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Furniture|Today -- 10/07/2002
Bedding Today
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Bedding again leads list of high-profit products
Attention, please. Bedding 101 is now in session. According to the Furniture Store Performance Report 2002, which my favorite weekly furniture newspaper published in its Sept. 16 issue, which product category had the highest gross margin? And the answer is ... area rugs! Area rugs? Well, I hate to be the bearer of bad news, but area rugs had a median gross margin of 47% and ranked No.
Business Today
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Setting stage for price cuts
Danbury, Conn.— Ethan Allen's fall catalog opens with this message from Farooq Kathwari, chairman and chief executive officer: "I am pleased to announce that we have taken a bold new step toward our goal of making decorating fun and easy by lowering prices on some of our most popular items. Constant innovations in our U.
Insider's View
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Recognizing change and leadership is good
I have always supported the American Furniture Hall of Fame because I believe that we, as an industry, need to recognize the changes we have made over the years, and those who lead us. Despite our industry's overall lack of self-confidence, we bring a huge value to the American consumer and create an environment of comfort and safety that supports love and family growth.
News
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Corrections & Amplifications
- Obituaries
Pier 1 founder Henderson
Fort Worth, Texas— Luther Henderson, former chairman and president of specialty retailer Pier 1 Imports, has died. He was 82. Henderson was Pier 1's chairman and president from 1966 to 1983 and its chairman from 1983 to 1985. He served the chain as a director and founder-chairman from 1985 until 1993.
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Bassett's 9.9% sales gain cuts 3rd quarter net loss
Bassett, Va.— A sales gain of 9.9% and better manufacturing performance helped Bassett Furniture Inds. narrow its net loss to $718,000 in the fiscal third quarter, compared with a $2.8 million loss in the same period last year. Sales rose to $78.4 million in the quarter ended Aug. 31 with a strong contribution from Bassett Furniture Direct stores and the addition of $2.
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Stocks move to Web site
High Point— Beginning with this issue, Furniture/Today's stocks page moves to the newspaper's Web site, www.furnituretoday.com. The graphic charting the stocks index, along with the week's NASDAQ and Dow Jones Industrials indices, is on page 4, with individual company results available on the Web site.
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Imports, efficiency boost Hooker profits
Martinsville, Va.— Hooker said third-quarter profits jumped to $3.2 million from $167,000 a year ago as increased shipments of imported products and improved operating efficiencies at U.S. plants helped the bottom line. Sales in the quarter ended Aug. 31 rose 8.1% from the same period a year earlier to $54.
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Cost Plus board approves stock buyback
Oakland, Calif.— The board of retailer Cost Plus has approved the buyback of up to 500,000 shares of its common stock. The company said management would determine the timing and amount of any shares repurchased. Cost Plus plans to fund stock repurchases with working capital, including cash or borrowings under its credit facility.
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Cone Mills affirms 3rd quarter earnings range
Greensboro, N.C.— Upholstery fabric supplier Cone Mills has reaffirmed its guidance for fiscal third-quarter earnings per share of 8 to 10 cents. The company also said it still expects earnings per share for the full year to be in the range of 20 to 25 cents. Cone said it is continuing to maintain adequate liquidity of $20 million to $25 million under its bank credit facility and is conti...
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Flame rules in limbo as Calif. bureau chief quits
Anaheim, Calif.— Pamela Rivette, chief of the California Bureau of Home Furnishings and Thermal Insulation, has resigned after a year on the job. Rivette has been the driving force behind the proposed TB 117 revision to California flammability standards for upholstered products. Her future plans are unknown.
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Wal-Mart's ambitious growth plan good news for RTA manufacturers
Bentonville, Ark.— In the best news in some time for flat-pack furniture makers that supply Wal-Mart, the retail giant said it is about to embark on its biggest building spree ever, adding as many as 210 Supercenters, which combine groceries with its more traditional discount fare. The growth, which also includes up to 45 Sam's Clubs and up to 25 Neighborhood Markets, is expected to take ...
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Bailenson, Spin to develop e-mail letters
Greensboro, N.C.— Two marketing firms, Bailenson Communications and Spin Communications, have formed a partnership to develop e-mail newsletter programs for home furnishings retailers and manufacturers. Bailenson is a New York-based newsletter specialist with a longtime presence in the home furnishings industry.
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Klaussner buys 2 chains
Asheboro, N.C.— Major manufacturer Klaussner has entered retail in a big way with the acquisition of Top 100 company Sofa Express and a second chain, Sofa Connection. Klaussner has expansion plans for the two chains, both of which eventually will adopt the Sofa Express name. With the move, Klaussner looks to build its distribution in territories where it currently has weak market penetrat...
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Ethan Allen: Another reinvention
Danbury, Conn.— Ten years ago, Ethan Allen set out to reinvent itself with a sleek new product line, a new store format that erased its quaint image, aggressive cost controls and even more aggressive consumer marketing. Since then, the company has more than doubled in size to $1.2 billion in sales, creating a model for vertically integrated manufacturing and retailing that a number of ded...
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High-end Shuptrine will fold
Troy, Mich.— Three-store Scott Shuptrine will close after liquidation sales, the apparent victim of tough times for high-end furniture merchants. The company, purchased in 1986 by the Van Elslander family, which also owns Top 100 store Art Van, began a going-out-of-business sale late last month at all stores to clear out about $21 million in high-end inventory, said Cathy DiSante, Art Van...
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Klaussner keeps hands off Jennifer chain despite 20% stake
Asheboro, N.C.— Klaussner's purchase of two sofa specialty chains isn't the first retail venture for the manufacturer. In 1997, the company invested $5 million in Woodbury, N.Y.-based Jennifer Convertibles for a nearly 20% stake in the sofa-sleeper and upholstery specialist. If Klaussner's role in the now 196-store Jennifer is any indication, it will be practicing a mostly hands-off owner...
Opinion Today
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The ups and downs of American brinkmanship
We Americans have a natural tendency to practice brinkmanship. We take chances. I think it's a natural result of the political freedom our forefathers designed for us, and the free nature of our founders, who left staid communities to float across thousands of miles of uncharted waters onto uncharted land.
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Can homegrown pride fight import competition?
Stand just outside the halls of the Promosedia chair show in northern Italy and you can throw a rock, or even spit an olive pit, into a cornfield that stretches for acres. The setting is symbolic of the Italians' connection to the land and their pride in homegrown products. But can that pride be a selling point? Organizers of the show have launched an effort to make it one.
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Mass customization is already here
I don't know how many of you caught the article in The New York Times last week about Lands' End and its custom-made jeans program on the Web. The key element of the story is that mass customization not only is a possibility, it's here now! In less than a year's time, Lands' End reports that 40% of total chino and jeans sales are coming from its Web site.
Special Report
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Market Square
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Union Square
High Point— The new Union Square showroom is located at 410 English Road, at the corner of English and Elm Streets. The ribbon cutting ceremony will be held Friday, Oct. 18 at 6 p.m. Manufacturers who will be exhibiting at Union Square this market include:
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Hamilton Market
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220 Elm
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Radisson Hotel
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200 Steele
Floor 1 Austin Horn Collection Ernest Hemingway Collection Kevin McPherrin International Prestige de France Selva America Woodland Furniture Bienenstock Furniture Library
- Financial Scorecard
Furniture/Today's annual scorecard
- Financial Scorecard
Industry profits take nosedive
High Point— Red ink flowed freely last year as a recession caught up with most of the furniture industry, according to Furniture/Today's annual analysis of publicly held companies. Many companies also made restructuring moves that led to big one-time charges — closing plants, adjusting inventories or writing off the debt of failed customers — all with adverse effects on the bo...
- Product Trends
New at market: Occasional
• All prices retail • In-depth stories on occasional introductions will appear in Furniture/Today's Oct. 14 issue • A.A. Laun Furniture IHFC M-238 American Drew IHFC C-926 Adding occasional groups to eight current case goods collections: About 50 total SKUs with both starting and step-up styles available, hitting $399 to $899 price points.
- Product Trends
New at market: Case goods
• All prices retail • In-depth stories on case goods introductions will appear in Furniture/Today's Oct. 14 issue • Acacia Traditions Ltd. HS 122 Aico IHFC G-777 American Drew IHFC C-926 Introducing four collections: Ampag Furniture & Wooden Products 1923 N. Main St. Ardley Hall 100 N.
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High-end motion business brisk
High Point— It may be presumptuous to conclude that upper-end motion furniture is recession-proof, but there's little doubt the product continues to move rapidly off retail floors, even as the rest of the industry suffers through its worst slump in a decade. Retailers say sales of reclining chairs and motion sofas with price tags of $1,000 to $2,000 and above have remained brisk, even dur...
- Financial Scorecard
Results vary for 4 with June year; Valspar sales, profits increase
High Point— Sales declined for four industry companies with fiscal years ending in June, but the effects on their profits varied. Earnings rose slightly for manufacturer-retailer Ethan Allen and significantly for upholstery maker Flexsteel, but declined for components supplier Knape & Vogt.
- Product Trends
New at market: Stationary upholstery
• All prices retail • In-depth stories on stationary upholstery introductions will appear in Furniture/Today's Oct. 14 issue • Ashley IHFC H-900 Bassett IHFC C-1200 Adding bullion to Simply Yours upholstery program. Benchcraft Uwharrie Road Revamped line of stationary products in the $599-$899 price points, with emphasis on seating softness, big arms and curved rails.
- Product Trends
New at market: Leather upholstery
• All prices retail • In-depth stories on leather upholsery introductions will appear in Furniture/Today's Oct. 14 issue • American Leather IHFC D-923 Ashley/Millennium IHFC H-900 The Home Environments rollout addresses the total home with six fully developed collections. Living room, dining room, bedroom, lamps as well as Ashley's newest accessory category — area rugs &...
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Tower Market Square
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C&D Bldg.
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Hamilton Square
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Plaza Suites
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International Pavilion
High Point— Merchandise Mart Properties Inc. is opening a new International Pavilions at Plaza Suites for the fall International Home Furnishings Market. The International Pavilions, with a combined showroom space of 18,000 square feet, feature product from Europe, Asia and Africa, which has not previously showing in the United States.
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Showplace
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Suites at Market Square
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Int'l Home Furnishings Ctr.
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Nat'l Furniture Mart
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Furniture Plaza
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Radio Bldg.
- Product Trends
New at market: Home entertainment
• All prices retail • In-depth stories on home entertainment introductions will appear in Furniture/Today's Oct. 14 issue • Aico IHFC G-777 Altra Furniture 401 S. Wrenn St. Archatrive MS 260 Carey More Designs IHFC Interhall 147 Concordia Furniture 110 W. Commerce St. Creations Mfg.
- Product Trends
New at market: Youth
• All prices retail • In-depth stories on youth furniture introductions will appear in Furniture/Today's Oct. 14 issue • Altra Furniture 401 S. Wrenn St. Bassett Furniture IHFC C-1200 Canwood Furniture 220 Elm, 216 Eventually, the Whistler collection will have 20–25 models. CYM Furniture MOG 406 Expanding juvenile bedrooms.
Store Openings
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La-Z-Boy opens in West L.A.
Los Angeles— A 20,000-square-foot La-Z-Boy Furniture Galleries store has opened in West Los Angeles, the ninth La-Z-Boy store owned by John and Barbara Walz. Mike Rowley is general manager of the newest location. The Walzes also own stores in Torrance, Northridge, Cerritos, Costa Mesa, Lake Forest, Irvin/Tustin, Yorba Linda and Anaheim, Calif.
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La-Z-Boy Youth Collections installed in Mo., Wis. stores
Greensboro, N.C.— Lea Inds., a La-Z-Boy company, has opened two La-Z-Boy Youth Collection installations in Missouri and Wisconsin. Gerondale's Home Furniture in Green Bay, Wis., has installed a 2,500-square-foot Youth Collection in its 25,000-square-foot store. Bruce Gerondale is the owner/operator and Jane Aulik is the store manager.
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Gladhill Furniture adds 2nd unit
Rockville, Md.— Gladhill Furniture has opened its second store here on Rockville Pike. The 25,000-square-foot showroom features such brands as Pennsylvania House, Lexington, Henredon, Bernhardt and Harden. The store was designed by GRID2 International of New York. Jim Nicholson is president of the 87-year-old company.
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Furniture Palace debuts La-Z-Boy Youth Collection
El Centro, Calif.— Furniture Palace has opened a 1,200-square-foot La-Z-Boy Youth Collection area in its 18,000-square-foot store here. Judith Preciado is owner of the 11-year-old retailer, located in the city's downtown plaza. The gallery features kids furniture from La-Z-Boy subsidiary Lea.
Up Front
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Drexel Heritage to enter Phoenix with three stores
Scottsdale, Ariz.— A leading Thomasville retailer will open three Drexel Heritage stores in the Phoenix area beginning next year, the manufacturer's first dedicated stores in that fast-growing market. Shupei Chiao, managing director of Thomasville Home Furnishings of Arizona, will open the first Drexel store here in first-quarter 2003.
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River Oaks closes Mississippi factory
Tupelo, Miss.— Promotional upholstery producer River Oaks, which never quite found its niche after emerging from Chapter 11 bankruptcy with new owners in 1998, has closed its plant in Baldwyn, Miss., laid off its 150 workers and ceased production. Four people remained at the executive office here "closing out the books," said an unidentified woman who answered the telephone last week.
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Port troubles threaten market-bound product
High Point— A lockout of dockworkers at West Coast ports could have severe consequences for exhibitors of imported goods at the October market. Even if the ports resume operation, the backlog of ships waiting to unload could prevent product slated for High Point showrooms from arriving in time.
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Vaughan hooks Orvis license for outdoors-theme collection
Galax, Va.— Case goods and upholstery manufacturer Vaughan has landed fishing tackle legend Orvis for a new licensed collection, Orvis Home. The collection, to debut at the October market, will reflect a country lifestyle steeped in the outdoor sporting heritage of Orvis. Orvis, founded in 1856, specializes in high quality fly-fishing tackle, wing-shooting clothing and shotguns, as well a...
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Bernhardt promotes 3, hires 1
Lenoir, N.C.— Bernhardt has promoted three executives in its residential case goods division and has named recently hired Tom Halvorsen vice president of residential case goods sales. William Collett, who was director of case goods merchandising, has been promoted to vice president of case goods merchandising.
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Joan Fabrics acquires Mexico mill
Tyngsboro, Mass.— Elkin McCallum, chairman of Joan Fabrics Corp., has signed an agreement to acquire Industrias Texel S.A. de C.V. in Tlaxcala, Mexico, his first mill outside the United States. The woven jacquard fabric mill produces fabrics for the decorative markets in Mexico "and will enable us to offer our U.
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Stocks page shifts to Web
High Point— Furniture/To-day is moving its stocks coverage into the electronic age. The stocks table, a fixture on our inside back cover for years, has been dropped and a stocks page has been initiated on our Web site at www.furnituretoday.com. This will give readers quicker access to current stocks information, which has been at least several days old by the time the print edition reache...
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Stanley names Haney EVP
Stanleytown, Va.— Stanley Furniture has named rug industry veteran Phil Haney executive vice president of marketing and sales. Haney had been with Karastan for 26 years and in August was named president of Karastan Rug and Home. Bill Storey, a 15-year veteran of Karastan and most recently vice president of sales and national accounts for area rugs, has been named to run Karastan Rug and H...
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Discounters wins extension
Upper Marlboro, Md.— Bedding retailer Mattress Discounters has extended so-called "standstill agreements" with its secured lenders and note holders while it continues to explore a financial restructuring. The retailer, struggling financially for more than a year, said the agreements are now set to expire today but will be automatically extended if negotiations are successfully concluded w...
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