|
|
|
|
Furniture|Today -- 02/11/2002
Bedding Today
-
Sealy going for the gold at the Winter Olympics
Now that the Winter Olympics are in full swing in and around Salt Lake City, it's time to turn to that great sports tradition and make some gold medal predictions. I fearlessly predict that all of the gold-medal winners at this Olympics will sleep on special Sealy bedding in the Olympic Village. Want more predictions? OK.
Business Today
-
Chromcraft earnings off 43.3%
Delphi, Ind.— Continued sluggish sales led to a 43.3% decline in fourth-quarter earnings for full-line manufacturer Chromcraft Revington. Earnings of 23 cents per share were at the high end of the range the company had expected. For the current quarter, Chromcraft is forecasting income of 29 to 32 cents compared with 36 cents last year.
-
Select Comfort makes $1.1M in 4Q
Minneapolis— Select Comfort, the nation's largest maker and retailer of airbeds, recorded a fourth-quarter profit of $1.1 million as sales jumped 8.2%. It was the second straight profitable quarter after eight consecutive money-losing quarters. "We are very excited to be back in control of our future," said Bill McLaughlin, president and chief executive officer.
-
Cone Mills cuts losses in 4th qtr.
Greensboro, N.C.— Supplier Cone Mills reported a net loss on continuing operations of $1.4 million in the fourth quarter. Losses on discontinued operations, which include the khaki business and the John Wolf converting division sold to Richloom, brought the quarter's total losses to $3.5 million.
-
Pier 1 sales rise in January while Bombay's dip
Fort Worth, Texas— Same-store sales rose 5.5% at Pier 1 Imports in the January reporting period, but declined 15% at The Bombay Company, the two Fort Worth-based retailers said. Pier 1 said total sales for the four weeks ended Feb. 2 were up 14% from the comparable period a year earlier to $106.
-
Flexsteel 2Q sales down 10.9%; income falls 58.8%
Dubuque, Iowa— Upholstery producer Flexsteel Inds. said residential seating sales were down 11.2% in its second quarter ended Dec. 31, with total sales declining 10.9% to $65.8 million. Net income fell 58.8% from a year earlier to $710,758. In a conference call, President Bruce Lauritsen said an uptick in business began right after the High Point market.
News
-
BrandSource sponsors NASCAR racer
Anaheim, Calif.— Associated Volume Buyers with fly its BrandSource flag on a NASCAR racer this week at the Daytona 500. The buying group will be lead sponsor of the No. 92 car, driven by Robert Pressley and owned by Mark Melling. "Mark and his team have a long history of success and being tough competitors," said Bob Lawrence, executive director of AVB/BrandSource.
-
Bank building's suitability for market space doubted
High Point— A downtown bank branch that will become vacant here next year could be converted into a furniture showroom, but local real estate watchers believe the property also is suitable for other uses. Local officials say the one-story building, now occupied by First Union Corp. at 209 N. Main St.
-
Collezione Europa acquires IDP
High Point— Case goods and occasional importer Collezione Europa has bought the Italian Design Pavilion showroom at the corner of Commerce and Elm streets here. The 15,000-square-foot building will be renamed the Collezione Europa Building. Collezione already shows at the site. "We now have the entire two-story showroom so we can have continuity in presenting our product," said Paul Frank...
-
Marge Carson showroom, adjoining building to become Hamilton Place
High Point— A local real estate investment group that has owned the Marge Carson showroom since 1997 has purchased the adjoining showroom building at 117 North Hamilton St. The two facilities, which encompass about 53,000 square feet, will be renamed Hamilton Place. Steve Shavitz, managing partner of the investment group, said the two buildings look as if they are a single structure, so i...
-
Sofa Express to get Seaman's Ohio stores
Groveport, Ill.— Sofa Express is set to enter Cleveland and two other northern Ohio markets with the acquisition of Seaman's eight locations in the state. Sofa Express, a Top 100 living room and family room specialty retailer, is assuming the leases on Seaman's five stores in Cleveland, two in Akron and one in North Canton — a move that will take its store count to at least 27 this ...
-
Cantrex promotes Goudreau, looks to expand
St. Laurent, Quebec— Michel Goudreau has been named vice president and general manager of Cantrex Group, Canada's largest home furnishings buying and marketing group. A Cantrex veteran, Goudreau was vice president of finance and administration under retired President Claude Lalonde. Taking over as vice president/administration is Claude Lapierre, who was controller.
-
Gallery drops bowl game, but eyes other sponsorships
Houston— After two years as sponsor of the galleryfurniture.com college football bowl game, Gallery Furniture here is pulling out. But it's not about to disappear from the Houston sports scene. Unwilling to bump up his financial commitment to the level the bowl's directors want, Gallery's Jim McIngvale is turning his attentions to pro baseball and women's tennis.
-
Staples to close 30
Framingham, Mass.— Office superstore chain Staples plans to close 30 stores over the next two or three months in a variety of markets nationwide. "We've taken a close look at the performance of all our stores to identify those that are underperforming and in locations where we can best serve the customer through nearby stores or direct delivery," said spokeswoman Deborah Hohler.
-
N.C. festival off until '03
High Point— The North Carolina Furnishings Festival has been canceled for this year after a decision by its board of directors to reassess its objectives. The four-year-old festival, which pays homage to the area's relationship to the furniture industry, will be revamped and restaged sometime in 2003, according to Clif Taylor, festival board chairman and general manager of the Radisson Ho...
-
LifeStyle will linger to sell other assets
High Point— After reaching agreements to sell its Lexington Home Brands and Robert Allen Group divisions, LifeStyle Furnishings International is on the verge of ceasing to exist as an operating company. LFI will continue to function as a financial entity as it winds up business related to the divestiture of its operating divisions, a process that could take as long as a year, said Alan Co...
-
Corber to buy LFI fabric group
High Point— LifeStyle Furnishings International has agreed to sell its Robert Allen Group fabric converting subsidiary, including its Beacon Hill design trade showrooms, to Corber Corp., an investment company and former owner of Berkline. Terms were not disclosed and the transaction is expected to close in about 60 days.
- Obituaries
Obituaries
-
Specialty Sleep Expo set for March in Chicago
Chicago— The Futon and Specialty Sleep Expo is heading for the Windy City this March, hoping to make attendance easy for the area's large concentration of furniture retailers. The show moves from Las Vegas last year to the Donald E. Stephens Convention Center in Rosemont, Ill., near O'Hare Airport.
-
Execs to buy Lexington
Lexington, N.C.— A group of Lexington Home Brands senior management has agreed to purchase the full-line manufacturer from LifeStyle Furnishings International. Terms of the deal, which is expected to close by March 31, were not disclosed. The group will acquire nine North Carolina plants and the Lexington showroom in Thomasville.
-
Levitz-Seaman's may add 18 HomeLifes
Woodbury, N.Y.— Levitz Home Furnishings Inc. will take over as many as 18 former HomeLife Furniture leases in an aggressive expansion of Levitz and possibly Seaman's in existing markets. In California, the company plans to take 10 leases for Levitz stores — eight in the Los Angeles market and two in the greater San Francisco Bay area.
Opinion Today
-
Well, maybe the sky isn't falling after all
The stock market is still soft in the middle, and several economic indicators are leading many of us to think that we are in for a tough slog with little relief in sight. And with the ongoing international belligerencies and the continuing stream of layoffs and bankruptcies, one might be tempted to think of the glass as nearly empty rather than half empty.
-
If times are a-changin', search for new cheese
I'll bet that when Bob Dylan wrote "The Times They Are A-changin' " during the tumultuous '60s, the furniture industry was the last thing on his mind. I'd also bet that if you read the lyrics, you'd agree the song could be this year's industry national anthem. In a very short time, we've seen the rise and fall of top producers and retailers in our industry, a flood of product from offshore, cha...
-
Marking Marcus' unmincing words
"As an industry of handcraftsmen, you are going out of business. You will be replaced by power tools operated by less-skilled workers that will enable you to increase your production a thousand-fold and reduce prices per unit by 50%." Sound like an ominous forecast? It's actually a comment made by the late Stanley Marcus to several hundred furniture mavens at a DuPont Future Leadership Award di...
People Today
-
VanNoppen launches furniture marketing, PR firm
Morganton, N.C.— Veteran furniture executive Allen VanNoppen has launched VanNoppen Marketing here to provide furniture manufacturers, retailers and others with marketing and public relations services and products. The firm's offerings include help with direct-mail campaigns and other advertising, product catalogs, corporate brochures, grand-opening event management, public relations and ...
-
Clayton Marcus picks Whitener for new VP post
Hickory, N.C.—Cherry Whitener has been named to the new position of vice president of fashion merchandising at upholstery maker Clayton Marcus. She will retain her responsibilities as senior fashion coordinator. Before joining Clayton Marcus, she was a designer and stylist of upholstered fabrics for Valdese Weavers, a sales representative for Mastercraft, and fashion coordinator for the u...
-
Risen leaves RightLinx post
High Point—Paul Risen has stepped down as chief operating officer of Rightlinx after eight months to return to Web development. Risen joined the software provider in May, said Bill Millis, a majority owner of the company. He will not be replaced. Rightlinx has been cutting costs, moving in November to smaller quarters in High Point and eliminating two positions.
-
Albertson named CEO at WinsLoew
Birmingham, Ala.— Casual and contract furniture producer WinsLoew has hired Bruce Albertson, a longtime GE Appliances executive and most recently president of Iomega Corp., as president and chief executive officer to succeed Bobby Tesney, who will retire. Tesney will remain vice chairman of WinsLoew and will work with Albertson during a transition period this year.
-
FurnitureFind taps Atchinson
Buchanan, Mich.—Jayson Atchinson has joined Internet retailer FurnitureFind.com as sales manager. He was a regional sales manager at BenchCraft Furniture. With over 10 years in the industry at retail and manufacturing, Atchinson brings experience in sales training and sales management, said Steve Antisdel, chief executive officer at the online merchant, which is entering its seventh year.
-
Palliser honors outstanding employees
Winnipeg, Manitoba— Palliser Furniture honored outstanding employees at the manufacturer's annual recognition event. Phil Toews, national accounts service representative for Manitoba and Saskatchewan, was named winner of the Customer Care Award. Patrik Coe, a team facilitator at Palliser's Logic Division, received the Innovation Award for developing, testing and implementing the spin tabl...
- People on the Move
People on the Move
Executives Kincaid Furniture HUDSON, N.C. — Kincaid Furniture has promoted two employees. Reggie Propst has been named vice president of operations, responsible for manufacturing, human resources, purchasing, engineering, environmental safety and quality assurance. He replaces William R. Johnson, who has been promoted to senior vice president of manufacturing for the La-Z-Boy case goods g...
Special Report
-
Toms-Price grand opening draws 5,000
Wheaton, Ill.— Dozens of factory executives and thousands of consumers stopped in to tour and celebrate the newly expanded and remodeled Toms-Price store here. The grand opening event attracted more than 5,000 shoppers looking to get a taste of a grand addition to one of Chicago's leading high-end stores.
-
On 'Target' with value, style
Minneapolis, Minn.— While Target generates plenty of buzz for the unique, often cool styling of its housewares, the company is still a discounter. The furniture assortment in the 900-plus Target stores — featuring Sauder's QBits modular erector set and a proprietary wood group designed by Michael Graves — reflects the company's commitment to high style and low prices.
-
Big K posts $700 million for furniture as industry watches
Troy, Mich.— The displays can get a bit jumbled, and the product is occasionally a little worse for wear, but Kmart's estimated annual furniture sales of $700 million cannot be ignored. And suppliers certainly don't want to wave bye-bye to this important outlet for flat-pack furniture. Kmart's furniture presentation has been moving more to imported casual dining groups — tile tops o...
-
Lowes knows home décor
Wilkesboro, N.C.— Lowe's made a deep commitment to the furniture category in the past 18 months and, according to a couple of its suppliers, has generated some substantial results. Although Lowe's started as a hardware store in western North Carolina and has established itself as one of two do-it-yourself warehouse chains with a national presence, the company focuses on home décor ne...
-
RTA news & notes
On your mark, reset Sales and marketing executives are sharpening their pencils for the retail resets that start in March. This round of proposals figures to be as competitive as any in recent years, given the relatively sluggish retail economy over the past 18 months. The pressure is on to provide more function and more fashion at an even better price.
-
Retail commitment counts in RTA
Know thyself, RTA retailer. Flat-pack furniture appears to be a success for those resellers, regardless of the distribution channel, that make a commitment to the category with an assortment to match their overall merchandise mix. Two such retailers include Target, the discount chain, and Lowe's, the home-improvement and hardware warehouse operation.
Store Openings
-
Conlin's installs Broyhill in new store
Bozeman, Mont.—Conlin's Furniture has opened a 44,000-square-foot store here that includes a 7,500-square-foot Broyhill Showcase Gallery. "This was the most successful grand opening in the company's history," said Joe Conlin, chairman and chief executive officer. The store is managed by Jerry Stokoe and the assistant manager is Gwen Stokoe.
-
Lane launches three galleries
Tupelo, Miss.— Lane Home Furnishings has opened galleries in three stores. Furniture World in Nashua, N.H., has installed a 4,200-square-foot Lane Comfort Furnishings Gallery. The 85,000-square-foot store is the second for Furniture World, owned by Mark Bedrick. The other store also has a Lane gallery.
Up Front
-
Habersham to debut Plaza Hotel wood line
Toccoa, Ga.— The Plaza Hotel in New York City has chosen Habersham as its home furnishings licensee, and the furniture maker will launch the Plaza collection at the April market with case goods, occasional and home entertainment pieces. Joyce Eddy, founder and chairman of Habersham, which marks its 30th anniversary in March, said the collection will feature a variety of designs, some hand...
-
Nov. factory orders down 3%
High Point— New orders at U.S. residential furniture factories were down 3% in November from the same month a year earlier and shipments were off 11%, according to BDO Seidman. The good news is that the November orders decline was the smallest since May, and orders were up 8% from October. For the first 11 months of last year, orders and shipments were both down 10% from the 2000 pace, th...
-
Havertys' 4Q earnings up 25%
Atlanta— Havertys' sales firmed in the fourth quarter, helping the 104-store retailer to a 25% gain in earnings compared with the same period in 2000. Sales grew 7% to $187.8 million, with same-store sales up 1.9%. Net income came to $10.2 million. "The emphasis we have placed on margin improvement and efficient operations yielded stronger fourth-quarter earnings power," said Jay Slater, ...
-
AFMA to assess U.S. manufacturing
Greensboro, N.C.— The American Furniture Manufacturers Assn. will conduct two surveys this year to better understand where U.S. manufacturing stands in a marketplace that has seen better economic days and a steady increase in imports. Farooq Kathwari, chairman and chief executive officer of Ethan Allen and this year's AFMA president, told an audience at the AFMA Marketing Division meeting...
-
Broyhill taps two execs
LENOIR, N.C.— Broyhill has named David Jetton as vice president of Broyhill Retail Concepts, with responsibility for development and support of the full-line manufacturer's dedicated distribution programs. He replaces James "Mac" McCall, who has been named vice president of international and contract sales.
-
Fenstermacher joins F/T
High Point— Susan Fenstermacher has joined Furniture/Today as a regional advertising sales manager for the northeastern United States and eastern Canada. She had been a sales associate for Home Textiles Today, a sister publication of Furniture/Today in New York. Previously, she was a research analyst and sales associate for Davenport & Co.
-
VanFarowe starts sales agency
Louisville, Ky.— Robert VanFarowe has resigned as vice president of sales for case goods manufacturer and importer DMI Furniture to launch a sales agency, Robert VanFarowe & Associates. He will continue to work with DMI, representing its DMI Desk Co. and Wynwood divisions to select accounts.
-
Beaulieu to sell rug division to Springs Inds.
Fort Mill, S.C.— Beaulieu Group has agreed to sell its rug division to textiles giant Springs Inds. for an undisclosed price. Beaulieu, whose rug sales are estimated at slightly under $100 million annually, and Springs said they have signed a letter of intent, and expect to close the deal this month.
-
Schneiderman's will unveil first superstore, sets lifestyle display
Lakeville, Minn.— Schneiderman's Furniture will unveil its newly expanded superstore here on March 7. At 90,000 square feet, the Lakeville store is more than 50% bigger than any of the company's eight other units. The additional space was created when the company last year moved its Twin Cities distribution center to a 110,000-square-foot facility in Burnsville.
-
New owner reopens 29 Krause's stores
Brea, Calif.— The new owner of Krause's Furniture has reopened 29 stores in the past two months and is beginning to stock them with a more permanent assortment of goods. Krause's had been selling special-purchase merchandise from Lane, Stanley and other resources, along with goods it was clearing out of its own factory here.
-
McKee leaves Home Co. for Henredon; McDonough takes over as Home's CEO
Dallas— Longtime retailer Steve McKee has left the three-store Home Co. here to join Henredon as executive vice president of sales and marketing, a new position at the high-end manufacturer. He reports to Mike Dugan, Henredon president. "I can't tell you how pleased I am that he is coming on board," Dugan said.
|
|
|
