October 7,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on October 8, 2010
Bassett Furniture Industries (NASDAQ: BSET) announced third-quarter 2010 sales of $58.5 million, a 1.5 percent increase over the prior-year period.
For the quarter ended August 28, Bassett, Bassett, Va., reported a net loss of $2.4 million, or $0.21 per share, compared with a net loss of $3.4 million, or $0.30 per share, for the quarter ended August 29, 2009.
Gross margins for the third quarter of 2010 and 2009 were 45.5 percent and 45.1 percent, respectively. The margin increase was primarily a result of the retail segment's increased share of the overall sales mix, as well as improved margins in the company-owned stores.
"The Company grew quarterly wholesale sales on a year over year basis for the first time in four years," said Robert H. Spilman Jr., president and CEO, said in an announcement of results. "However, actions that we have taken over the course of the year to position the company for the future adversely affected our performance for the period. In particular, losses from newly acquired stores and the costs associated with opening two new stores temporarily slowed the pace of progress shown by our Corporate Retail Division. In addition, the slow sales environment of the summer months has historically made the third quarter our weakest of the year. But beyond this seasonality, supply chain delays and aggressive holiday wholesale discounts negatively impacted our bottom line. We have addressed all of these areas and expect corresponding improvement going forward."
"Additionally, the Company grew wholesale inventories by $8 million during the quarter," Mr. Spilman added. "This increase is designed to offer higher service levels to our customers and to grow our wholesale volume. We expect to further increase inventories in the fourth quarter, although at a considerably slower pace. As a result, the Company used approximately $7 million of cash during the quarter. While we continue to monitor our cost structure and overall expenses, we believe that this investment will result in top-line sales growth and improved operating results in the future."
At the end of third-quarter 2010, Bassett's total store network included 55 licensee-owned stores and 47 company-owned and operated stores. During the quarte,r Bassett acquired certain assets of, and now operates, two additional licensee stores; and two single-store licensees closed during the third quarter of 2010.
Company-owned stores increased sales 5 percent to $29.9 million in this year's third quarter. The increase was comprised of a $3.4 million increase from the net addition of 12 stores since the end of the third quarter of 2009, partially offset by a $2 million, or 7.9 percent decrease in comparable store sales. Deliveries to customers continued to be adversely affected during the third quarter of 2010 by stock outages at the wholesale level due to delays in receiving imported product from the company's overseas suppliers, partially offset by deliveries from a strong order backlog carried over into the third quarter from May 2010.
Written sales for comparable stores during the third quarter of 2010 and 2009 were $21.2 million and $22 million, respectively, a decrease of 3.5%.
"Despite our large unfulfilled backlog and lower delivered sales, our comparable corporate retail stores were once again able to improve operating results, primarily due to gross margin improvement," Spilman said. "However, the combination of 11 store acquisitions over the last 12 months, many of which were being operated in a distressed mode, and the costs associated with the opening of two new stores generated a larger loss in corporate retail than we experienced last year. While we believe these acquisitions will ultimately better position us for the future, we plan to slow the pace of upcoming licensee takeovers dramatically over the next several months. Meanwhile, we will evaluate the current fleet of 47 stores, location by location, to produce improved performance. At the moment we have identified two recently acquired stores for closing. We believe that this process will ensure that the newly acquired stores begin to operate at a level similar to our existing store network."
October 7,
2010 by in UnCategorized
By Home Furnishings Business in High Point on October 8, 2010
Furniture vendors are moving and/or expanding there showrooms as the Oct. 16-21 High Point Furniture Market approaches.
Douglas Casual Living will open a new 8,000-square-foot showroom in MMPI High Point's Plaza Suites, space 310.
Launched in June this year, Douglas Casual offers a full line of stationary and caster dining furniture. Product ships from the company's California warehouse and also is available in container quantities shipped direct from China. Douglas Casual produces and tests all its products within its own facilities. The company will preview multiple new casual living collections this market in elegant hand finished metal, wood, and marble combinations starting at $99 and up for 5 piece collections. All collections will have matching occasional and entertainment pieces as well.
"We are excited to be showing in Plaza Suites and at the High Point Market, which is the premier market for all manufacturers and retailers in the home furnishings industry," said Scott Ellis, vice president of sales and marketing, for Douglas Casual. "We look forward to growing and expanding our presence at the Plaza Suites, as we broaden both our casual living collections and product categories."
Clearwater American Furniture will move and expand its showroom with a 6,500-square-foot space in space 310 of Furniture Plaza, another MMPI property.
"This new expanded showroom will allow us to showcase more of our extensive product line for our customers," said Mark Olson, owner of Clearwater American Furniture.
Since 2004 Clearwater American Furniture has offered a full line of high quality products at value prices. Clearwater has a legal partnership with its factory owner in Asia, and 100 percent of its product is produced at this one factory. With its entire product coming from one factory, they are able to better oversee operations and better manage quality assurance.
All of Clearwater products are designed entirely by Clearwater's own Cheryl Perrine and Shelley Olson. The line features formal and casual dining, occasional, game, bar as well as home office and entertainment. Clearwater uses solid wood, hand carving, natural solid stone, and rich, deep finishes they developed with Valspar. Clearwater will introduce more than 35 new items this Market.
"Clearwater has been a great tenant of Furniture Plaza, and we are glad we could partner with them as they have grown into this new expanded showroom space," said MMPI's Brian Bunch.
Clearwater will celebrate the launch of their new showroom at a grand opening party, Friday, Oct. 15, 5-7 pm.
Magniflex, an Italian luxury bedding brand, will unveil a record number of new products and services within its new, 4,000-square-foot showroom, IHFC-D843.
"We have experienced steady growth in sales across our entire dealer network in recent months, and coming into this show we wanted to focus on the full breadth of our expertise and offerings," said Magniflex Global Sales Director Marco Magni. "We will have more new products debuting at this show than in our last several showrooms combined, as well as more promotions, incentives and merchandising programs to further support our retailers."
Magniflex's largest U.S. exhibition to date is three times the size of its former High Point showroom. It makes way for a number of introductions including four new models from the Magniflex Naturally collection, the new eMagniflex product line for Internet retailers, a first-of-its-kind bed bug repellent mattress collection, the full Coolmax Accessory merchandising program and the expanded Tonino Lamborghini by Magniflex Collection to include mattresses, linens and bath accessories.
New service offerings include Magniflexs popular Quick Ship program which will double in size. More than 20 products will now be available via five-day drop ship.
"Our aim at High Point is to show our customers how we are accommodating recent business growth in U.S. and Canada," said Magni. "We want retailers to know we can fully meet their immediate needs with a variety of new and best-selling products from our lines."
One of the most exciting of the new designs is the bed bug repelling Protecto Mattress, a timely introduction for the North American market with the alarming spread of bed bugs being reported in the media. The mattress cover is treated with an EPA-registered, eco-friendly formulation of lemon and eucalyptus to naturally repel bed bugs, mosquitoes, spiders, scorpions, moths and many other insects.
Showplace has three showroom additions and/or expansions.
Bolton Furniture, a Morrisville, Vt., manufacturer of youth furniture, has signed a long term lease on the second floor of Showplace. A formal ribbon cutting and grand opening ceremony will take place Friday, Oct. 15, 2010 at 5:30 p.m.
"Bolton Furniture is well known in the furniture community for their youth bedroom and lifestyles furniture," aid Allison Akes, leasing manager for Showplace. "We are excited that Bolton Furniture moved to Showplace to expand their showroom. The new showroom will allow Bolton to display their products completely. Their timeless designs will offer buyers another excellent source for Kids Furniture in Showplace."
"From a sales and marketing standpoint, I'm extremely excited about our new space at Showplace," said Ted Weber, sales manager for Bolton Furniture. "Our new showroom is twice the size we've had in High Point and will give us the opportunity to present Bolton Furniture better than it has ever been presented before. We've added a lot of new product over the past couple years but have been limited in what we could present because of space. Moving to Showplace has fixed this problem. Our new showroom will give us the ability to properly present our product and show dealers how they can be successful with the proper presentation.
"Moving to Showplace also will allow us to re-brand ourselves. It's giving us a fresh start. In our previous showroom people came to know us as Vermont Precision Woodworks. We were on the same floor for over 20 years. When we changed the name to Bolton Furniture a few years ago, customers sometimes seemed to be confused as to who we were."
Kelsey's Collection Inc., a Seattle-based children's and youth line, will return to Showplace for October Market in space 2130.
The company was founded by Charlie Bright and involves his four daughters: Jessica, Lindsey, Jenna, Kelsey and his wife Debbie. The company was named after his youngest daughter, Kelsey, who has muscular dystrophy, and 10 percent of the company's profits are donated to muscular dystrophy. Bright's hope is that someday Kelsey will "climb the highest mountain and dream the highest dream".
A formal ribbon-cutting ceremony is set for 9:30 A.M. on opening day of market, Saturday, Oct. 16.
"Showplace is thrilled to announce the return of Kelsey's Collection Inc.," said Tammy Idol director of leasing for Showplace. "With the increasing number of children's furniture and accessory exhibitors at Showplace, this is a fantastic time for them to return."
"We are really looking forward to our first showing at High Point and for me personally, a return to Showplace, where I enjoyed my first exposure to High Point and all the buyer exposure that entails," Bright said. "There is nothing comparable to starting a business in the depths of an economic downturn, and our original business model has evolved dramatically as we have listened and learned from the market. We have developed products to appeal to the full range, with greatly increased versatility in colors, patterns, images and customized capabilities. We can be whatever you want us to be with a fast track process that allows us to react in weeks to shifts in demand."
Noble House Inc., a Santa Fe Springs, Calif.-based rug vendor, makes its High Point debut in space 2206 of Showplace.
A ribbon-cutting ceremony will take place Saturday, Oct. 16 at 9:45 a.m.
"Showplace offers a bright, open atmosphere that is perfect for showcasing Noble House's selection of elegant, high quality rugs," said Allison Akes, leasing manager for showplace. "Noble House is a great addition to our current mix of the finest rug exhibitors in the industry."
"We are very excited showing our rug lines in Showplace at the High Point Market," said Anoop Barnawal, president of Noble House. "Although we are in slow economic times, the opportunity to show in High Point gives us the opportunity to establish new accounts, offer customers great rug lines and generate more business."
Noble House collections include a variety of rug types including hand knotted, shag, and Indio-Nepal as well as Kelims and Dhurries. Noble House also specializes in custom orders.
October 7,
2010 by in UnCategorized
By Home Furnishings Business in Markets on October 8, 2010
Dallas Market Center and the Accessories Resource Team announced that HGTV will receive the Academy of Achievement Award at the 22nd annual ARTS Awards on Jan. 22.
The ARTS Awards is the premier awards program for the home decorative accessories industry. The Academy of Achievement is awarded each year at the ARTS Awards to honor significant contributions to the industry.
HGTV, since launching in 1994, has become the dominant media and marketing company in home and lifestyle television programming. Currently distributed to more than 98 million U.S. households HGTV is one of cables top-rated networks. The HGTV Web site is the nation's leading online home-and-garden destination and attracts an average of 5 million unique visitors per month.
"HGTV has promoted the home decor industry more completely and to a wider audience than any other institution over the last sixteen years," said Bill Winsor, president and CEO, Dallas Market Center. "We are pleased to extend this well deserved honor to such an important industry partner."
The 22nd annual ARTS Awards are sponsored by Contract Lighting, Gifts & Decorative Accessories, HFN, Home Accents Today, Home Fashion & Hospitality, Home Lighting & Accessories, Overcoffee, Residential Lighting and the Sustainable Furnishings Council.
For tickets to the ARTS Awards gala contact Shonda Conner at 214-744-7442 or by e-mail.
October 7,
2010 by in UnCategorized
By Aggregated Content in Outdoor Furniture on October 8, 2010
from http://c.moreover.com/click/here.pl?z3254249860&z=1000247453
A formerly bankrupt patio furniture company is back in business with new owners, a new name and promises to make it bigger and better. Details were provided Thursday morning in Selma, where Plantation Patterns Furniture Co. President Scott Crumrine indicated that 100 new jobs will result from the transaction.
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October 6,
2010 by in UnCategorized
By Aggregated Content in Business Strategy on October 7, 2010
from http://c.moreover.com/click/here.pl?r3249794872&f=10761
One block away from Crate & Barrels flagship store at Michigan Avenue and Erie Street, Gordon Segal, co-founder and chairman of the $1.3 billion home furnishings retail giant, encouraged Chicago-area business owners and executives to establish a point of view, be open to criticism and to take risks.
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