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August 4,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on August 5, 2010
Costco Wholesale Corp.
(NASDAQ: COST) reported net sales of $5.86 billion for the month of July, an 8 percent increase from $5.42 billion posted in the same four-week period last year.
For the 48 weeks ended Aug. 1, the retailer reported net sales of $70.37 billion, an increase of 9 percent from $64.44 billion during the same period last year.
Same-store sales for the month increased 6 percent, and for the 48-week period they climbed 7 percent.
The company has posted the entire release online.
August 4,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on August 5, 2010
Furniture manufacturer and retailer Ethan Allen Interiors (NYSE:ETH) reported fourth quarter 2010 sales of $163.3 million, up 17.8 percent from the prior-year period.
Retail division sales for the three months ended June 30 rose 18.5 percent to $121.2 million.
Ethan Allen, Danbury, Conn., lost $26.5 million in its fourth quarter, compared with a net loss of $16.9 million in the comparable period last year.
For the 2010 fiscal year ended June 30, net delivered sales totaled $590.1 million as compared to $674.3 million the prior year. Net delivered sales for the company's Retail division were $438.5 million versus $508.6 million the prior year. Wholesale net sales were $362.5 million versus $403.4 million the prior year.
The fiscal year loss was $44.3 million, compared with a loss the prior year of $52.7 million or $1.83 per diluted share. The net loss excluding restructuring, impairment, and related transition costs as well as deferred commission impacts and tax asset valuation charges from both years was $4.2 million or $0.15 per diluted share compared to $4.5 million or $0.16 per diluted share in the prior year.
Farooq Kathwari, commented, "We are gratified that our positive operating results reflect the impact of the many major initiatives undertaken during this 'Great Recession'," said Chairman, President and CEO Farooq Kathwari. "Net income excluding restructuring, impairment, and related transition costs as well as benefits primarily from deferred commissions and a non-cash $34 million tax asset valuation charge during the quarter was $4.6 million or $0.16 per diluted share compared to a loss of $6.8 million or $0.23 per diluted share the prior year also excluding similar charges.
"Our focus has been to position the Company for growth in sales and profitability. Our initiatives in our vertically integrated structure have helped us to reduce costs, improve the efficiency of our manufacturing, logistics and retail while at the same time improving quality and personal service. While pleased with the recent results, we remain cautious due to uncertain economic times."
August 4,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on August 5, 2010
Furniture Brands International, St. Louis, (NYSE:FBN) reported second-quarter 2010 sales of $289.5 million, a slight increase over the prior-year period.
For the six months ended June 30, the company reported net sales of $611.9 million and net income of $7.7 million, or $0.16 per diluted share, compared with net sales of $645.1 million and a net loss of $20.2 million, or $0.42 per diluted share, for the six months ended June 30, 2009.
"Furniture Brands' ongoing efforts to reposition the company delivered solid year-over-year gross margin improvement for the second straight quarter," said Chairman and Chief Executive Officer Ralph P. Scozzafava. "We have ongoing initiatives in place to drive profitable sales as we eliminate costs from our operations and reduce our break-even point. These are essential elements of our business strategy and will help us become a stronger company in the future. The underpinnings of the solid financial performance of the first quarter of 2010--historically the company's highest quarter for net sales--remain in place. Gross margin of 25.7% for the second quarter is the highest level for that quarter since 2002."
Scozzafava credited strong gross margin performance to several factors: 45 of 55 FBI production lines have been converted to a cellular manufacturing design; domestic distribution and transportation costs are being reduced while improving customer service to our dealers; and lean implementation is yielding a more competitive cost structure as well as delivering stronger quality performance in FBI factories.
"We have also vastly improved safety in all of our facilities, which is lowering our workers compensation costs while the benefits to our people are tremendous," Scozzafava said.
Second-quarter 2010 retail sales at the 71 company-owned stores and showrooms totaled $36.4 million with a gross margin of 41.7 percent compared with sales of $29.8 million and gross margin of 39.3 percent at the 69 stores and showrooms the company owned during the second quarter of 2009. Second-quarter 2010 same-store sales at the 40 Thomasville stores that the company has owned for more than 15 months showed an increase of 21 percent from the second quarter of 2009.
"The steady improvement in our Thomasville same-store sales performance illustrates the power of the Thomasville brand with consumers and the benefits of a well-managed retail operation. We continue to leverage and share our retail selling insights with our independent Thomasville dealers and also with our Lane and Broyhill retail partners. Sharing knowledge and best practices is a key step in gaining additional floor placements and improving product sell-through," Scozzafava said.
August 4,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 5, 2010
El Dorado Furniture's founder, the late Manuel Capo, will be honored Saturday by naming a street after him on Kendall Drive in Miami.
The portion of the street, located on Kendall Drive between 137th and 142nd Avenues, will be named "Manuel Capo Way." The area lies directly in front of El Dorado Furniture's Kendall Boulevard showroom, the largest of the company's 11 stores.
In addition to the family's furniture stores, Manuel Capo was known for his extraordinary and inspiring journey to achieve the American dream. In 1966, Manuel and two of his seven sons fled their native Cuba in search of freedom. The boat they escaped on was called "El Dorado." After arriving in Miami, Manuel and sons opened their first furniture store named after the boat that brought them to freedom.
Today, El Dorado Furniture has more than 700 employees. The company has been ranked among the top 50 furniture retailers in the country, and has grown to become the largest Hispanic-owned furniture company in the United States.
Manuel Capó passed away in 2009, leaving behind his wife, Aida, seven sons, 20 grandchildren (many of whom are directly involved in running the company), and 10 great grandchildren.
This is the second street to be named after Manuel. The first was in front of El Dorados Calle Ocho Boulevard showroom on Miami's S.W. 8th Street, the site of the first store the family opened in 1967.
August 3,
2010 by in UnCategorized
By Home Furnishings Business in Casual Furniture on August 4, 2010
Upholstery specialist Lee Inds. will showcase its line of outdoor furniture Uncovered at the upcoming
International Casual Furniture & Accessories Market in Chicago next month.
The Uncovered collection offers fully upholstered outdoor furniture built to withstand the natural elements.
The collection is constructed so that each piece will stand up to the elements. Frames are made of outdoor grade sustainable plywood and assembled with waterproof adhesive, stainless steel staples and fasteners. Seat decks slope to the rear with a built-in drain to allow for rain run-off, while the base cloth uses an open weave fabric that allows water to drain and the cushions and pillows to breath. Back cushions and pillows are filled with outdoor recycled fiber in a waterproof ticking and the cushions, poly parts and seat deck are made of reticulated, open cell foam designed for outdoor use.