August 23,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on August 24, 2010
Big Lots (NYSE: BIG) reported net income of $38.9 million for the second quarter ended July 31, compared to a net income of $28.4 million during the second quarter last year.
Net sales for the quarter increased 5.1 percent to $1.14 billion, compared to $1.09 million in the same period last year. Same-store sales increased 3.8 percent for the second quarter for stores opened at least two years at the beginning of the fiscal year.
For the first half of the year, the discount retailer's net income hit $94.8 million, compared to net income of $64.7 million for the same period in fiscal 2009. Net sales for the first half of the year were $2.38 billion, compared to $2.23 billion in the first half of fiscal 2009.
The complete release can be found on the retailer's Web site.
August 23,
2010 by in UnCategorized
By Home Furnishings Business in Business Strategy on August 24, 2010
Two Mississippi furniture manufacturers could have cheaper electrical bills through the help of the
Mississippi State University's Franklin Furniture Institute.
The university worked with
Lane Furniture and American Furniture Manufacturing Co. to obtain grant funding through the
Mississippi Development Authority.
The $650,000 grant will be used to upgrade lighting and cooling/heating systems for the the two companies.
"Occasionally, there are federal or state grant funds available to the furniture industry," said Bill Martin, Franklin institute director. "We are pleased to offer this service to the furniture industry, which often does not have someone with this expertise."
Funding availability was provided by the
Mississippi Job Protection through Energy Economic Development program administered by MDA. More than $40 million was distributed to the state by the
U.S. Department of Energy for improving energy efficiency.
"When we first became aware of this opportunity, we sent a notice to furniture manufacturers across the state to make them aware of the funding and our ability to assist in writing a proposal," Martin said.
Lane Furniture's corporate projects engineer Jeff Gilmore expects the improvements to create a 50 percent energy reduction in the lighting and HVAC systems at the company's Saltillo, Miss., facility.
"The institute facilitated everything we needed to get this grant," Gilmore said. "Not only will this help this facility, we also hope it will spark some energy savings awareness among our employees."
Blair Taylor, chief financial officer for American Furniture, agreed, adding that the institute made the process much easier.
Established about 20 years ago, the university's Franklin Furniture Institute works to assist companies with services including furniture testing, marketing, exporting, workforce training, and grant writing.
August 23,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 24, 2010
Overstock.com (NASDAQ:OSTK), Salt Lake City,has launched Eziba.com, a private-sale Web site focusing on home furnishings.
The products will be offered in daily sale events starting each day at 11:00 Eastern Time. Each sale will last between 48 and 72 hours.
Eziba.com is not accessible through the Overstock.com homepage, but customers can visit Eziba.com to sign up as an Eziba.com member free of charge. As with Overstock.com orders, an entire Eziba.com order ships for $2.95. Customer service is handled by Overstock.com's 24-hour customer service team.
"We are excited to launch Eziba.com," said Overstock.com President Jonathan Johnson. "Overstock.com has relationships with a large network of suppliers, who are in search of different avenues to sell product. It was a natural progression for the O to build a private sale site."
August 22,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 23, 2010
A woman has sued a Norristown, Pa., furniture store after she lost her apartment because of a bedbug infestation, the Times Herald reported Saturday.
Robin Boyd said that furniture she leased from Aarons Sales & Lease contained the bedbugs.
Boyd says she was bitten after taking a nap on bedroom furniture she'd just leased and that the store refused to cancel the lease agreement when she complained.
The report said the infestation caused her to miss work and she eventually lost her job. Boyd is suing for medical treatment, the loss of wages and her belongings.
August 22,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 23, 2010
Ashley Furniture Homestore will open a new furniture store in Barboursville, W.Va., the Huntington Herald-Dispatch reported Saturday.
The local franchise owner, Bob Young, also owns Ashley Furniture HomeStores along in Charleston, W.Va., and in Johnson City, Tenn.
To celebrate the new location, each store will give away a grand prize $5,000 furniture shopping spree. Fifteen other winners will receive sofas, mattresses and recliners.