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Brought to you by Home Furnishings Business
March 23,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on March 24, 2010
Atlanta-based rent-to-own furniture, consumer electronics, appliances and accessories chain Aaron's Inc. (NYSE: AAN) declared a 3-for-2 stock split, the company announced Tuesday.
The split is in the form of a 50 percent stock dividend on both Common Stock (AAN) and Class A Common Stock (AAN.A).
The holders of both common stock and Class A common stock will receive 1/2 new share for each share held. New shares and cash payments in lieu of fractional shares will be distributed on April 15 to shareholders of record as of the close of business on April 1. Based upon the total number of outstanding shares of common stock and Class A common stock as of Feb. 24, the stock split will increase the outstanding shares of common stock to approximately 69.7 million shares and increase the outstanding shares of Class A common stock to approximately 11.6 million shares.
"The larger number of shares that will be outstanding as a result of this stock split should increase the trading volume in our stock to the benefit of shareholders," said Robert C. Loudermilk Jr., president and CEO of Aaron's. "This split is a reflection of the success of the company and we feel will improve the marketability of our shares. The appreciation of Aaron's stock over the years has rewarded long-term shareholders handsomely, and we are excited and confident about the future growth and financial prospects of the company."
For the 2009 fiscal year, Aaron's revenues increased 10 percent to $1.753 billion, and net earnings from continuing operations increased 32 percent to $112.9 million, both company records. In addition, revenues of the company's franchisees increased 14 percent for the 2009 year. Revenues of franchisees, however, are not revenues of Aaron's Inc. Total store count, a combination of both company-operated and franchised stores, increased 8.8 percent for the 2009 year compared to the previous year to more than 1,700.
March 22,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on March 23, 2010
Arnold's Home Furnishings is set to re-open in Bremerton, Wash., this summer after the original location was gutted in a fire last July, the Kitsap Sun reported Monday.
Manager Ralph Erickson promised to rebuild a few days after the fire, and work is on track of for a July opening of the reconfigured store.
"This will be a showcase," Erickson said in the report from the retailer's temporary showroom nearby.
The revamped building could cut energy consumption by more than 60 percent through LED lighting, new heating and cooling systems, better insulation, and motion detectors that will turn on office lights.
Arnold's will re-open in a smaller 36,000-square-foot space, with room for expansion. The original facility was 66,000 square feet.
March 22,
2010 by in UnCategorized
By Home Furnishings Business in Acquisition on March 23, 2010
Austin, Texas-based vendor Four Hands announced on Monday the acquisition of lighting company Architects and Heroes.
Architects and Heroes, also based in Austin, and a designer of counter balanced pulley lights, is the third brand expansion for Four Hands during the last 12 months. The company launched bina from eco-conscious designer Thomas Bina in October 2009 as well as the Boulevard brand of designer custom and in-stock upholstery in April 2009. Four Hands continues to offer its brand of lifestyle home furnishings and is exclusive distributer of the furniture company Old Java.
A&H was founded in 2002 by owner and designer Palmer Earley, who joins Four Hands to develop and expand the company's lighting market. A&H has shown its lighting for the last several years in the Four Hands High Point, Atlanta and Las Vegas showrooms. A&H offers more than 130 selections in its product line.
"Palmer and his company are a perfect fit for Four Hands. His product, design aesthetic and customer base blend well with the Four Hands business model and growth plan," said Matthew Briggs, Four Hands president and CEO. "We have been looking for an opportunity to expand our lighting collections, and Palmer will take us to the next level by developing a wide selection of fixed and portable lighting."
Earley, who was nominated in 2009 as the ARTS Product Designer of the Year, said the acquisition allows his company to expand into new markets and enhance product development.
"Becoming part of Four Hands allows us to take the next growth step," Earley said. "We can offer shorter ship times, greater market coverage and the ability to really grow our product offerings. We will continue to emphasize our core values--taking care of every customer and develop innovative lighting. Our goal in the next year is for lighting to become an integral part of Four Hands."
As of March 1 all A&H open orders are being processed and shipped through Four Hands. All A&H product and pricing can now be found on the Four Hands Web site.
March 22,
2010 by in UnCategorized
By Home Furnishings Business in Delivery on March 23, 2010
Schnadig International Corp., High Point, has launched a new cross-docking program that eliminates the cube minimum and enables dealers to purchase product at direct container pricing; and an expanded blended container program for greater flexibility and quicker deliveries.
"We have taken the complexity of buying imported goods out of the equation," said Howard Pan, Schnadig president. "For dealers, it really is no different than ordering out of our domestic warehouses. Our customers no longer need to have their own logistics staff or be familiar with the details of global sourcing because we coordinate and negotiate deliveries from multiple factories for them."
A vertically integrated company owned by Chinese manufacturer Markor International Furniture Company, Schnadig offers highly diversified product lines across all categories--upholstery, case goods, occasional tables and home accents--at multiple price points.
"As a total resource, we offer a simple sourcing solution: the consolidation of the supply chain for our 10 manufacturing facilities into a single, reliable container flow," Pan said. "Essentially, we are allocating space in our regularly scheduled containers of inventoried product for dealer orders of any size and delivering them on time at competitive shipping rates."
Products from all of the Markor plants are consolidated at a centrally located global distribution center at Tianjin Port for shipping to the United States. Once in the United States, a sophisticated cross-docking system enables product to be shipped to the dealer the same day the container arrives at the warehouse.
"The beauty is that there is no minimum order for our mid-to-small size dealers. A dealer can buy just one piece if that is what they need, at a cost that is significantly less than buying out of our domestic warehouses," said Triche Leander, Schnadig vice president of operations. "The order is never warehoused and never goes into our inventory, enabling us to pass these savings onto the dealer. And, because product is unloaded from the container and placed directly onto the truck, it also significantly reduces the process and delivery time to the customer."
Deliveries will be under six weeks to the West Coast and less than eight weeks for East Coast dealers. Product pricing includes import freight, duties and customs clearance. The dealer only pays freight from the cross-dock facility to their door.
The streamlined supply chain also simplifies container orders. For those who buy in volume, blended containers can include an endless mix of product categories, styles and price points across the five Schnadig portfolios: Caracole, Lauren Ralph Lauren, Compositions, Schnadig and Schnadig Home.
"Last Market we made the CLASS Pledge to our dealers to provide Containers blended in any combination; Leading style designed to sell; All furniture categories at multiple price points; Shipped on time at the most competitive rates; and Simplified global sourcing from a single integrated resource," Pan says. "As a trusted partner, we are fulfilling our pledge by leveraging the power of Markor and enabling our dealers to focus more time and attention on the rapidly changing retail side of their business."
March 22,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on March 23, 2010
A woman in Gresham, Ore., was arrested last weekend for using bad checks to buy furniture, KPTV reported Monday.
Vanessa Owens might have more victims of her bad checks, police said.
The store manager said Owens bought a bedroom set, bunk beds, a table and a mattress worth $3,400 from Furniture City last month, but found out the account was closed when he tried to cash it.