Wanek's views

1. Describe your company's niche in furniture retailing.

"The Ashley Furniture Homestores are known as a total home furnishings resource. We sell coordinated room collections at affordable package prices. The Homestores are well appointed with accessories and they have an appealing presentation that is reflective of a home environment."

2. What are the key initiatives in your furniture strategy for 2006?

"The Ashley Furniture Homestores are focused on improving the consumer experience. We want to be their home furnishings choice now and in the future. To accomplish this effort, we are working diligently on sales training to properly service the consumer and answer their questions while they are in the store. We are also developing a process that effectively communicates with the consumer after the sales transaction is complete."

3. What's your outlook for furniture growth in 2006?

"We are very optimistic about the growth prospects for 2006 and beyond. The economy continues to be vibrant and we believe that wonderful opportunities exist for home furnishings. Over the last five years, millions of new homes have been built and the home furnishing needs for these new homes have yet to be met."

4. What are your biggest challenges to furniture sales growth?

"The biggest challenge to furniture sales growth is the increasing interest rate environment. Over the last five years, the industry has relied on low-interest financing to attract the consumers to their stores. With the increase in interest rates, we are no longer able to scream ?no/no/no.' We need to develop a new proposition that will attract consumers to our stores."

5. What is the biggest change facing the furniture industry in the coming years?

"The biggest change to the furniture industry is new competition entering the furniture arena. Mass merchants are selling a wider variety of home furnishings at reduced prices. This channel is causing confusion in the marketplace and traditional home furnishing retailers must sell the value of their full service operations. If this full service environment is not properly explained and valued by the consumers, we will be caught in an extremely deflationary environment."

Todd Wanek , CEO

Career highlights

Todd Wanek joined Ashley Furniture more than 20 years ago and has worked in all aspects of the business, including shipping, production line work, machine maintenance and finance. Shortly after graduating from the University of Wisconsin-Stout with a Bachelor of Science degree, he did much of the heavy lifting in terms of Ashley's import functions, moving to Taiwan in 1988 to serve as general manager of Ashley Taiwan.

Wanek continued to work and live in Asia from 1989 to 1993, setting up and maintaining offices in China, Malaysia, Thailand and Indonesia. During this time, he also managed all aspects of Ashley's international business.

In 1994, Ashley purchased a manufacturing facility in Ecru, Miss., and Wanek was named vice president of upholstery operations, overseeing all aspects, from product development to manufacturing.

Two years later, Wanek was named president and chief operations officer and took on the responsibility of all of Ashley's worldwide operations. Six years later, he assumed the title of CEO.

Those who know Wanek say that he has been a driving force that has kept Ashley in the passing lane. Specifically, he has expanded Ashley's presence in Asia, started and grown its upholstery operations and set up state-of-the-art production facilities throughout the world.

Key executives on the Ashley HomeStores team

• Chuck Spang
  President of Ashley HomeStores

• Kate Banse
  Vice president of retail stores