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Furniture|Today -- 09/01/2003
Bedding Today
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Bedding makers see light at Karel's market in N.J.
Edison, N.J., which takes its name from a guy with a bright idea, is an illuminating place for a bedding market. Larry Karel, the impresario of drive-in markets, holds three of his shows there each year. The latest edition, held last month, attracted, among a host of furniture and accessories exhibitors, almost a dozen bedding producers — and one Furniture/Today editor.
Business Today
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Bestar's 2Q revenues down 11.6%; net loss cut
Lac-Megantic, Quebec— Ready-to-assemble furniture maker Bestar posted revenues in the second quarter of C$10 million, down 11.6% from C$11.3 million in the same period last year. The net loss was C$443,000, a slight improvement on last year's C$447,000 loss. The results were affected by two one-time occurrences — a pretax charge of C$275,000 related to restructuring efforts, and a p...
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Culp sales decline 14.3% in qtr.
High Point— Upholstery fabric and mattress ticking supplier Culp Inc. said sales in its first fiscal quarter ended Aug. 3 dropped 14.3% to $73.7 million, with a net loss of $411,000. Rob Culp, chairman and chief executive officer, said the net loss, which amounted to four cents a share, was less than the projected loss of six cents to 13 cents per share.
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Leon's 2Q sales up 4.3%, profits dip 7.6%
Toronto— Leon's, this country's No. 2-ranked furniture retailer, said second-quarter sales were C$106 million, up 4.3% from C$101.6 million in last year's quarter. Net income dipped 7.6% to C$6.5 million from C$7 million last year. In the first half, sales were C$197.9 million, a 0.9% gain over the C$196.
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Hudson's Bay boosts net earnings 10.6% in qtr.
Toronto— Retailer Hudson's Bay Co. said revenue in its second quarter was essentially unchanged from last year at C$1.7 billion, while net earnings climbed 10.6% to C$5.2 million from C$4.7 million in last year's quarter. Revenues for the first half ended July 31 also remained flat at C$3.2 billion, but the net loss soared from C$1.
Insider's View
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Dare we whisper it? Business is improving
Because our only daughter is expecting our first grandchild any day now, I didn't go to Nebraska Furniture Mart's grand opening in Kansas City, Kan. From all the reviews, it was my loss, and from all the photos and praise I have seen and heard, I was not missed. Actually, I may be the only person that didn't go.
News
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Serta converting to FR
Itasca, Ill.— Making a strong leadership statement on mattress fire safety, Serta said it will introduce a proprietary open-flame-resistant system in all 2004 product lines. The company's new FireBlocker system meets or exceeds existing and proposed open-flame regulations and will be offered on all Serta-brand products, including new Perfect Sleeper, Perfect Night and Masterpiece lines th...
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Upbeat Tupelo kindles hopes for fall
Tupelo, Miss.— Retail cash registers are starting to ring again, putting buyers in a better mood as they shopped the summer market here and boosting manufacturers' hopes for a more robust fall selling season. Many retailers said they had seen an uptick in furniture sales for several weeks, and that contributed to a flow of orders here.
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AFMA letter asks federal help for factories
High Point— The American Furniture Manufacturers Assn. is asking the federal government to take steps that would help U.S. furniture makers be more competitive in the global marketplace. In an Aug. 22 letter to U.S. Commerce Secretary Donald Evans, the trade group said actions should focus on promoting innovation and investment, reducing domestic production costs and leveling the internat...
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Tempe Ikea store on tap
Tempe, Ariz.— Swedish home furnishings giant Ikea plans to build a 342,000-square-foot store in this metro Phoenix community, a new market for the aggressively expanding retailer and one it can service from its distribution center in California. It's also eyeing several other sites in metro Boston now that plans for a store in Somerville, Mass.
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Imports group to meet at premarket
High Point— A meeting to organize furniture importers opposed to an antidumping petition against wood bedroom furniture from China will take place here the week of premarket. The Coalition to Oppose Duties on Chinese Wood Bedroom Furniture, or the Import Coalition, will meet for the first time Sept.
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Antidumping panel eschews threats
Galax, Va.— The 32-member Committee for Legal Trade, a group of U.S. furniture manufacturers planning to file an antidumping petition targeting wood bedroom furniture from China, said they won't respond in kind to reported threats of retaliation by offshore producers and importers. "Several suppliers have told us that the other side has threatened to cut them off if they give one penny to...
- Obituaries
Obituaries
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FIDX working meeting set for Sept. 19 in Charlotte
High Point— The next Furniture Industry Data Exchange working meeting is slated for Sept. 19 at the Airport Holiday Inn in Charlotte. On the FIDX agenda are modifications to some electronic data and document standards and a discussion of proposals for additional standards. Among the standards that could be modified are those for envelopes and catalogs.
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Two get Ireland positions
Bay Minette, Ala.— Maxine Campbell has joined the creative team and Jason Ochs has been promoted to national accounts manager at Kathy Ireland Home by Standard. Campbell, who was a print and textile designer for Burlington Inds.' bedding division, is responsible for merchandising and product development for Kathy Ireland Home.
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Woolrich, OWA ready rug lineup for October
Woolrich, Pa.— Woolrich is teaming with Oriental Weavers of America on a licensed line of rugs to debut at the October High Point market as part of the new Woolrich Home Furnishings Collection. Woolrich, which has made apparel and other products for outdoor enthusiasts since 1830, is collaborating with several companies to design and distribute a licensed line of furniture, rugs and other...
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AFMA sets Sept. workshop on Canada customs
High Point— Manufacturers planning to ship home furnishings into Canada can learn about Canadian customs requirements at a one-day workshop to be conducted by the American Furniture Manufacturers Assn. and the Canadian Customs Revenue Agency. "A thorough knowledge of import regulations, NAFTA and current compliance issues will help companies avoid unnecessary penalties for noncompliance,"...
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Corrections & Amplifications
A photo caption on page 17 of the Aug. 25 issue incorrectly identified product in the new Nebraska Furniture Mart in Kansas City. The photo featured a Natuzzi leather sectional and a fabric and wood ottoman from Sam Moore in the store's leather gallery.
Opinion Today
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It's not all low-end stuff at new No. 1 Wal-Mart
Ask most consumers to rattle off the names of some of America's largest furniture retailers and you are likely to hear them mention Rooms To Go, Ethan Allen, Levitz, La-Z-Boy, Ikea and the like. What you probably wouldn't hear them mention are the boys down in Bentonville. And that, my friend, would be a shame, considering that Wal-Mart has emerged as the largest furniture and bedding retailer ...
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Decorating divas get ready to duel
Welcome to the world of dueling decorating divas. Where Martha Stewart once was the only game in town, with almost limitless access to stores via Kmart and her own Signature product lines, we now have Chris Madden and Jane Seymour, who have signed on to do, and promote, home furnishings lines for JCPenney and Saks department stores, respectively.
Special Report
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Furniture stores' share slipping
High Point— "Where have all the flowers gone?" Change flowers to sales in the 1960s-era song and the result might be furniture stores' theme in 2003. It's not that consumers haven't been buying. Consumer spending for furniture and bedding has risen steadily (with a small blip in 2001), if slowly, since 1997 — up 26% in the five-year period.
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Vendors identify fastest-growing channels by product
Percentage of producers naming channel as one of the fastest-growing by specific product category. All responses were weighted by manufacturers' shipment volumes in each product category.
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Behind the numbers
Furniture/Today market research estimated the percentage of furniture and bedding sales through each distribution channel using a variety of sources, including the Census of Retail Trade, estimates made by Jerry Epperson at Mann, Armistead and Epperson, discussions with other industry analysts, reports by public companies to the Securities Exchange Commission as well as Furniture/Today's own ra...
- Market Report
Upholstery makers eager to stoke fall uptick
Tupelo, Miss.— Stationary upholstery makers are gearing up for what they hope is an improving second half, and the breadth of their offerings here was an indication of their hopefulness. Promotions, closeouts and market specials were abundant. Several manufacturers were shoring up their lower price points, particularly $399 retail, offering stepped-up introductions as a prelude to High Po...
- Market Report
Leather resources tout warehouse programs
Tupelo, Miss.— Leather upholstery sources described the summer market here variously as one of the slowest in years, as being busier Wednesday than Friday, as being overrun by lollygagging locals. But business was getting done. Seeing a brightening economy, leather producers are looking for an upswing in retail sales this fall, and sought to prime the pumps with warehouse and container pr...
- Market Report
Wood buyers more upbeat; orders still shallow
Tupelo, Miss.— Buyers' attitudes have improved lately, but they're still hesitant to make long-term commitments, say case goods exhibitors at the market here. Those shallower ordering patterns are forcing importers and domestic manufacturers to focus on flowing product in amounts their customers can easily digest.
- Market Report
Exhibitors argue pros, cons of antidumping bid
Tupelo, Miss.— A pending antidumping petition targeting wood bedroom furniture from China elicited a range of responses, at times emotional ones, from market exhibitors here. Larry Rinaldi, vice president of sales and marketing at importer AICO, said as an American he feels for U.S. workers. But he said the petition proposed by a group of U.
- Market Report
Motion execs set for better times
Tupelo, Miss.— Fall is typically a season of brisk sales for motion furniture, and the season couldn't be coming at a better time for makers of recliners, glider rockers and reclining sofas. Nearly all of them have been experiencing soft business conditions of late, but as they showed off their newest wares at the furniture market here, executives remained optimistic that better times are...
- Market Report
Boys don't quite rule, but close the gap
Tupelo, Miss.— Youth furniture geared for boys is growing in importance, as evidenced by the number of rugged introductions here. Girls' styles, such as white finishes with ribbon and bow images, typically lead youth sales, but the surge in multi-function bed systems is bringing the two genders closer together.
- Market Report
Wogie Badcock given buyer award
Tupelo, Miss.— The Tupelo Furniture Market honored Wogan "Wogie" Badcock III, great grandson of the founder of retailer W.S. Badcock Corp., with its National Buyer Appreciation Award at the summer market here. Badcock is chairman of the board and executive vice president of government and public affairs for the family-owned, full-service home furnishings retailer, based in Mulberry, Fla.
- Market Report
Tupelo honors Mueller with rep award
Tupelo, Miss.— Bud Mueller, who has been a part of the furniture industry for 57 years and came out of retirement in 1999 to help revive a company, won this market's Manufacturers' Rep award from the Tupelo Furniture Market Assn. Mueller, 78, has been working most recently with Advantage Furniture by Lucky Star Inds.
- Market Report
Buyers eat up casual dining
Tupelo, Miss.— Casual is king in Tupelo, and casual dining producers weren't disappointed. Introductions followed current trends, such as relaxed styles, distressing and rubbed-through finishes, although some companies pushed the envelope with innovative mixtures of looks and materials. Traffic was very good this market, said Dave Shock, Cramco national sales manager, especially Wednesday...
- Market Report
Jaclyn Smith loves eclectic mix
Tupelo, Miss.— Actress and designer Jaclyn Smith wants to be more than a name on a furniture line. She's determined to introduce the public to classics she has admired for years, many of them pieces in her own home. Speaking with buyers in the Largo showroom here, Smith said, "I've been a collector since I was a young girl.
- Market Report
Rain delays Building VI construction
Tupelo, Miss.— Rainy summer weather has delayed construction of the latest Tupelo Furniture Market expansion, and the new building may not be ready next February as planned. Furniture market Chairman V.M. Cleveland said an unusually wet summer has delayed earth-moving work, putting the 300,000-square-foot project behind schedule.
- Financial Scorecard
Sales, earnings increase for most
High Point— Successfully negotiating through an up-and-down economy, most of the industry's publicly held companies improved their financial performance in the latest fiscal years. It wasn't easy. Revenue gains were small for most, and several companies were grappling with the shift in demand from American-made products to imports.
- Financial Scorecard
How the numbers were compiled
This year's edition of Furniture/Today's annual scorecard is based on data from public documents and was computed by Senior Research Specialist Janice Chamberlain and Database Coordinator Cynthia Myers. The scorecard was compiled under the direction of Director of Market Research Kay Anderson.
- Financial Scorecard
Flexsteel posts biggest gains among June-year cos.
High Point— Ethan Allen's sales dropped slightly and its earnings declined 8.4% in the fiscal year ended June 30, but the company remained one of the industry's most profitable. The manufacturer and retailer was one of three companies with fiscal years ending in June, too recently for them to file complete financial reports and to be included in other tables in this report.
Up Front
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Congressmen stress support of U.S. factories
High Point— Two members of Congress from North Carolina want to support U.S. furniture makers with a combination of trade protection, tax breaks and a loosening of regulations that hinder expansion of domestic manufacturing operations. Reps. Mel Watt and Howard Coble spoke to about 60 business leaders at a luncheon here last week.
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Stanley splits into adult, youth segments
Stanleytown, Va.— Case goods manufacturer and importer Stanley Furniture is reorganizing its collections and youth business under separate identities. The newly created Stanley Collections segment includes bedroom, dining room, home entertainment, accent tables and home office. Young America, already a registered trademark of Stanley, will produce and market youth furniture under its own ...
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Universal to pioneer upholstery from China
High Point— Import pioneer Universal plans to launch a full-fledged upholstery division early next year, with fabric and leather goods sourced from China. The initial offering will include 10 to 12 midpriced groups in exposed-wood and fully covered designs. President and Chief Executive Officer Harvey Dondero said the company will show some frames to certain dealers after the October market.
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Nichols & Stone readies line
Gardner, Mass.— After holding its cards close to the vest on a new licensed Williamsburg collection, case goods manufacturer Nichols & Stone will come to High Point premarket ready to take orders. Rather than use premarket as a time for tweaking, the company plans to show the line in its entirety and ready for sale, and by appointment only to selected retailers.
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Lou Paige joins King Koil
Hinsdale, Ill.— Bedding veteran Lou Paige has joined King Koil as vice president of sales and business development, a new position. Paige, who has held executive posts with Serta Inc. and Restonic, reports to Dave Roberts, King Koil's executive vice president. Roberts said Paige will help King Koil maintain its momentum.
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Johnston/Tombigbee hires Jim Fleming
Columbus, Miss.— Former retailer Jim Fleming has joined case goods maker Johnston/Tombigbee Furniture Mfg. Co. as vice president of sales. The post had been vacant for over a year. In addition to heading JTB's sales effort, he will play a key role in product development. Fleming was the longtime owner of Fleming Fine Furniture in Memphis, Tenn.
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Keller will close plant
Corydon, Ind.— Case goods manufacturer Keller will close its plant here and consolidate all manufacturing operations at its plant in New Salisbury, Ind. The 203,000-square-foot New Salisbury facility also will house Keller's corporate headquarters. Both New Salisbury and the 236,681-square-foot Corydon plant make similar furniture, said Keith Williams, president and chief executive officer.
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Vegas building to begin
Las Vegas— Developers of the World Market Center here say construction is expected to start this month, later than the previously announced August start date but soon enough to keep the project on schedule for its first furniture market in January 2005. "We are still on track and on schedule," said Shawn Samson, co-managing partner in the $1 billion, 7.
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