Ekornes global sales up 10.9% in 2010
Increased marketing efforts help boost sales in U.S., company says
Furniture Today Staff -- Furniture Today, February 18, 2011
IKORNNES, Norway — Ekornes, a Norwegian furniture producer that sells upper-end recliners and sofas in the North American market, said worldwide sales rose 10.9% in 2010.
The company, best known for its Stressless recliners, said sales rose in all markets except its home country, which reported a 6.3% sales decline.
In the U.S. and Canada, sales rose 15.5% to 509.5 million Norwegian krone, or about $89.4 million.
Worldwide sales totaled 2.87 billion krone, or about $503.5 million. Profits for the year rose 17.3% to 380.9 million krone, or about $66.9 million.
In its annual financial report to shareholders, the company noted the furniture industry in the U.S. "has seen no upturn," but said its stepped-up marketing and promotional efforts are beginning to pay dividends.
The company said its inventory increased by 54 million krone (about $9.5 million) during 2010, and noted that 34 million krone (about $6 million) of that total was to boost its supply of finished goods in the U.S. market. The company has a distribution center in Somerset, N.J.
Ekornes stock is traded on the Oslo Stock Exchange.
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