April 20,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on April 21, 2010
Flexsteel Industries Inc. (NASDAQ:FLXS), Dubuque, Iowa, on Tuesday reported net income for its third fiscal quarter of $2.3 million on sales of $81.5 million, which were up 11 percent from the prior year quarter when the company lost $1.9 million.
Sales for the nine-month period ended March 31 of $240.9 million were down 3.5 percent compared with the same point last year; but Flexsteel has net income of $6.7 million through three quarters compared with a loss of $2.3 million compared with last year at the same time.
Third-quarter residential net sales rose 15 percent from the prior year to $61.6 million; and were up 4 percent through nine months to $180.3 million.
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April 20,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on April 21, 2010
Swedish furniture retailing giant Ikea will break ground May 4 on its first Colorado store in Centennial, the Denver Business Journal reported Tuesday.
The 13.5-acre store site lies west of Interstate 25 between Dry Creek and County Line roads. The 415,000-square-foot store should open in fall 2011 and employ around 400 people.
The store will be Ikea's first U.S. location to incorporate a geothermal component as part of the heating and cooling system.
April 20,
2010 by in UnCategorized
By Home Furnishings Business in Bedding on April 21, 2010
Bedding supplier Tempur-Pedic (NYSE: TPX) reported net income of $33.2 million for the first quarter ended March 31, compared to $13.3 million during the same quarter last year.
Sales for the quarter were $253.9 million, an increase of 43 percent from the $177.1 million reported in the first quarter of last year. In addition to its earnings, the company announced a $100 million share repurchase program.
"We are very pleased with our first quarter resultswe have increased sales and grown our market share while improving both our gross and operating margins," said Mark Savary, chief executive officer. "Our investments in marketing and research and development are driving our sales momentum and we believe they will continue to do so in the future."
During the first quarter of 2010, the company purchased 3.7 million shares of its common stock at an average price of $27.07 for a total cost of $100 million.
The board of directors has authorized a new share repurchase program of up to an incremental $100 million. Stock repurchases under this program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as management and a committee of the board deem appropriate.
The timing and number of shares repurchased will depend on different factors including price, financing and regulatory requirements and other market conditions. Repurchases may also be made under a Rule 10b5-1 plan, which would allow shares to be repurchased when Tempur-Pedic might otherwise be precluded from doing so under insider trading laws. This share repurchase program replaces the company's prior share repurchase authorization, and may be limited, suspended or terminated at any time without prior notice.
"In addition to our increased financial guidance for 2010 we believe we are well-positioned for substantial growth in sales, earnings and cash flow, with limited capital expenditures, over the next several years," said Dale Williams, chief financial officer. "After considerable evaluation of our capital structure, we continue to view share repurchases as an excellent means to return value to shareholders over the long term."
Looking forward, the company increased its 2010 guidance for net sales and earnings per share. Tempur-Pedic expects net sales for the year to range from $1.02 billion to $1.06 billion with earnings per share to range from $1.70 to $1.85.
April 20,
2010 by in UnCategorized
By Home Furnishings Business in Delivery on April 21, 2010
Houser Transport Inc., Vale, N.C., has acquired half of Furniture Tech's, a third-party logistics warehouse and home delivery firm headquartered in Ontario, Calif.
Furniture Tech's will become a division of Houser Transport, according to a Wednesday announcement.
Houser Transport provides coast-to-coast transportation services, including second-day expedited service between the Carolinas and Arizona, Nevada and California. Clients include manufacturers, retailers, warehouses and distributors, and industries ranging from food to furniture.
Furniture Tech's has recently expanded to a larger, 107,000-square-foot state-of-the-art distribution facility in Ontario.
The joint venture will provide greater synergies within each of the organizations to provide the best service possible to current and future customers, according to officials from both companies.
"This is a great fit for us. We look forward to adding more services for our customers, while growing both companies," said Sam Houser, Houser Transport vice president and chief operating officer.
Mark Ramirez, president of Furniture Tech's, said, "This joint venture will provide a tremendous opportunity to add expedited service to the furniture industry--not only business-to-business but also business-to-home."
April 20,
2010 by in UnCategorized
By Home Furnishings Business in Green on April 21, 2010
Home furnishings retailer Ikea announced Wednesday that a solar energy system is planned for its store in Tempe, Ariz., the company's third such project in the United States.
Pending remaining governmental permits, installation of solar panels on the roof of the store can begin in May, with completion expected in the fall. The 46,000-square-foot configuration will consist of two 300-kWh systems, each built with approximately 1,300 panels (for a total 2,600).
IKEA Tempe's solar program will produce approximately one million kWh of electricity annually for the store, offsetting 712 tons of carbon and equivalent to powering 86 homes.
A similar system is operational in Pittsburgh, Pa., and installation now is underway in Brooklyn, N.Y.
This project the largest commercial installation in the public power utility SRPs service area, and is being implemented in conjunction with SRP. Gloria Solar is the contractor.
"We are very excited about furthering our sustainability commitment by installing solar panels on our store," said Robby Wierman, IKEA Tempe store manager. "This opportunity will reduce our carbon footprint, improve the environment, and contribute to our company's vision of creating a better everyday life for the many. We appreciate the support of the City of Tempe as well SRP and Gloria Solar, our partners in this project."