Daily News Archive
Brought to you by Home Furnishings Business
May 5,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on May 6, 2010
Closeout retailer
Big Lots (NYSE: BIG) reported sales of $1.2 billion for the first quarter ended May 1, an 8.1 percent increase from $1.1 billion reported in the same quarter of last year.
The Columbus, Ohio-based retailer has beefed up its furniture offerings and carries pieces from
Broyhill Furniture, and the company attributed its furniture and home offerings for helping to buoy sales.
"From a merchandising perspective, furniture and home were the leading categories with each comping up double digits," said Steve Fishman, chairman, chief executive officer, and president. "Hardlines, led by our electronics department, continues to be a growth category, and our seasonal business comped up mid-single digits despite unfavorable weather conditions across most of the country in the last two weeks of the quarter. In terms of inventory, we ended the first quarter in good position, the availability of branded merchandise remains strong and we continue to add more and more branded suppliers to our vendor base."
Same-store sales for stores opened at least two years at the beginning of the fiscal year increased 6 percent for the quarter, which is at the top of the company's previously announced guidance targeting increased comparable store sales in the range of 4 percent to 6 percent.
"I am very pleased with
our first quarter comp of 6 percent and the continued momentum we are seeing in our business," Fishman said. "We delivered better quality merchandise at extreme values and the improvement in consumer discretionary spending trends, first recognized in the fall of 2009, continued through the first quarter of 2010. By offering a merchandising assortment that is highly discretionary in nature, we believe our business is uniquely positioned to benefit from an improving economy."
Big Lots expects to report comprehensive results for the first quarter May 27.
May 5,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on May 6, 2010
Costco Wholesale Corp. (NASDAQ: COST) reported net sales of $5.83 billion for the month of April, the four weeks ended May 2.
That's a
13 percent increase from the $5.18 billion posted in the same four-week period last year.
For the 35 weeks ended May 2,
Costco reported net sales of $51.04 billion, an increase of 9 percent from $46.66 billion during the same period last year.
The Issaquah, Wash.-based retailer oeprates 567 warehouses, including 414 in the United States and Puerto Rico, 77 in Canada, 21 in the United Kingdom, seven in Korea, six in Taiwan, nine in Japan, one in Australia and 32 in Mexico. The company plans to open six additional stores by the end of its fiscal year Aug. 29.
May 5,
2010 by in UnCategorized
By Home Furnishings Business in Executive Changes on May 6, 2010
Dick DiCerchio, senior executive vice president and chief operating officer for
Costco Wholesale Corp. (NASDAQ: COST) will retire June 4.
"Dick has made invaluable contributions to the growth of our company, having spent 27 years in all facets of our operations, culminating with his positions as senior executive vice president and a member of the board of directors," said Jim Sinegal,
Costco's chief executive officer. "Under his leadership, the company has trained and developed a broad and deep team of executives across the globe. Jeff Brotman, I, our board of directors, and our employees are deeply grateful to Dick for all his contributions to our success and wish him a healthy and productive retirement."
DiCerchio will remain a member of the board of directors.
May 4,
2010 by in UnCategorized
By Home Furnishings Business in Executive Changes on May 5, 2010
Steve Giordano has taken on the CEO spot at Lombard, Ill.-based furniture retailer The RoomPlace, effective this coming Monday.
Giordano joins The RoomPlace from The Room Store, a furniture retail chain in the Mid-Atlantic, Southeast and Texas, where he had been chief operating officer. His 20-plus years of industry experience include serving as COO of furniture design/import vendor Powell Company; and central Florida furniture retailer Kane's Furniture.
"Steve has an outstanding track record of success in addressing operating challenges and making businesses stronger and more profitable," said The RoomPlace Chairman Everett Cook said in a company announcement. "He is a hands-on manager who sets the right goals for his people and holds them accountable for achieving results."
Cook is co-founder of Pouschine Cook Capital Management, which together with Bear Growth Capital Partners and Altamont Capital, acquired majority ownership of The RoomPlace in 2004. The RoomPlace operates 23 retail locations and a state-of-the-art distribution center in the metropolitan Chicago and Indiana markets.
"We are confident that Steve will continue the significant merchandising, marketing and operational improvement efforts that the company has undertaken during the past year," Cook said. "As a result of these initiatives, The RoomPlace is stronger and more successful. Steve will be extremely valuable in driving sales and maintaining a relentless focus on the needs of our customers in the current retail environment."
Giordano said he was excited to take the helm of The RoomPlace.
"The Company enjoys a long and respected reputation with a history of leading market share in metro Chicago and Indiana," he said. "I am honored to be able to work with The RoomPlaces outstanding team. Together, we can take the chain to the next level."
May 4,
2010 by in UnCategorized
By Home Furnishings Business in Case Goods on May 5, 2010
Case goods and home entertainment furniture vendor Cresent Fine Furniture reopened its Gallatin, Tenn., operations Monday after weekend flooding hit the company's offices and distribution center.
Despite more than a foot of water in the warehouse, just north of Nashville, damage to merchandise was limited, according to a company release on Tuesday.
The highwater mark was well above the 500 year flood line on the company's property surveys, said to Taylor Condra, vice president of operations.
"We received 14.75 inches of rain in a 36 hour period," Condra said. "Our distribution facility's floor height is built above the 500-year flood elevation and we still had 12 to 16 inches of water in warehouse."
Cresent owners were on the scene as soon as roads became passable to assess the damage to property and inventory. Jody Condra, vice president of sourcing, returned from Vietnam to oversee the furniture restoration project.
"The first order of business is to isolate any wet merchandise in an offsite warehouse so it is not co-mingled with dry merchandise," Jody Condra said. "Having worked in Asia for almost a decade, we have experience with finished goods exposed to water, especially during the monsoon season."
Cresent re-opened for business on Monday morning and is shipping merchandise as scheduled, despite the natural disaster. Cresent CEO Tommy Tomkins offered
"We were fortunate that all of our team members are safe and did not sustain any dramatic personal losses like many of our neighbors that we have witnessed first-hand," Cresent CEO Tommy Tomkins said. "Our thoughts and prayers are with those whose homes were affected by this epic flood."
The Tennessean reported on Monday that Tennessee Governor Phil Bredesen asked President Obama on Monday for federal recovery assistance as the Nashville area began making preparations for a recovery effort from the record flood. Many of downtown Nashville's most prominent buildings such as the Bridgestone Arena, the Schermerhorn Symphony Center and the Pinnacle Building suffered untold flood damages.
U.S. Rep. Jim Cooper guessed damages would reach the "multi-billion-dollar" level.
"This is not just a local, or a state, it's now a national disaster with FEMAs participation," Cooper said. "Second, this isn't just a 100-year flood. People are now saying this could be a 500- or 1,000-year flood."
FEMA Administrator Craig Fugate said federal help was on the way.