jordan's Furniture of Avon, Mass. R.C. Willey is based in Salt Lake City, while Nebraska Furniture Mart is based in Omaha.
