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February 17,
2010 by in UnCategorized 
By Home Furnishings Business in Executive Changes on February 18, 2010
Clarence H. Ridley plans to retire as non-executive chairman and member of the board of directors for Haverty Furniture Cos.(NYSE: HVT and HVT.A) at the May 2010 shareholders meeting.
Upon his retirement from that post, Ridley will become chairman emeritus for the retailer.
Ridley has been a Havertys director since 1979. He was a partner at the law firm of King & Spalding from 1977 until he retired in 2000. He was elected Havertys' chairman in 2001 upon the retirement of Rawson Haverty. At that time, the company was undergoing a change in its distribution system and expanding into new markets. Ridley helped provide continuity of leadership following the retirement in 2002 of the chief executive officer and the election of Clarence H. Smith, then president and chief operating officer. Ridley has helped guide the company through a tumultuous period for the furniture industry and both high-growth and recessionary cycles.
"It has been an honor to be a part of this great company for the past 31 years," Ridley said. "Havertys is celebrating its 125th year, a testament of the leadership that has come before and that follows. There have been seismic changes in this industry and it has been a privilege to work with a management team and a board to see the company through the firestorm. I could not be more proud of our people and their commitment to delivering great products, excellent customer service and enhancing shareholder value. I am confident that Havertys will thrive for another 125 years."
The retailer's board of directors intends to appoint L. Phillip Humann as non-executive chairman upon his re-election at the company's 2010 annual shareholders' meeting. Humann has served on Havertys' board since 1992 and as a member of the executive committee since 1995. He is currently a member of the compensation committee and has previously served on the audit committe. Humann was chairman of the board of SunTrust Banks, Inc, a position he held for 10 years. He retired in April 2009 and currently is a director of Coca Cola Enterprises Inc. and Equifax, Inc.
"Havertys has benefited significantly from Clancy's contributions over the years," Smith said. "As chief executive officer, I have greatly appreciated his counsel and leadership. He is retiring as the strategies of cost containment and margin discipline are producing positive results and we gain market share. Our shareholders have an experienced and knowledgeable board and I look forward to continuing to work with Phil Humann in his new role as non-executive chairman."
"Clancy is leaving the company with a very skilled management team that continues to hold the values which have kept the company strong over its history," Humann said. "We appreciate his dedication to Havertys and many years of service as a director and chairman."
February 17,
2010 by in UnCategorized
By Home Furnishings Business in Retailing on February 18, 2010
Nebraska Furniture Mart this week opened a massive new electronics department inside its location in Kansas City, KS. The department, the company said, is the only one in the country to contain an Apple Store, Bose Salon, HP Experience, Panasonic Technology Zone and Sony Store, within its 51,000 square foot space.
Nebraska Furniture Marts quest is to provide its customers with a unique and engaging shopping experience, our team is proud to unveil its latest state-of-the-art 51,000 square foot electronics and computer retail showroom. This showroom symbolizes the creative and collaborative 'best' from our team," the company's electronics division director, Jay Buchanan, said as part of the announcement.
"This team consists of the best in the industry; including our design, architectural, construction, merchandising, and vendor partners. Our unique outside-in approach to design puts the customer in the middle of this experience. Early customer feedback suggests that our team has exceeded our renovation goals and has 'hit this one out of the ballpark.'"
February 16,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on February 17, 2010
Rent-to-own retailer Aaron's Inc. (NYSE: AAN), Atlanta, announced fourth-quarter 2009 sales of $446.3 million, a 10 percent increase over the prior-year period; and net earnings from continuing operations of $25 million, a 19.5 percent increase.
Same-store sales for the fourth quarter were up 5.2 percent.
In the fourth quarter of 2008 the company consummated the sale of its Aaron's Corporate Furnishings division, the revenues and expenses of which are no longer reported for continuing operations.
For the year ended Dec. 31, revenues increased 10 percent to $1.753 billion compared with 2008; and net earnings from continuing operations increased 32 percent to $112.9 million.
"This was another outstanding quarter for us," said Robert C. Loudermilk, Jr., president and CEO of Aaron's. "We continue to grow as well as deliver our shareholders excellent financial results, and our view of the future remains optimistic. Our customer base needs basic home furnishings, and no matter what the economic environment we have proven that we are well positioned to fulfill these needs."
The Aaron's Sales & Lease Ownership division opened 25 new company-operated stores and 21 new franchised stores in fourth-quarter 2009. It also acquired one franchised store and sold 10 company-operated stores to a franchisee. In addition, during the quarter four company-operated stores and two franchised sales and lease ownership stores were closed, along with two company-operated RIMCO stores. One new Aaron's Office Furniture store was also opened.
For the 2009 year, Aaron's opened 85 new company-operated stores and 84 new franchised stores. The Company's total net store count from its continuing operations increased 8.8 percent for the year.
During the fourth quarter and fiscal year of 2009 the company awarded area development agreements to open 28 and 159 additional franchised stores, respectively. At the end of December 2009 there were development agreements awarded to open 269 franchised stores that should open over the next several years.
As of Dec. 31, the Aaron's Sales & Lease Ownership division consisted of 1,071 company-operated stores, 590 franchised stores, 11 company-operated RIMCO stores, and seven franchised RIMCO stores. The company also had 15 Aaron's Office Furniture stores. The total number of stores open at the end of 2009 was 1,694.
Looking ahead to first-quarter and full-year 2010, Aaron's amended its guidance to indicate the following:
* First-quarter revenues (excluding revenues of franchisees) of approximately $485 million.
* First-quarter diluted earnings per share in the range of $.62 to $.67 per share, assuming no significant store or asset sales, or weather related issues.
* Fiscal year 2010 diluted earnings per share in the range of $2.15 to $2.35.
* New store growth of approximately 5 percent to 9 percent over the store base at the end of 2009, for the most part an equal mix between company-operated and franchised stores.
February 16,
2010 by in UnCategorized
By Home Furnishings Business in Community/Charitable Support on February 17, 2010
Memory foam mattress manufacturer Anatomic Global, Corona, Calif., has appointed Patrick L. Johnson executive director of its WorldBed humanitarian initiative.
In this new position, Johnson, formerly CEO of Pro-Dex Inc., will focus on strategic growth opportunities and oversee fundraising efforts to make possible the delivery of 200,000 emergency field beds to displaced Haitians following the Jan. 12 earthquake near Port-au-Prince.
"The need for beds in Haiti is so great that it requires us to partner beyond our key suppliers," said Anatomic Global CEO David Farley. "Johnson will play a critical role in the WorldBed initiative. He has the right leadership skills, experience and contacts we need to reach our goal."
Johnson will oversee raising $7.4 million in funds, the cost it will take to make, transport and deliver on the ground 200,000 WorldBeds. To date Anatomic Global has been joined in the effort by FXI Foamex Innovations, Deslee Textiles USA, Royal Packaging, Brookwood Companies and Parakletos International in the campaign. In addition, the company is re-investing corporate profits from all operations for the first quarter of 2010 to manufacture WorldBeds for Haitian relief. This level of financial commitment will enable the delivery of the first 30,000 WorldBeds to Haiti, a process that has already begun.
At Pro-Dex, Johnson implemented a new strategic business model that significantly increased the company's profitability. He has more than 25 years experience in manufacturing and business development and previously held positions at Sybron Dental, Tycom Dental Corporation, Dabico Inc.
"I am very excited to contribute to this important project and enable Anatomic Global and its industry partners to provide much needed assistance to the victims of the horrible tragedy in Haiti," Johnson said. "I really see it as a calling to use my leadership and business skills in such a way that it can make a difference to so many people in need. Our team is heading to Haiti in the next week to assess the needs on the ground so we can determine how to get the most help to the most people in the shortest amount of time."
The WorldBed humanitarian effort encompasses a specially designed, cot-sized 3-inch foam mattress that can be quickly dispatched, in volume, to areas of need, anywhere, worldwide. The initiative, which began in the aftermath of 2005's Hurricane Katrina, seeks to provide needed comfort, increased levels of health and safety, and a more sanitary place to sleep in an effort to speed recovery and aid in healing.
For more information, click here.
February 16,
2010 by in UnCategorized
By Home Furnishings Business in Store Openings on February 17, 2010
Bob's Discount Furniture, Manchester, Conn., opened a new location last week in Nesconset, N.Y., bringing the total to 36 stores located throughout New England, New Jersey and New York.
This latest opening comes after Bob's expanded its retail presence in 2009 with openings in Yonkers, Poughkeepsie, and Carle Place, N.Y.; and Woburn, Mass. The retailer has plans to open 4 additional stores during 2010.
The Nesconset location brings 46 jobs to the local community, raising the total new jobs brought to the New York area up to 262 since the 2009 Yonkers, Poughkeepsie and Carle Place store openings.
"It is with much anticipated excitement that we kick off the 2010 year with our 36th new store in Nesconset," said Bob Kaufman, president, Bob's Discount Furniture. "The entire Bobs team looks forward to offering a new community our commitment to quality furniture at everyday low prices plus our commitment to helping the people in it through Bob's Outreach Program."
As part of entrance into the Nesconset community, Bob's Discount Furniture will make a $5,000 donation through its Bob's Outreach program to enhance senior citizen programs throughout the community.