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Furniture|Today -- 03/08/2004
Bedding Today
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Bloomie's reveals dark side, makes starry pitch
Leave it to a trendy New York department store to make a bold and surprisingly dark statement in mattress retailing. Bloomingdale's, which modestly proclaims that it's "like no other store in the world," turns the lights down oh so very low in its bedding department at the company's flagship store on Lexington Avenue in the Big Apple.
Business Today
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Sealy 2nd half stronger
ARCHDALE, N.C.— Despite a successful product launch that helped boost second-half business, bedding major Sealy Inc. said sales essentially were flat in its 2003 fiscal year. The company said the launch of its revamped Sealy Posturepedic line at mid-year failed to offset the difficult business climate that existed earlier in the year.
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Foamex cuts loss in 4th. qtr.
LINWOOD, Pa.— Foam products supplier Foamex reported a 3.7% sales decline and a $3.5 million net loss in the fourth quarter, but the loss was smaller than in the comparable quarter a year earlier, and gross profits increased. Sales of $315.2 million in the quarter were down from $327.3 million in the 2002 fourth quarter, mainly because of lower sales of automotive and carpet cushion produ...
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Easyhome 4Q revenues up 9.3%
EDMONTON, Alberta— Easyhome, this country's largest rent-to-own furniture, bedding and appliance merchant, said fourth-quarter revenues were up 9.3% to C$20.7 million, as same-store revenues rose 7.7%. Net income for the former RTO Enterprises surged 94.9% over the previous year's final quarter to C$1.
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Dorel 4Q sales rise 34.3% as net income grows 41.9%
Montreal— Dorel Inds., Canada's largest furniture maker, said fourth-quarter sales leaped 34.3% to $323.7 million as net income surged 41.9% to $20.8 million. For the year, it posted sales of $1.2 billion, up 17.3%, as net income rose 22% to $75 million. Dorel reports in U.S. dollars. Martin Schwartz, president and CEO, attributed much of the gains to the acquisitions of juvenile products...
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3 chains post fair-to-strong Feb.
ATLANTA— Havertys posted a 4.4% same-store sales increase in February, leading three public home furnishings retailers reporting fair to strong results for the month. Havertys' total sales in February grew 8.8% from the same month a year ago to $61.7 million. For the first two months of the year, the 113-store company's sales were up 8.
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FBI raises 1Q earnings guidance
ST. LOUIS— Furniture Brands International has raised its first-quarter earnings guidance, citing stronger-than-expected orders. The industry's largest manufacturer projects earnings will be 55 cents to 57 cents per share, up from previous guidance of 50 cents to 53 cents. In the first quarter of last year, it posted net income of $29 million or 52 cents per share.
Insiders View
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Pricing should be logical and have proportionality
One of my tendencies is to think most things are still like they were when I last visited. That can be way off the mark these days. In our industry alone, radical changes are happening very quickly. That's why you constantly have to wander through furniture stores. The changes from visit to visit tell much more than you can learn from a single visit.
News
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Proposal aims to preserve upholstery fabrics' soft feel
HIGH POINT— A proposed new fire-resistance standard for upholstered furniture would preserve its feel, but still add to its cost. Because "soft hand" has become a standard requirement of most consumers shopping for upholstery, fabric suppliers and furniture manufacturers long have been concerned that tougher flammability standards would lead to a stiffer, coarser, gummy feel.
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Industry grows to $71.6B at retail in 2003, up 2.7%
WASHINGTON— U.S. furniture and bedding retail sales reached $71.6 billion last year, a 2.7% increase from 2002, according to the U.S. Department of Commerce. This new estimate for 2003 is about $4.2 billion higher than the industry was tracking through October, according to earlier numbers. Government economists changed their reckoning of the industry's size — on figures dating back...
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Declining prices a reason for shrinking share
WASHINGTON— Furniture just keeps getting cheaper. That's one conclusion that can be drawn from new statistics on U.S. consumer spending for furniture and bedding. Another is that the industry is getting a declining share of total consumer spending, largely because of the falling prices but also because people are spending more on other goods and services, like cell phones and prescriptio...
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Furniture/Today updates estimates
HIGH POINT— With a new government estimate of the industry's size at retail, Furniture/Today has updated its estimate of furniture and bedding sales by product segment. Kay Anderson, director of Furniture/Today Market Research, uses a variety of sources, including the government numbers, industry association estimates, public company reports and the paper's own research.
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Wolf signs TV star designer
BELLWOOD, Pa.— Wolf Furniture has landed "Trading Spaces" designer Hildi Santo-Tomas as a spokesperson. Santo-Tomas, who has a reputation for outrageous decorating ideas on the TLC cable TV show — including covering walls in straw, feathers and record albums and painting a living room carpet — will begin appearing in the Top 100 store's advertising this month.
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WithIt event to discuss 'tools for change'
HIGH POINT— Women in the Home Industries Today, or WithIt, will offer "Tools for Navigating Our Changing Industry" at its spring educational conference, May 12-13 at AmericasMart in Atlanta. "As individuals and as an industry, we need to develop additional skills and gain fresh perspectives in order to survive and thrive in today's fast-paced, high-pressure, uncertain environment," said c...
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WHFA launching workshops
ROSEVILLE, Calif.— The Western Home Furnishings Assn. will host its inaugural WHFA Academy on April 1 at the Four Points Sheraton LAX in Los Angeles with two concurrent management workshops. Track 1 is a sales management workshop designed to help build and sustain a high-performance sales team, and Track 2 is an operations management workshop to help effectively run back-end functions to ...
- Obituaries
Ned Gerken, Norwalk VP
NORWALK, Conn.— Retired Norwalk Furniture executive Edward "Ned" James Gerken Sr. has died. He was 74. Gerken was vice president of merchandising for manufacturer and retailer Norwalk Furniture Corp. for 25 years until his retirement in 1976. He is survived by his wife; four sons, Edward James Gerken Jr.
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Corrections & Amplifications
A photo at the top of page 16 in the Feb. 23 issue incorrectly identified a woman. She is Jo Ann Winstead.
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Wolf turns up heat on growth
HAGERSTOWN, Md.— Wolf Furniture will open its largest store here this summer, part of an aggressive expansion that should help boost the Top 100 company's sales past $80 million this year. Wolf has leased a 67,000-square-foot freestanding building, a former Home Co. location in the Prime Outlets center at Interstate 70.
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Sealy sells for $1.5 billion
TRINITY, N.C.— Bedding major Sealy said last week it will be sold to affiliates of Kohlberg Kravis Roberts & Co. in a transaction valued at approximately $1.5 billion. This is the second billion-dollar-plus deal announced in the bedding industry in four months. Simmons was sold to a group led by Thomas H.
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Industry backs FR uph. plan
WASHINGTON— A coalition of textile producers proposed an upholstered furniture flammability standard to the U.S. Consumer Product Safety Commission last week, hoping to resolve an issue that has dogged the industry for 10 years. The proposal would let untreated fabrics be used over a fire-resistant barrier material, or would allow fabric to be backcoated to achieve compliance.
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FIDX to meet on March 19
GREENSBORO, N.C.— The Furniture Industry Data Exchange will meet March 19 at the airport Marriott hotel here to discuss implementation of electronic data and document standards. "Over the last several years, FIDX meetings have focused on the technical work required to develop standards," said Ron Martell, chairman of FIDX's steering committee.
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Cuvée closes after AsiaLink ties dropped
WINTER PARK, Fla.— Chinese manufacturer Cuvée has gone out of business after AsiaLink, a sourcing and product development specialist based here, ended its association with the maker of case goods, occasional and upholstery. The idea had been that AsiaLink executives Gene Hodges, president and CEO, and Ron Pass, managing director, would handle all product development, sales, merchandi...
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Dan Gomez leaves Mastercraft Interiors
BELTSVILLE, Md.— Dan Gomez, executive vice president of five-store, family-owned Mastercraft Interiors, has resigned after 26 years with the business to pursue new challenges. Gomez, who founded the high-end Top 100 company in 1977 with his brother, Mastercraft President Doug Gomez, was deeply involved in its growth, including the purchase of Kimel's Furniture in 1988 and later Wellington...
Opinion Today
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Are you bringing a purple cow to market?
With premarket just around the corner, word on the street is that exhibitors are heading to High Point with boat loads of new product. The problem, at least from my perspective, is that, all too often, introductions look remarkably similar. And sadly, when that happens, the natural tendency is to shop primarily on price.
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When customers become competitors
The issue of direct imports is more and more on the minds of both vendors and retailers in the consumer products arena. Witness discount powerhouse Target's publicly stated goal for 2004 of moving significantly more of its indirect importing to direct importing, at the same time the big chain acknowledged a $1.
Special Report
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Fabric protectors offer retailers major profit center
HIGH POINT — One of the furniture industry's best profit centers is located behind closed doors. That's where aftermarket fabric protectors typically are applied, either back in the warehouse or out on the loading dock. And as technicians perform their job, it's almost like they're spraying gold for retail cash registers.
- Asian Connection
Importers pursue different paths to growth
When it comes to the furniture import business, most companies have similar goals. Success depends on offering good product at good prices and with good service. And of course, making money doing it. But while they have similar goals, importers have chosen different paths to get there. Below is a look at some of the strategies and ways of doing business that a handful of importers believe hav...
- Asian Connection
Service, communication key to building a base
Service, delivery, quality and price are major buzzwords in the import business. For some companies, these issues remain major challenges. Others see them as opportunities. Whatever the case, how well importers fare in these and other areas will determine their long-term success, especially given the increasing competition.
- Asian Connection
Methodology for this project
In this report, Furniture/Today identifies some of the major North American importers bringing in product from China and other countries in the Asian/Pacific Rim. It is a daunting task given that there are legions of companies that import furniture from around the world. To help accomplish this task, we decided to stay focused on companies that exclusively design, market and help Asian sourcin...
- Asian Connection
The Asian connection
Signs of the global economy are everywhere. They're in the shirts Americans buy that are made in Malaysia, the cars imported from Japan and the toys bought at Christmastime with the label that says, "Made in China." Now, more than ever, the signs also are quite evident in furniture — in the beds consumers sleep on, the dining room tables where families gather for Thanksgiving meals and t...
- Asian Connection
Up-and-Coming Importers: Orie Fritts, Tradespan
COLUMBUS, Ind.— If you told Orie Fritts 30 years ago that he would land a career as a furniture importer, he would not have believed it. After all, he got his start in highly technical fields, working in both manufacturing and electronics for Emerson Electric and leading the aerospace and applied technology divisions of Arvin Inds.
- Asian Connection
Up-and-Coming Importers: Steven Yap, C-Global
CHICAGO— If you told Steven Yap five years ago that he was going to end up in the furniture business, he might not have believed you. After all, he already had a successful career as a financial planner in Chicago and wasn't planning on a 180-degree career change. Then a long-time friend who worked for a furniture manufacturer in Seattle told him about the opportunities in the furniture b...
- Asian Connection
Product sources
4D Concepts Homebase:
Rancho Cucamonga, Calif. Contact:
Jeff Riegserker Phone:
909-944-1980 Fax:
909-944-0741 Products:
Master bedroom (2% of sales), casual dining (25%), fabric upholstery (2%), entertainment (40%), home office (10%) and storage (21%). Source countries:
China (20% of sales), Indonesia (30%), Malaysia (20%), Taiwan (5%), Thailand (15%) and South America (10%).
Up Front
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La-Z-Boy names Matlock sr. VP of sales, marketing
MONROE, Mich.— Veteran La-Z-Boy sales representative Steve Matlock has been named senior vice president of sales and marketing for La-Z-Boy Residential, a new position. Separately, the company has appointed Mel Martinez, a former secretary of Housing and Urban Development and a Republican candidate for the U.
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Van Fossen will head research, product development for La-Z-Boy
MONROE, Mich.— Dyan Van Fossen has been named vice president of research and product development for La-Z-Boy's residential division. In her newly created position, she will oversee the company's product development staff in Dayton, Tenn., and will be responsible for the mechanical engineering, test lab and research staffs at La-Z-Boy's headquarters in Monroe.
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Lawrence gets Bekaert sales post
WINSTON-SALEM, N.C.— Pat Lawrence, formerly a top ticking executive with Burlington House, has joined ticking supplier Bekaert Textiles U.S.A. as regional accounts manager. Based in Arlington, Texas, he is responsible for sales to bedding producers in the Southern region. Lawrence's duties at Burlington House in Greensboro, N.
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Bedding makers say price increases on tap
HIGH POINT— Bedding producers, hit with unprecedented steel price hikes, say retailers should get ready for significant price increases. "This will be the first time there will have to be an industrywide price increase that is not merchandised into new bedding lines since 1973," said Jim Nation, president of Spring Air.
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Lane taps Chenault, Patterson
TUPELO, Miss.— Lane Home Furnishings has hired Kelly Chenault as an associate merchandise manager and promoted Tracy Patterson to manager of retail operations. Chenault is associate merchandise manager for recliners. She formerly was visual merchandise manager for Belk Department Stores in Dalton, Ga.
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Mehalko leaves Towne Square
HILLSBORO, Texas— Tom Mehalko, vice president and general manager of glider rocker producer Towne Square, has left the company after a management reorganization by parent Dutailier. His post will not be filled. Other Towne Square managers report to managers at Dutailier, also a glider rocker specialist.
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Oughterson resigns at Harden
MCCONNELLSVILLE, N.Y.— Mary Oughterson has resigned as vice president of marketing at high-end case goods and upholstery manufacturer and importer Harden Furniture to take a job in health-care marketing. Harden is conducting a search and will refill the position, but wait until after the April market, said Greg Harden, president and CEO.
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Market: Billion-dollar baby
HIGH POINT — A new study of the International Home Furnishings Market estimates the twice-a-year trade show has an annual economic impact of about $1.1 billion on the High Point area. That staggering sum, which the study's author describes as a conservative estimate, includes not only what attendees spend while they're in town, but also what is spent on showroom construction and renovati...
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Tupelo expansion due for Aug.
TUPELO, Miss.— Despite a wave of rainy weather and a legal challenge to its construction, the latest expansion of the Tupelo Furniture Market should be open for the August show, market officials said last week. Work on the 300,000-square-foot expansion, officially known as Building VI of the Tupelo Complex, began last spring, but repeated delays eliminated any chance the new building woul...
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Casa Stradivari seeks buyer for showroom
NEW YORK— Case goods producer Casa Stradivari is seeking a buyer for its High Point showroom building at 100 North Hamilton St. The company will keep the building if it doesn't get an acceptable offer, said Martin Birnbaum, vice president of sales. If the property is sold, he said the company would explore other venues for show space, but something less than the 15,000 square feet it has ...
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