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Three fall off Top 25 onto contenders list

By Jay McIntosh -- Furniture Today, May 8, 2005

High Point — Three companies that slipped off last year's Top 25 head the ranks of contenders for the list.

Sherrill, The Rowe Companies and Chromcraft Revington all fell shy in 2004 of No. 25 LeatherTrend, which rode a big sales increase to $180.5 million in U.S. volume.

Sherrill was just behind at $179.6 million. The full-line manufacturer and importer said its sales rose about 1.1% last year, reflecting softness in its high-end market.

Rowe and Chromcraft Revington each reported modest declines in sales.

Rowe's U.S. manufacturing sales slipped 0.6% in the fiscal year ended Nov. 28, partly because computer system problems late in the year led to delays in filling orders for its customers. Rowe's number excludes revenues from its retail chain, Atlanta-based Storehouse.

Chromcraft's U.S. sales were down 6.4%, which the company attributed to competition from importers of bedroom, dining room and occasional furniture.

Four contenders posted double-digit sales gains, led by midpriced case goods and occasional source Riverside. The Arkansas-based company's sales surged 29.3% in 2004.

Riverside started an import program in 2003, and the line now accounts for about 55% of sales, said CEO Howard "Buddy" Spradlin. But, he added, "We have all three of our domestic wood plants still running.... We pick products (to manufacture) that the offshore guys don't want to do."

Case goods and upholstery importer Collezione Europa said its U.S. sales jumped 25.5% last year to $119.3 million. The company is planning for continued growth, and said last month that it intends to open a West Coast distribution center within two years to supplement its North Carolina facility, and also is shopping for a domestic upholstery plant.

Also doing well last year was Shermag with an estimated $119 million in U.S. sales, up 15.3% from the previous year. The company said it achieved sales growth both in the products it makes at its plants in Canada and in the goods it imports from Asia.

Magnussen Home Furnishings did about $80 million in U.S. sales and $100 million overall, said President Jeff Cook. Sales were up 21% last year and are tracking about the same so far this year, he said. The company is benefiting from some high-profile product launches, including its Cristina Ferrare Home line.

Even so, Cook said he is "frustrated" because the company had planned for even faster top-line growth but is limited because it needs to assure that product quality remains high at its diverse group of source plants.

Some Top 25 contenders
	U.S. furniture shipments in $ millions
Company	2004	2003	Percent change
e = Furniture/Today estimate R = Revised Rankings are by total furniture shipments to the United States, including bedding, contract and accessories for some companies. Non-furntiure revenues (such as textile products, components, investment income) have been excluded and are described in the notes, with specific amounts given when possible. All figures for 12 months ended Dec. 31, 2004 and 2003 unless otherwise indicated. Source: Furniture/Today market research
Sherrill	$179.6	$177.7	1.1%
U.S. sales accounted for 95% of shipments each year. Total 2004 revenues, $189 million.
The Rowe Companies	$174.2	$175.3^R	-0.6%
Fiscal years ended Nov. 28, 2004, and Nov. 30, 2003. Includes shipment revenues to company-owned Storehouse retail stores. Excludes sales from the retail home furnishings segment. U.S. sales accounted for 100% of shipments each year. Total 2004 revenues, $295.2 million.
Chromcraft Revington	$170.7	$182.4	-6.4%
U.S. sales accounted for 99% of shipments each year. Total 2004 revenues, $172.4 million.
Pulaski ^e	$167.3	$160.0	4.6%
Fiscal years ended Oct. 31, 2004, and Nov. 2, 2003. U.S. sales accounted for an estimated 94% of shipments each year. Total 2004 revenues, $178 million.
Franklin	$157.7	$150.1	5.1%
U.S. sales accounted for 95% of shipments each year. Total 2004 revenues, $166 million.
Century Furniture Inds. ^e	$156.0	$155.4	0.4%
U.S. sales accounted for 97.5% of shipments in 2004 and 98% in 2003. Total 2004 revenues, $160 million.
Norwalk Furniture Corp.	$150.0	$144.7	3.7%
Includes contract furniture shipments of $4 million in 2004. U.S. sales accounted for 97% of shipments in 2004 and 98% in 2003. Total 2004 revenues, $155 million.
Vaughan-Bassett	$140.1	$146.0	-4.0%
Fiscal years ended Nov. 28, 2004, and Nov. 29, 2003. U.S. sales accounted for 100% of shipments each year.
Collezione Europa USA	$119.3	$95.1	25.5%
U.S. sales accounted for 97% of shipments in 2004 and 98% in 2003. Total 2004 revenues, $123 million.
Shermag	$119.0	$103.0^R	15.5%
For the trailing 12 months ended Dec. 31, 2004, and Jan. 2, 2004. Fiscal year ended April 4, 2004. U.S. sales accounted for an estimated 69% of shipments in 2004 and 68% in 2003. Total 2004 trailing 12 month revenues, $172 million.
Riverside Furniture	$101.9	$78.8	29.3%
U.S. sales accounted for 99.7% of shipments each year. Total 2004 revenues, $102.3 million.
Magnussen Home Furnishings	$80.0	$66.1	21.0%
U.S. sales accounted for 80% of shipments each year. Total 2004 revenues, $100 million.

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