Daily News Archive
Brought to you by Home Furnishings Business
April 8,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on April 9, 2010
Havertys Furniture Companies (NYSE: HVT and HVT.A), Atlanta, reported Thursday that first quarter 2010 sales rose 8.2 percent to $156 million compared with the same period last year.
Comparable store sales were up 10 percent comparing the same periods.
"We are pleased to record our second consecutive quarter of positive comparable store sales," said Clarence H. Smith, president and chief executive officer. "The double digit percent increase for the first quarter resulted from broad-based improvements across all of our regions relative to the very difficult sales environment last year. Our total written business for the first quarter was up 10.6 percent. Gross profit margins are tracking near our 2009 annual rate as anticipated. We are off to a good start in 2010 and encouraged by these positive trends."
Havertys has 119 showrooms in 17 southern and midwestern states.
April 7,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on April 8, 2010
Pier 1 Imports Inc. (PIR), Fort Worth, Texas, reported on Thursday fourth-quarter 2009 sales of $396 million, a 1.8 percent increase over the same prior-year period.
For the fiscal fourth quarter ended Feb. 27, Pier 1 had net income of $35 million, compared with a loss of $29 million in fourth-quarter 2008. Same store sales increased 6.5 percent.
For the fiscal year 2009, ended Feb. 27, Pier 1 reported net income of $87 million versus a net loss of $129 million the prior year. Total sales for the fiscal year declined to $1,291 million from $1,321 million last year. The decline in sales during the year was primarily attributable to a net store count reduction of 38 stores. The decrease from store count was partially offset by an increase in comparable store sales of 1.5 percent for the fiscal year.
"Three years ago we started on a journey to return our company to profitability," said President and CEO Alex W. Smith. "Since then, we have improved and strengthened every aspect of our business. Our relationship with our customers, our financial position and our organization are all overwhelmingly stronger than they were. It has long been apparent that we can control costs and expand merchandise margin. Now with a slightly more active economy, we are starting to see top line improvements, which we knew would come eventually. We are extremely pleased that in the fourth quarter we improved our net income by $64 million and delivered an operating margin of 9 percent of sales."
During fiscal 2010, the Company closed 38 Pier 1 Imports stores in North America and ended the year with 1,054 locations.
Looking ahead, Smith commented: "In fiscal 2011, we will continue to reap the benefits from the work we have already done and gain further benefits as we strive to become better retailers and better importers. We believe that we have huge organic growth potential in our business--we are still well below our historical highs in annual sales per square foot and merchandise margin. Although it is a long time until Christmas, the year has started well. March comparable store sales, which benefitted somewhat from the earlier Easter holiday, increased 19.4 percent compared to a decline of 9.7 percent last year, and were driven by increases in traffic, conversion rate and average ticket. Merchandise margins were also well ahead of last year."
April 7,
2010 by in UnCategorized
By Home Furnishings Business in Occassional Tables on April 8, 2010
Hammary Furniture Company has recalled about 7,000 decorative wood chests and tables due to violation of lead paint standards.
No injuries have been reported from the goods, whose surface coatings could contain excessive levels of lead in violation of federal standards, according to the U.S. Consumer Product Safety Commission.
The full list of the recalled items, which were made for Lenoir, N.C.-based Hammary in the Philippines, China, and Vietnam, can be found here with photographs. The merchandise was sold at retail from November 2001 through November 2009 for between $200 and $900.
Furniture manufactured since April 2009 will have a label that specifies the date of manufacture, the item number, the country of origin, a product description and the name "Hammary Furniture." This label is located on the unfinished back of the item or, if the back is finished, on the underside. Products manufactured earlier than April 2009 will not have any identifiable markings on them.
For additional information, contact Hammary at (888) 577-4098 anytime, or visit the firm's Web recall site. Hammary is a division of La-Z-Boy Inc.
April 7,
2010 by in UnCategorized
By Home Furnishings Business in Executive Changes on April 8, 2010
Theodore Alexander USA has named Russell Towner president of the High Point-based marketing arm of high-end manufacturer Theodore Alexander.
Towner has 16 years of sales and marketing leadership in luxury brands. Most recently vice president of sales and marketing for Taracea USA, Towner held executive roles at Henredon, including senior vice president of sales and marketing. He's been responsible for sales and distribution of several licensed luxury brands including Ralph Lauren Furniture Collection, Barbara Barry Realized by Henredon and Taracea's Hearst Castle Collection.
"Russell Towner was chosen for this position because of his experience as a motivating and strategic leader," said Harvey Dondero, CEO of Theodore Alexander. "He possesses the business acumen and qualities we need to continue the extraordinary growth of Theodore Alexander USA. We expect he will lead the company to new heights in the coming years."
Towner reports to Dondero and will be responsible for overseeing the newly formed TA USA organization, which was established in January of this year. He will guide the development and implementation of strategic initiatives focused on growing the existing business and expanding the current reach of the TA product assortment. David Koehler, senior vice president of sales; and Doug Jermyn, vice president of operations report to Towner.
At High Point Theodore Alexander will launch an additional line, The Falconry, for its Althorp Living History collection; and partner with vintage furniture and antiques experts the Keno brothers for their debut collection.
"Theodore Alexander is putting programs into place that will exponentially grow the business, not only through its own well-respected brand, but also brands with far reaching recognition," Towner said. "TA USA is investing in product designs that will allow us to strengthen our retail relationships and take the company to the next level. I am impressed with the enthusiasm, energy level, and passion of the team and look forward to joining them."
April 7,
2010 by in UnCategorized
By Home Furnishings Business in Internet on April 8, 2010
The Dovetail Alliance, a Longmeadow, Mass.-based consortium of home furnishings industry service providers, will showcase its new Web site at the April 17-22 High Point Market.
The new site provides retailers, manufacturers and importers with a single point of contact for Dovetail's service providers in a range of disciplines, as well as the combined strength of the Dovetail Alliance for comprehensive business solutions. Created by Dovetail Alliance Member Zeno Blue eMarketing, Charlotte, N.C, the site features detailed profiles of Dovetail Alliance members, exclusive articles and industry news from top publications.
In addition to unveiling its online presence, the Dovetail Alliance, which formed in October, will be exhibiting at the High Point Market in the NHFAs Retail Resource Center (Spaces 7-9 and 19) on the first floor of Plaza Suites, 222 S. Main Street.
"We've made a lot of progress in the Dovetail Alliance's first six months, and the Web site and exhibit areas in High Point will be important resources for the home furnishings industry now and in the future," said Ed Borowsky, founder, the Dovetail Alliance. "As an organization, we continue to mark important milestones in our development, and the Internet will be a vital resource for our clients and will be the starting point for organizations seeking innovative business solutions."
In High Point, Borowsky will join with Dovetail Alliance President Martin Roberts to present a seminar titled "It's Not Working Anymore! Sales & Operational Strategies for Success in Today's Economy" on Saturday, April 17, 4 p.m.-5 p.m. in the National Home Furnishings Association's Retail Resource Center. The event will enable retailers to navigate todays rapidly changing environment, with a focus on utilizing "What's Next" market research, advertising that incorporates new media, videoconferencing and lease and insurance options that can relieve economic pressure.