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Furniture|Today -- 04/28/2003
Bedding Today
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Retailers offer thoughts on closing buying gap
My column on bedding's big buying gap appeared in our April 1 issue, but that gap is no April Fool's joke. It's actually a $2.5 billion problem. When 28.5% of the consumers who shop for bedding fail to buy, we as an industry are missing literally $2.5 billion in lost bedding sales, based on the data turned up in some comprehensive consumer research by Furniture/Today.
Business Today
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Ethan Allen earnings drop 49.2%
Danbury, Conn.— Full-line manufacturer and retailer Ethan Allen reported fiscal third-quarter sales of $224.6 million, off 1.5%, and net income of $11.7 million, down 49.2%. Previously announced pretax charges of $13.2 million for plant closings contributed to the plunge in net income. Excluding the restructuring and impairment charges, net income dropped 13.
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FBI posts sales, income decreases in 1Q
St. Louis— Full-line manufacturer and importer Furniture Brands International reported first-quarter sales of $613.8 million and net income of $29 million, decreases of 3.2% and 11.4%, respectively, from last year's first three months. "As expected, business conditions in the first quarter of 2003 continued to be challenging," said Mickey Holliman, chairman, president and chief executive.
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Havertys sales flat, earnings off 27.2%
Atlanta— Flat sales and higher costs resulted in a 27.2% earnings decline for furniture retailer Havertys in the first quarter. The company reported a profit of $4.9 million on sales of $175.4 million, which were up just 0.2% from the same quarter of 2002 as same-store sales declined 6.6%. "For the first quarter of 2003, we experienced a continuation of the softer sales trends we had seen...
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Chromcraft Revington in black; sales slip 18.7%
Delphi, Ind.— Furniture manufacturer Chromcraft Revington said first quarter sales dropped 18.7%, but the company reversed a net loss from last year's first quarter by chalking up income of $2.2 million. The net income figure, which amounts to 52 cents per fully diluted share, was at the high end of earnings projections issued by the company several weeks ago.
Insider's View
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Taking store deliveries to new heights in Miami
Every few years, The Wall Street Journal runs an article about how long it takes to get furniture. Some six or eight years ago, one of the paper's writers noted that it took nearly 10 months to get her new sofa. The article was highly critical, so I called her and found out she'd ordered a high-end, fully customized, to-the-inch sofa.
News
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Federal furniture caucus idea floated
High Point— Two North Carolina congressmen are leading an effort to establish a Congressional Furnishings Caucus they hope will bolster the fortunes of domestic furniture manufacturers. The two, Reps. Howard Coble and Mel Watt, sent a letter to several colleagues asking them to become founding members of the caucus.
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Ethan Allen to show new store design, line
Danbury, Conn.— Manufacturer and retailer Ethan Allen plans a special dealer conference at its Alpharetta, Ga., store June 19–20 to introduce its dealers to the company's new store design. Also on display at the Atlanta-area store will be a new product line, a 30- to 40-piece group of casual country case goods, upholstery and accents, a move to strengthen the company's assortment of...
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La-Z-Boy taps Sheets to direct manufacturing
Monroe, Mich.— Michael Sheets has been named director of manufacturing at La-Z-Boy, and former Bassett executive Steve Rindskopf has been appointed corporate vice president of human resources. Sheets will manage operations of the manufacturing and industrial engineering departments at La-Z-Boy's eight U.
- Obituaries
Norman Simpson, industry veteran
Hickory, N.C.— Norman Reece Simpson, a home furnishings sales representative and executive for 32 years, has died. He was 61. Simpson began his career in the furniture industry as a sales representative for De-Soto Furniture, where he later became national sales manager of the upholstery division.
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Rental conference set for May
Las Vegas— The rent-to-rent industry's "big three" — top executives at Cort Furniture Rental, Brook Furniture Rental and Aaron Rents — will face their peers at the International Furniture Rental Assn.'s annual conference here in May. The three executives, Paul Arnold of Cort, Robert Crawford of Brook and Charlie Loudermilk of Aaron, will report on the industry's growth outlook...
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Brown joins Renner Sayerlack
High Point— Clyde Brown has joined Renner Sayerlack, the Brazilian furniture coatings supplier that recently opened an office here, as color stylist. While he'll work exclusively with the company, which initially hopes to help U.S. companies sourcing in Brazil, Brown will remain an independent contractor, a capacity he's worked in since 1998.
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Italian Leather Seating signs Vegas lease
Las Vegas— Italian Leather Seating, whose brands include Calia, DeLuca and the Casapelle warehouse program, has signed a lease agreement to show in the World Market Center here. The company did not reveal how much space it will lease in the WMC, the home furnishings showroom building under construction here.
- Bedding Benchmarks
Kingsdown gives $100K to hospital
Mebane, N.C.— Kingsdown has made a $100,000 contribution to Duke University Medical Center in Durham, N.C. "During just the past two years, Duke University Medical Center has enhanced the lives of many of our employees, including four senior executives," said Eric Hinshaw, chairman and chief executive officer of Kingsdown.
- Bedding Benchmarks
Bemco's electronic ad efforts roll on
Des Plaines, Ill.— The advanced technology of electronic publishing has changed the way Bemco Associates does business, and in a way that benefits the company's retailer base. Bemco's electronic publishing program began in 1993, when President Daryl Tarbutton recognized the importance of increasing his knowledge of computerized prepress/press operations to support the company's advertisin...
- Bedding Benchmarks
Akers joins Restonic marketing panel
Rosemont, Ill.— Restonic Mattress Corp. has appointed Ken Akers to its National Marketing Committee. Akers, whose broad background includes retail experience, currently manages Restonic's Toledo, Iowa, factory. Akers said he is honored to join the committee of veteran Restonic executives and looks forward to helping steer the company's marketing efforts on the national level.
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Few sparks fly at bedding fire-safety hearings
Diamond Bar, Calif.— Tough new open-flame mattress standards proposed in California would make bedding less affordable to consumers, shut down some California mattress producers, and burden the bedding industry, speakers said at a public hearing here last week. More than a dozen speakers took the podium at the second of two hearings by the California Bureau of Home Furnishings, which has ...
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Sears promotes Meads
Hoffman Estates, Ill.— Sears has named Mindy Meads executive vice president, soft lines, replacing Kathryn Bufano, who has left the company. Bufano joined Sears in January 2002 in the new post, which was designed to revitalize Sears' soft lines business, which includes home fashions lines such as mattresses and area rugs.
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SARS leads to caution
High Point— Furniture manufacturers and retailers are finding new ways to do business in the face of the SARS virus in Asia. The Severe Acute Respiratory Syndrome threat, which originated in southern China — home to many furniture factories — has forced semi-frazzled executives to rely more heavily on digital imaging, conference calls and airfreight deliveries in lieu of visit...
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Pier 1 vets building new chain
Palm Beach Gardens, Fla.— Three Pier 1 Imports veterans have opened their third Off Main Furniture store here, a new flagship for a concept they believe has the potential to become a national chain. The 26,000-square-foot store is Off Main's largest, with a 16,000-square-foot showroom and a varied assortment from suppliers such as Hickory Hill, Cisco Bros.
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Creating a gateway for growth
Palm Beach Gardens, Fla.— All three owners of Off Main Furniture hail from Fort Worth, Texas-based Pier 1 Imports, where they had lengthy careers through 1999. Gerald Tidwell was with the Top 100 company the longest — 21 years — most recently as director of international visual merchandising, responsible for store design and the visual direction for all of Pier 1's internation...
Opinion Today
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Keep us in the loop, and not just at market
Now that the dust has settled from market, I hope you've had a chance to evaluate how close you came to meeting your objectives. Don't be too hard on yourself if you didn't get to everything on your hit list. The odds are stacked against you if you play that kind of numbers game. Face it: No exhibitor ever sees every buyer he or she hopes to see.
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How to stay in the pink of fashion
If you subscribe to the theory that trends surf back and forth between home furnishings and apparel, you'd better start looking at the fashion pages of local newspapers. These publications are better harbingers of what's coming in consumerland than the glossy fashion magazines that thrive on the outrageous.
People Today
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Brown Jordan promotes 2 in marketing department
Pompano Beach, Fla.— Casual and contract furniture producer Brown Jordan International has made staff changes in its Marketing and Product Management Department. Bill Brown, former vice president of retail sales, Central region, has been promoted to vice president of product management. He replaces Mark Gorr, who has resigned to pursue other interests.
- People on the Move
People on the Move
Executives LBC Advertising Scottsdale, Ariz. — Sean Hanish has been named president of LBC Advertising. He formerly was senior vice president, executive creative director for the agency, and was responsible for creating and directing award-winning commercials for Robb & Stucky, Karastan and American Leather.
Special Report
- Retailer Profile
Bloomie's blends East and West
New York— Bloomingdale's looked around the design world of home furnishings this year and saw a major statement in the meshing of Asian, European and contemporary influences. "When we started to identify trends, we felt we needed a significant Asian-inspired core. And looking further we found we had a list of Asian influences on our furniture floor already," said Joe Laneve, senior vice p...
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New TV formats spark creativity
High Point— The latest generation of video electronics is reshaping entertainment furniture — literally. Driven by the rapid growth of high-definition television, rear-projection sets, widescreen formats and flat-screen monitors, furniture producers have developed an expanded menu of television stands and home-theater centers.
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Hooker expands lineup of flat-screen solutions
Martinsville, Va.— Hitting the entertainment category hard, Hooker Furniture is particularly focused on flat-screen furniture solutions because that's the direction its target market is heading. At the April market, Hooker unveiled three new systems for displaying flat screens based on the results of its consumer research, which showed that higher-income consumers are ready to splurge on ...
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Widescreen TVs gaining momentum
High Point— Electronics experts say widescreen televisions, which require wider cavities in entertainment centers, will account for a major chunk of the television market over the next several years. Flat-screen monitors, in spite of their relatively poor picture quality, will grab a rapidly increasing but still minimal share, predicted Greg Tarr, executive editor of TWICE, a trade newspa...
Store Openings
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La-Z-Boy adds Chicago, Louisville units
Monroe, Mich.— La-Z-Boy Furniture Galleries stores have opened in the Chicago metro area and in Louisville, Ky. The Bloomingdale, Ill., store is the fourth unit launched recently in the Chicago area. La-Z-Boy Furniture Galleries have opened in the past six months in Gurnee, Naperville and Crystal Lake.
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Lexington launches nine galleries
Lexington, N.C.— Lexington Home Brands has opened nine galleries at eight dealers who have joined the Lexington Home Retail program. Bacon's Furniture in Port Charlotte, Fla., has just completed a 25,000-square-foot addition to its store which includes a 10,000-square-foot LHB gallery. Bill Bacon is president of the store.
Supplement
- Global Textiles Today
Proposte and Scoperta product intros
Company name (Source country, exhibition venue) Acotex Velouta (Belgium, Scoperta) Introducing a line of multi-color jacquards. Algemene (Belgium, Proposte) Introductions focus on a direction away from chenilles to new structures, simple patterns, natural colors and tweeds. Alhambra Internacional (Spain, Scoperta) Introducing 11 collections, including Gallery, an overscale flower print of cotto...
- Global Textiles Today
Fresh fabrics feature happy colors, nature
Cernobbio, Italy— Animal, vegetable, mineral — the entire natural world is represented in the color directions at this May's Proposte fabric show and at Scoperta in neighboring Chiasso, Switzerland. The days are probably over when a single, signature color is the "hot" thing at an upholstery fabric fair, but color itself continues to be the fabric watchword — fresh, happy, upl...
- Global Textiles Today
Trend-setting on Italy's border
Cernobbio, Italy— Proposte is considered a pearl among fabric trade shows not only because of the carefully restricted size and beauty of its venue on Italy's Lake Como, but also because it sets trends in furnishings fabrics. Consequently, buyers are gathering here in May for the 11th edition of the show, which includes 109 exhibitors, despite unprecedented uncertainty related to global p...
- Global Textiles Today
Creativity sparks sales
Cernobbio, Italy— The business of producing fabrics for upholstered furniture and other home furnishings goes on despite weak economic conditions, geopolitical unrest, the mysterious SARS contagion and questionable trade practices. Competition from low-cost producing countries in the Far East continues to pressure price points for many fabric producers elsewhere, such as the United States...
- Global Textiles Today
Grand Hotel exhibitors
Cernobbio, Italy— Not all the exhibitors introducing new product in the Lake Como area are at the Proposte and Scoperta shows. Some are setting up shop in local villas and hotels, including Loomcraft Tessuti at the Hotel Centrale and a number of other companies at Grand Hotel di Como. A shuttle is provided between the Grand Hotel and the entrance to the Villa Erba grounds.
- Global Textiles Today
Floral flourishes
Bon Drap Amar is a cotton and polyester blend from the Feelings collection. Davol Claremont features a subtle high-yield pattern on a blend of polyester, polypropylene, acrylic and cotton. Interfabrics A lush collection of flora defines Valkiria, a silky soft chenille of rayon and polyester. Milenio Delicate vines unite Arzua, Arteixo and Alfoz, jacquard coordinates of viscose and polyester.
- Global Textiles Today
Simple statements
Audejas A beautifully colored textural plain, Tomas showcases soft, nubby yarns. Castilla Viena sports plush chenille and vibrant color in plain, floral and striped versions. Crevin Star is an ultra-microfiber chenille with a distinctive look from new technology. Ratti Organic leaf shapes dot the surface of Mohair Velvet, a strong, beautiful blend of mohair and cotton.
- Global Textiles Today
Geometric rhythm
Acotex-Velouta Subtle contemporary patterns dress up the raw silk look of Formosa 8917, a highly textured blend of polyester and polypropylene. Saiatex Monterey and Oakland are luxurious chenille jacquard coordinates from a collection called California. Girmes Fashionable colors are showcased on Manila, a two-color, piece-dyed velvet corduroy of polyester.
- Global Textiles Today
Novel approaches
Alhambra Internacional Mediterranean-inspired colors beam from Gallery, a glorious and gigantic sunflower print on polyester and cotton. Aznar Textil A playful pattern under the Enza brand, Basico's graceful construction is cotton and polyester. Loomcraft Tessuti Style 38448 is a finely woven, drapeable, laminated raffia available in two dozen colors and suitable for a variety of applications.
Up Front
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Palliser plans about 30 EQ3 stores
Winnipeg, Manitoba— Furniture maker Palliser could roll out as many as 30 freestanding EQ3 stores across North America this year, all based on a new prototype unveiled at the April market. The first two stores, slated to open by late summer, will be in San Francisco and Edmonton, Alberta. Both will be owned and operated by independent retailers.
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No incentives to manufacture in U.S., industry tells Commerce Dept. official
High Point— Furniture and textile executives told a U.S. Department of Commerce official last week that there are almost no incentives for manufacturing in the United States, but plenty elsewhere. And they aren't at all happy about it. Their comments were part of a field hearing conducted by Grant Aldonas, undersecretary of international trade for Commerce on manufacturing issues and conc...
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Sleep Fair/Mattress Warehouse in Ch. 11
Akron, Ohio— Westco Group, parent company of Top 100 store Sleep Fair/Mattress Warehouse, has filed for Chapter 11 bankruptcy protection. Westco, which has 61 company-owned and franchised sleep shops in seven states, is the second major bedding specialty chain to seek bankruptcy protection recently.
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DiPaolo retires from IHFC
High Point— Bill DiPaolo, longtime vice president and leasing director at the International Home Furnishings Center, has retired from his day-to-day duties at the downtown showroom complex. DiPaolo, who has worked at the IHFC for more than 20 years, remains available to assist the staff as a consultant, said Bruce Miller, the building's vice chairman and chief executive officer.
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Legal issue could stall Calif. flame regs
Diamond Bar, Calif.— A legal issue apparently has the potential to derail California's push to put new mattress flammability standards into effect on Jan. 1. It appears that California officials will be required to file what one expert referred to as an "exemption from pre-emption" with the U.S.
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Joan enters fabric joint venture in China
Tyngsboro, Mass.— Joan Fabrics and The Cha Textile Group of Hong Kong have signed a letter of intent to form a joint venture company in mainland China for the manufacture of jacquard flat goods. The products, primarily for the home furnishings market, will be made in China for distribution worldwide.
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Nicotera to join Big Lots
Columbus, Ohio— Industry veteran Mike Nicotera will join fast-growing furniture retail powerhouse Big Lots here on May 5 as vice president and divisional merchandise manager for furniture, bedding and rugs. Nicotera, who has worked on both the retail and supplier sides of the furniture business, is leaving Florida department store chain Burdines, where he has been vice president and divis...
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Joslyn leaves Master Design
Ontario, Calif.— Norman Joslyn has been released from his position as president of sales and marketing for case goods and occasional importer Master Design. Harry Lo, chief executive officer, said the decision for the change came after the recent High Point market. "We need a management team based in Ontario, and he could not move here," Lo said.
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Star Furniture hosts sneak peek
Sugar Land, Texas— Star Furniture last week gave industry leaders a pre-grand opening peek at its 10th store here and a chance to mingle with legendary investor Warren Buffett. The 100,000-square-foot store in this Houston suburb showcases several new display techniques for the retailer. It also is among the first to premier Bernhardt's Martha Stewart Signature Collection, The Jaclyn Smit...
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