Contenders register mixed results for '05
By Jay McIntosh -- Furniture Today, June 5, 2006
High Point — Like their larger counterparts, some contenders for the Top 25 list turned in mixed results last year. Five had sales declines while five had gains.
Posting the largest percentage gain was importer Collezione Europa USA, which said its U.S. sales grew 9.8% to $131 million — despite a serious setback.
"It was better than it would appear," said Paul Frankel, vice president and chief operating officer about the results. "Rhodes was our biggest customer."
Southeastern retailer Rhodes filed for Chapter 11 bankruptcy in late 2004 and subsequently liquidated, selling several store locations to Rooms To Go. Collezione managed to find other business to offset the loss, Frankel said.
Also doing well in 2005 was upholstery producer Franklin, whose 8.8% increase gave it another year of consistent growth. This year, the Mississippi company continues to keep its plants running full time.
High-end manufacturer and importer Century Furniture Inds. reported a U.S. sales gain of 7.4%, an improvement over a flat year in 2004.
Pulaski Furniture had an estimated gain of 1.1%, with volume from lines including the Casa Cristina and Antiques Roadshow collections believed to offset the revenue loss from the company's sale of its Ridgeway Clock division to Howard Miller in late 2004.
Vaughan-Bassett said its sales declined 3.4% to $135.4 million in the fiscal year ended Dec. 3 — but it was a more profitable year for the company, said Wyatt Bassett, executive vice president. The company closed its V-B/Williams plant in Sumter, S.C., in the second half of 2004 and shifted business to its other facilities.
"Given that we had closed one plant, the sales at our remaining plants were way up. That made it a healthier year for us, despite the 3.4% decline in sales," he said.
Canadian producer and importer Shermag reported a 9.7% decline in U.S. sales during the year, to US$127.4 million, partly because of the decline in the value of the U.S. dollar against its Canadian counterpart. The company also said it had unusually high shipments in 2004, partly because it was working off backorders after labor disputes.
High-end resource Sherrill, listed as a contender last year, moved onto the Top 25 this year with estimated U.S. sales of $192.1 million, a 7% improvement from 2004.
| Some Top 25 contenders | |||
|---|---|---|---|
| U.S. furniture shipments in $ millions | |||
| Company | 2005 | 2004 | Precent change |
| e = Furniture/Today estimate R = revised Rankings are by total furniture shipments to the U.S., including bedding, contract and accessories for some companies. Non-furniture 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 2005 unless otherwise indicated. Source: Furniture/Today market research |
|||
| Frankline | $171.5 | $157.7 | 8.8% |
| U.S. sales accounted for approximately 95.3% of shipments in 2005 and 95% in 2004. Total 2005 revenues, $180 million. | |||
| Pulaskie | $169.2 | $167.3 | 1.1% |
| Fiscal years ended Oct. 31 each year. U.S. sales accounted for an estimated 94% of shipments each year. Total 2005 revenues, $180 million. | |||
| Chromcraft Revington | $167.9 | $170.7 | -1.6% |
| U.S. sales accounted for 99% of shipments. Total 2005 revenues, $169.6 million. | |||
| Century Furniture Inds. | $166.8 | $155.3R | 7.4% |
| U.S. sales accounted for 95.3% of shipments in 2005 and 98% in 2004. Total 2005 revenues, $175 million. | |||
| The Rowe Cos. | $162.8 | $168.9R | -3.7% |
| Fiscal years ended Nov. 27, 2005 and Nov. 28, 2004. Includes shipment revenues to company-owned Storehouse retail stores. Excludes sales from the retail home furnishings segment. U.S. sales account for 97% of shipments each year. Total 2005 revenues, $299.4 million. | |||
| Norwalk Furniture Corp. | $145.0 | $150.0R | -3.3% |
| Includes contract furniture shipments of $4.5 million in 2005 and $4 million in 2004. U.S. sales accounted for 98% of shipments in 2005 and 97% in 2004. Total 2005 revenues, $159 million. | |||
| Vaughan-Bassett | $135.4 | $140.1 | -3.4% |
| Fiscal years ended Dec. 3, 2005 and Nov. 27, 2004. U.S. sales accounted for 100% of shipments each year. | |||
| Collezione Europa USA | $131.0 | $119.3 | 9.8% |
| U.S. sales accounted for 97% of shipments each year. Total 2005 revenues, $135 million. | |||
| Shermag | $127.4 | $141.1R | -9.7% |
| For the trailing 12 months ended Dec. 31, 2005 and 2004. Fiscal year ended Mar. 31, 2005. U.S. sales accounted for 70% of sales in 2005 and 73% of sales in 2004. Total 2005 revenues, $174.5 million. | |||
| Riverside Furniture | $107.3 | $101.2R | 6.1% |
| U.S. sales accounted for 98.5% of shipments in 2005 and 99% in 2004. Total 2005 revenues, $108.9 million. | |||
