Daily News Archive
Brought to you by Home Furnishings Business
May 5,
2010 by in UnCategorized 
By Home Furnishings Business in Las Vegas on May 6, 2010
Bedroom, dining and occasional furniture vendor Magnussen Home Furnishings, New Hamburg, Ontario, has signed a multi-year lease extension for its furniture showroom in World Market Center Las Vegas.
Magnussen Home's 13,000-square-foot World Market Center showroom is in space A-546 of Building A.
"Magnussen Home is pleased to be a part of World Market Center Las Vegas since a significant piece of our retail customers finds this show convenient and efficient to review our new in-stock product introductions," said CEO Richard Magnussen. "Magnussen Home is all about serving our customers."
"Magnussen Home is among the most renowned leaders in the home furnishings industry and we are very thrilled they have committed to World Market Center with a significant showroom," said World Market Center Vice President of Leasing Babs Blair. "We believe they will continue to serve as a major destination for buyers who attend our semi-annual Markets."
The next Las Vegas Market will be held August 2-6, 2010 concurrent with the launch of two new events, Gift+Home and VegasKids. Attendees can book discounted hotel rooms for the furniture market online.
May 5,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 6, 2010
The National Retail Federation is urging the House Judiciary Committee to approve legislation that would require Visa and MasterCard banks to negotiate over the terms and conditions associated with the $48 billion in credit card swipe fees paid by merchants and their customers each year.
"The fact that youre seeing this issue being widely discussed both here in Washington and in the states shows that people have finally come to understand the huge financial impact these fees have on consumers and the economy," NRF Senior Vice President and General Counsel Mallory Duncan said. "It has become clear to lawmakers that these fees drive up consumer prices. We can't afford to have this much money diverted into banking profits at a time when Main Street businesses and working families are struggling to recover from the economic downturn."
NRF testimony before the committee last week "makes it clear that practices in setting swipe fees have violated federal antitrust law, and that most of these fees go to the nations largest banks, not local lending institutions," Duncan said. "If big banks can be required to negotiate with merchants the same as any other vendor offering a service, we can bring these fees down to a level that more fairly reflects the value of the service provided."
Sponsored by Chairman John Conyers, D-Mich., and co-sponsored by Representative Bill Shuster, R-Pa., H.R. 2695, or the Credit Card Fair Fee Act, would require credit card systems possessing "substantial market power" to negotiate with merchants to reach a voluntary agreement on credit and debit card terms and conditions. Under current practice, Visa and MasterCard--the only two card systems that meet the definition of holding "substantial market power"--have always refused to negotiate over the fees, instead unilaterally imposing them on merchants.
The Vermont legislature is considering a bill that would bar card companies from interfering in retailers' ability to set minimum credit card purchases or to offer a discount for cash, checks, debit cards or credit cards with lower-than-normal swipe fees. A number of other states are also considering swipe fee-related legislation.
Officially known as interchange, swipe fees average about 2 percent of the purchase price and are charged to merchants by Visa and MasterCard banks each time one of their cards is swiped to pay for a purchase. Collections totaled $48 billion nationwide in 2008, triple the $16 billion collected when NRF began tracking the fees in 2001.
While often dismissed by the card industry as a business-to-business matter, NRF holds that Visa and MasterCard rules effectively force merchants to pass the fees on to consumers by requiring them to be included in the advertised price of merchandise and making cash discounts difficult; and that nationwide, the average household paid an estimated $427 in higher prices in 2008, up from $159 in 2001.
May 5,
2010 by in UnCategorized
By Home Furnishings Business in Las Vegas on May 6, 2010
"Today" show and iVillage style contributor Susanna Salk will share her ideas about decorating the home with children's needs in mind during her seminar, "Room for Children" as part of World Market Center Las Vegas' inaugural VegasKids show, August 2-6, 2010.
Salk's design presentation, Tues., August 3 at 2:00 p.m., will feature a lively discussion on the exciting state of children's rooms today based on images from her recently published book "Room for Children: Stylish Spaces for Sleep and Play". A question and answer session and book signing will follow.
"The juvenile product category is increasingly important to home furnishings dealers and designers, with children playing a large part in controlling their parents' spending and shopping habits," Margaret Casey, director of programming at World Market Center Las Vegas. "Susanna Salk's presentation will offer useful design tips and inspire anyone looking to create stylish creations in bedrooms, nurseries or playrooms."
May 5,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on May 6, 2010
Furniture retailer
Haverty Furniture Cos. (NYSE: HVT and HVT.A) reported net income of $2.4 million for the first quarter ended March 31, compared to a loss of $7.2 million during the same quarter last year.
Havertys' net sales for the quarter jumped 8.2 percent to $156 million compared to $144 million reported in the same quarter last year.
"We continued to grow our market share for the second consecutive quarter through the strength of our brand as comparable store sales were up 10.1 percent," said Clarence H. Smith, president and chief executive officer. "We recorded our third consecutive quarter of profits with our disciplined approach to product pricing and operating costs. As Havertys marks its 125th anniversary, we are inspired by the tenacity shown by associates of previous eras during difficult economic conditions. Despite today's economic uncertainty, we continue to invest in our current store base and technology. We believe that our strategies of focusing on the customer and essential operations will provide for profitable and sustainable long-term growth."
The
Atlanta-based retailer said same-store sales for the quarter increased 10.1 percent from last year. Havertys has 119 stores compared to 121 last year.
May 5,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on May 6, 2010
Ready-to-assemble and juvenile furniture vendor Dorel Industries Inc. (TSX: DII.B DII.A), Montreal, reported record sales and profits for its first quarter of 2010. For the period ended March 31, revenue was up 13.5 percent to US$596.3 million; and net income rose 33.3 percent to US$37.4 million, compared with first quarter 2009.
"Upon announcing our 2009 results this March, we stated that our commitment to product development and market expansion would place us in a leadership position as we entered the year," said Dorel CEO and President Martin Schwartz. "Our performance thus far in 2010 supports this assertion. Organic growth of 9.5 percent points to the success and acceptance of our intense product development efforts. We have experienced strong point-of-sales levels at retailers. At the Cycling Sports Group we added our Independent Bike Dealer brands to more new dealers in any one quarter than ever before. Home Furnishings also continued to post robust results with its value-added products gaining further traction with consumers."
Revenue in Home Furnishings rose 17.3 percent during the first quarter, with increases from the majority of the segment's divisions as they secured new placements at certain of its key customers. In particular, sales of domestic and imported items improved, mainly in the metal folding furniture, bedroom collection and bookcase categories.