Daily News Archive
Brought to you by Home Furnishings Business
May 19,
2010 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on May 20, 2010
Specialty bedding retailer Select Comfort Corp. (NASDAQ: SCSS) has appointed Jean-Michel Valette as chairman of its board of directors.
Valette, who has been a member of the retailer's board of directors more than 15 years, has served in executive and director roles for several companies across different industries. Currently, he is the chairman of
Peet's Coffee and Tea and a director on the board of
The Boston Beer Co. Previously, Valette was the non-executive chairman of the
Robert Mondavi Winery as well as the company's president and managing director. Valette also has been an independent adviser for branded consumer companies for more than 10 years.
Valette will continue to serve as a member of the board's audit committee. He succeeds Ervin R. Shames, who will continue as a member of Select Comfort's board.
"We are pleased that Jean-Michel has accepted the position as chairman at such an exciting time in the company's history," said William R. McLaughlin, president and CEO, Select Comfort. "His extensive experience as a senior executive and director for multiple national branded consumer companies will bring strong benefits to Select Comfort as we continue to capitalize on our unique brand and competitive advantages to achieve long-term growth and value creation for shareholders. I also want to personally thank Erv for his invaluable insight, leadership and counsel during his combined five years as board chair."
In other business, shareholders approved the election of David T. Kollat and William R. McLaughlin to three-year terms as directors during the company's annual meeting of shareholders. In addition, shareholders approved the company's 2010 omnibus incentive plan, adopted plurality voting in the event of a contested election of directors, and ratified the appointment
of Deloitte & Touche as the company's independent accounting firm for the fiscal year ending Jan. 1, 2011.
Select Comfort is the supplier and retailer of
the Sleep Number beds sold through about 400 company-owned stores, select bedding retailers, direct marketing services and online.
May 19,
2010 by in UnCategorized
By Home Furnishings Business in Executive Changes on May 20, 2010
Furniture Brands International (NYSE: FBN) has named Ann Lieff to its board of directors.
Lieff is the founder of
The Lieff Co., a business consulting firm, and has been its president since 1998. Prior to this, Lieff was president and chief executive officer of Specs Music, a publicly-held regional retail chain founded in 1948. Lieff is a member of the board of directors of
Hastings Entertainment, a multimedia entertainment retailer, and
Birks & Mayors, a jewelry designer and retailer, and the
Herzfeld Caribbean Basin Fund. Lieff had previously served on the board of directors of
Claires Stores.
Lieffs appointment and the recent election to the board of James M. Zimmerman strengthen the retail and general management expertise of the board. From 1988 to his retirement in 2004, Zimmerman held a number of roles with
Federated Department Stores, including chairman of the board, chief executive officer, and chief operating officer. He is currently a director of
The Chubb Corp. and
Fossil, Inc. and has also served on the boards of
the H.J. Heinz Co.,
Goodyear Tire and Rubber Co. and
Convergys Corp.
Furniture Brands welcomes Ann and Jim to the board of directors," said Ralph Scozzafava, chairman and chief executive officer. "Their public company board service and experience with the retail consumer will complement the boards expertise in this important commercial area. Our board now represents a broad cross-section of industry, financial, marketing, retail, and corporate governance experience. I look forward to working with Ann and Jim and the rest of the board to continue to drive Furniture Brands strategic mission.
Furniture Brands International markets its products through a range of retail channels, from mass merchant stores to single-brand and independent dealers to specialized interior designers. Brands under its corporate umbrella are:
Broyhill,
Lane,
Thomasville,
Drexel Heritage,
Henredon,
Pearson,
Hickory Chair, Laneventure, and
Maitland-Smith.
May 18,
2010 by in UnCategorized
By Home Furnishings Business in Internet on May 19, 2010
The High Point Market Authority is partnering with
WGSN, a leader in style and trend forecasting, in a content-sharing agreement.
WGSN will provide unique, branded content to the Market Authority for its Web site, and the Market Authority will reciprocate by sharing its trend and research content on a new site to feature unique and specialized, branded content supplied by WGSN on its Web site.
As part of the agreement, High Point Market Authority will reciprocate by sharing its exclusive trend and research
content on WGSNs new site.
Long associated with apparel fashion, London-basedWGSN identifies and analyzes current and future style trends for more than 36,000 global customers with online tools that can be used to create commercially successful products and services.
According to Brian D. Casey, president and chief executive officer of the High Point Market Authority, the partnership marks the forthcoming launch of WGSN-HomeBuildLife.com, a trend forecasting entity and product development tool focused on the ever-evolving needs of the global home and interiors industries.
This partnership signals the beginning of a relationship between two global leaders in the industry, said Stephen Morgan, commercial director for WGSN-homebuildlife. In launching WGSN-HomeBuildLife, we turned to the High Point Market as the leading home furnishings trade show in the U.S. By partnering with some of the most recognized and respected brands in home interiors and furniture, we are not only demonstrating the caliber of our powerful trend forecasting tool, but we are also providing an unparalleled audience with an exclusive glimpse into extensive tradeshow coverage, 13 new seasonal product trend categories and more analytical and buyer relevant retail coverage.
Content is king today, and with WGSN as the exclusive online global trend analysis partner of High Point Market, home furnishings professionals using our Web site will have access to extracts of the companys trend information which major retailers around the globe utilize as a key resource in product development and purchasing decisions, Casey said. WGSN-HomeBuildLife can help visitors to High Point Markets Web site gain global context on future development trends and better understand the motivations of buyers and designers worldwide, while providing inspirational imagery, color direction and downloadable product designs they can reference as they prepare for future seasons.
Well-known companies that subscribe to WGSN's services include big-box retailers, as well as
Levi Strauss & Co.,
Nickelodeon and
Viacom Consumer Products,
Benetton Group,
Marks and Spencer, among others.
In related news, Brian Casey will join the
advisory board for WGSN-HomeBuildLife, a group of recognized industry professionals who will ensure the new service meets the ever-changing needs of designers, merchandisers and buyers.
May 18,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on May 19, 2010
Fabric and mattress ticking supplier Culp Inc. (NYSE: CFI) revised its fourth quarter expectations based on unaudited, preliminary figures that show overall sales for the period ended May 2 are expected to be up 20 percent from the same quarter last year.
The High Point-based company said ticking sales are expected to be up 26 percent and upholstery fabrics are expected to be up 13 percent over the prior-year quarter.
In a news release, the company said it expects pre-tax income to be in the range of $4.7 million to $5.1 million for the quarter. The projection is higher than the company's previously announced expectation of $3.5 million to $4.2 million in the pre-tax income for the period.
"Our projected financial results for the fourth quarter reflect better sales growth than anticipated in our mattress fabrics business, driven by significantly improved consumer demand in the bedding industry," said Frank Saxon, president and chief executive officer. "While we have continued to see favorable growth trends in our upholstery fabrics business, we believe consumer demand for furniture was not as strong as for bedding during the quarter. Overall, we are very pleased with the progress we made in the fourth quarter and in fiscal 2010. Looking ahead, although we are optimistic about the outlook for the bedding and furniture industries, we are beginning to experience higher raw material costs in both segments and increased pricing pressure in our mattress fabrics business."
The company expects to report financial results for the fourth quarter and year end in mid-June.
May 18,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on May 19, 2010
Case goods supplier Chromcraft-Revington
(AMEX: CRC) posted a net loss of $980,000 for the first quarter ended April 3, a 69 percent change compared to the $3.15 million loss during the same quarter last year.
The
West Lafayette, Ind.-based company's sales were $13.9 million, a 17 percent decline from the first quarter of 2009 when the company's sales were $16.7 million.
Ronald H. Butler, chairman and chief executive officer, said the restructuring and cost containment actions implemented starting in 2008 have made a significant positive impact on first quarter results and have helped reduce the effects of the economic downturn.
"2010 appears to be a continuation of the challenging economic environment for consumers," Butler said. "We believe the positive reactions we received from dealers recently at the April
High Point Furniture Market indicate they are interested in selling new products like our
Southern Living line of furniture, and an increasing interest in our existing occasional and casual dining products, as well as our custom Design and Dine program. We continue to believe that when the furniture market improves, the company is well positioned to return to profitability."
Read the entire earnings release from Chromcraft-Revington.