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June 14,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on June 15, 2010
La-Z-Boy Inc. (NYSE: LZB) reported net income of $13.7 million for the fourth quarter ended April 24, compared to net income of $5.2 million during the same quarter last year.
Sales for the quarter were $310.7 million, a 9.2 percent increase compared to the prior year's fourth quarter sales of $284.5 million.
Net income for the year ended April 24 was $32.54 million, compared to a loss of $122.7 million in the previous year. Sales for the year were $1.2 billion, a 3.9 percent decline from the previous year.
"Our results for the quarter and full year reflect the success of the many strategic initiatives implemented over the course of the last several years combined with a focus to ensure our cost structure is in line with order flow," said Kurt Darrow, president and chief executive officer of La-Z-Boy. "Our manufacturing operations are governed by lean principles, we are focused on building the La-Z-Boy brand, the core growth engine of the company, and are working to strengthen the performance of our retail segment. Additionally, we have managed our balance sheet aggressively, by reducing our total debt to $48 million while increasing our cash position to $108.4 million, to ensure we have the greatest financial flexibility. While challenges still remain, we believe that today La-Z-Boy Incorporated is well positioned to not only compete in this environment, but to grow profitably."
In the fourth quarter, the company's upholstery division increased 12.2 percent to $241.1 million, compared with $215 million in the prior year's fourth quarter. Sales in the case goods segment for the quarter decreased 4.5 percent to $37.5 million.
For the fourth quarter, retail sales were $39.2 million, up 2.1 percent compared with the prior-year period. The retail group posted an operating loss for the quarter, and its operating margin was down 12 percent. For the year, sales in the retail segment declined 4.5 percent.
"While our results and other public data points indicate the beginning of improved industry conditions, we remain cautious going into fiscal 2011," Darrow said. "Sales growth and cost-savings initiatives will need to be balanced against various macroeconomic factors, including relatively low consumer confidence levels, ongoing high unemployment and volatility within the housing market, as well as headwinds relating to raw material price increases versus last year. Against this backdrop, we will continue to manage our business aggressively. We believe our company is well positioned to compete in this environment and we are focused on improving our operations across all business segments."
The complete release can be found on the La-Z-Boy Web site.
The La-Z-Boy upholstery brands include:
Bauhaus,
England and
La-Z-Boy; and the company's case goods brands are:
American Drew,
Lea,
Hammary and
Kincaid.
June 13,
2010 by in UnCategorized
By Home Furnishings Business in on June 14, 2010
Import cargo volume at the nation's major retail container ports is expected to be up 15 percent in June compared with the same month a year ago, and double-digit increases should continue into the fall as the U.S. economy recovers.
That's according to the monthly Global Port Tracker report released last week by the National Retail Federation and Hackett Associates.
"Cargo import numbers are up but retailers are looking closely at other economic indicators to make sure they are sourcing the appropriate amount of merchandise based on consumer demand," said NRF Vice President for Supply Chain and Customs Policy Jonathan Gold. "Job creation remains a key factor that's going to affect consumer spending and retail sales."
U.S. ports handled 1.15 million Twenty-foot Equivalent Units in April, the latest month for which actual numbers are available. That was up 7 percent from March and up 16 percent from April 2009. It was also the fifth month in a row to show a year-over-year improvement after December broke a 28-month streak of year-over-year monthly declines.
May was estimated at 1.16 million TEU, a 12 percent increase over last year as spring products hit store shelves and summer merchandise followed close behind. June is forecast to remain at 1.16 million TEU but the figure would be up 15 percent from last year. July is forecast at 1.23 million TEU, up 11 percent from last year; August at 1.27 million TEU, up 10 percent; September at 1.31 million TEU, up 15 percent; and October, traditionally the busiest month of the year, at 1.34 million TEU, up 12 percent. The strong year-over-year increases are partly due to easy comparisons against unusually low numbers last year.
The first half of 2010 is expected to total 6.6 million TEU, up 12 percent from the same period last year. Imports for 2009 totaled 12.7 million TEU, down 17 percent from 2008s 15.2 million TEU and the lowest since the 12.5 million TEU reported in 2003.
"Virtually all of the ocean carriers now seem to accept that there will not be a relapse into a second-dip recession nor an end to the growth," Hackett Associates founder Ben Hackett said, noting that many shipping companies have recently restored services and capacity that had been cut
June 13,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on June 14, 2010
SpongeBob SquarePants and Dora the Explorer will be on hand this week as furniture retailer R.C. Willey Home Furnishings, Salt Lake City, rolls out Nickelodeon Rooms furniture collections from youth furniture vendor Lea Inds. at several stores in Utah.
The character appearances are open to the public and guests are welcome to come to the RC Willey store locations to see the new furniture collection and meet SpongeBob and Dora on a first-come, first-served basis. Guests are also welcome to take photographs with the characters.
Sponsored by Lea Furniture, the youth specialists in furniture, the Nickelodeon character appearances at RC Willey Home Furnishings in Utah are some of the first in a series of nationwide rollout events to promote the new furniture line.
On Thursday, June 17, SpongeBob and Dora also will be on site at the Primary Children's Medical Center to greet and visit the children at the Hospital. Primary Children's Medical Center serves the needs of children in the states of Utah, Idaho, Wyoming, Nevada and Montana. The hospital is equipped to treat children with complex illness and injury and is recognized as one of the top children's hospitals in the United States.
The Nickelodeon character appearance schedule follows:
* Thursday: 10 a.m.-noon, Primary Children's Medical Center; 2-4 p.m., R.C. Willey store, Riverdale; and 5:30-7 p.m., R.C. Willey store, Syracuse.¨* Friday: 11 a.m.-1 p.m., R.C. Willey store, Murray; 4-6 p.m., R.C. Willey store, Taylorsville.
* Saturday: 11 a.m.-1 p.m., R.C. Willey store, Orem; 3:30-5:30 p.m., R.C. Willey store, Salt Lake City.
June 13,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on June 14, 2010
Minneapolis-based furniture retailer Room & Board is opening its 11th furniture store Monday in the historic Taylor Motors Building, a former Model T Ford showroom, in northwest Washington, D.C.
The Taylor Motors Building on the corner of 14th and T streets in Northwest Washington, DC, will be fully refurbished to its original luster after serving as a church which has stood abandoned since 2008. Gensler architects and Washington-based firm Eric Colbert & Associates were retained to design the extensive renovations, with McCullough Construction acting as the general contractor.
Nearby retailers include Bang and Olufsen, Muleh, Whole Foods, and the U Street Farmers Market.
"We are a national retailer with a local point of view, and we're glad to do our part to help the economy and be a good neighbor," said John Gabbert, founder and president of Room & Board. "We're proud to bring our unique philosophies to Washington, D.C., and to support the American manufacturers ... and small, family-owned businesses that create our handcrafted furniture."
In addition to the Washington, D.C. store, Room & Board will operate a 35,000-square-foot furniture distribution center in Elkridge, Md.
Room & Board offers home furnishings that combine classic, simple designs and exceptional quality using natural materials. More than 85 percent of its furniture is manufactured in America. Room & Board has stores in Minneapolis, Chicago, Denver, Orange County, San Francisco, Atlanta, New York and Los Angeles.
June 13,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on June 14, 2010
Tango Furniture Direct, Wilmington, N.C., has been ordered by a court-appointed trustee to liquidate its entire furniture inventory in a going-out-of business sale that begins Thursday.
Tango receives direct container shipments of product from factories around the world.
Northbrook, Ill.-based home furnishings consultant Deere Park Associates is advising on the going out of business sale.