January 12,
2010 by in UnCategorized 
By Home Furnishings Business in on January 13, 2010
Foliot Furniture, a Montreal-based vendor of hospitality furniture will is building a 309,000-square-foot warehouse in Las Vegas to house its U.S. operations, KLAS-TV reported Monday.
Foliot will hire 200 people to staff the facility.
The company chose Las Vegas over Los Angeles and Phoenix.
"The people here were very proactive in helping us find a place and working very hard with us for grants," said Foliot President Daniel Foliot in the report.
"They said no corporate tax and no personal income tax, so they really get some good breaks here," Somer Hollingsworth, a Nevada Development Authority representative, said in the report.
January 12,
2010 by in UnCategorized
By Home Furnishings Business in on January 13, 2010
Furniture Brands International (NYSE: FBN) announced that net sales for the fourth quarter of 2009 are expected to reach between $280 million and $290 million.
Those figures are below expectations of analysts polled by Thomson Reuters who are looking for sales of $312.5 million.
Reported financial results for the fourth quarter of 2009 will include selected items related to severance charges, store and plant closure expenses, inventory charges, plant downtime costs, and asset impairment. The company plans to release fourth-quarter and year-end earnings Feb. 3.
Furniture Brands expects to achieve its guidance of being cash flow positive for fiscal 2009, excluding the effects of debt paydown and tax refunds. The company expects to report a cash and cash equivalents balance of about $83 million with debt of $95 million at Dec. 31, or net debt of about $12 million, compared to cash and cash equivalents of $106.6 million and debt of $190 million at Dec. 31, 2008, or net debt of $83.4 million.
January 12,
2010 by in UnCategorized
By Home Furnishings Business in on January 13, 2010
Fabric supplier Culp (NYSE: CFI) has revised its expectations upward for the third quarter ending Jan. 31.
The company is now expected to reports sales for the quarter to be up about 18 percent over the same quarter last year. Culp's mattress ticking sales are expected to be up about 7 percent, and upholstery fabrics' sales are expected to be up about 34 percent over the same quarter last year.
These projected results compare with previously announced expectations of a 5 percent sales increase for the company as a whole and for each business segment. Culp currently expects pre-tax income to be in the range of $3.4 to $3.8 million for the third quarter. These projected results are higher than the company's previously announced expectation of $2.1 to $2.9 million for the current quarter.
"Our projected financial results for the third quarter of fiscal 2010 reflect better sales growth than anticipated, primarily in our upholstery fabrics business," said Frank Saxon, president and chief executive officer. "Our mattress fabrics business has continued to perform well, up slightly from previous expectations. During the third quarter we have seen a greater improvement in upholstery fabrics performance due to favorable results from our sales and marketing initiatives and an improved macro environment. While we are pleased with the progress we are making, we remain cautious about the outlook for future demand trends in the home furnishings industry."
The company expects to report financial and operating results for the third quarter of fiscal 2010 during the first week of March. Culp's fiscal year 2010 runs from May 3, 2009 through May 2.
January 12,
2010 by in UnCategorized
By Home Furnishings Business in on January 13, 2010
The Furniture Training Co. has enhanced its Web site, FurnitureTrainingCompany.com, which is designed to train retail furniture salespeople to sell more furniture.
The Web site upgrades make it easier and faster to use our Internet-delivered sales training," said Mike Petersen, senior vice president marketing. "The changes are focused on keeping sales people in the training loop so theyll sell more furniture every single day. We also incorporated major features of social media networking which now allow furniture salespeople to learn and share sales training techniques with each other from across the country and around the world.
The revamped Web sites new social media tools include an interactive discussion forum that allows subscribers to receive answers to their furniture sales questions. Subscribers can post any question about selling furniture. They receive answers from other furniture salespeople, sales and training managers, and industry experts. Non-subscribed site visitors can view forum questions and answers, but cannot post questions or answers. Web site subscribers and visitors can also receive sales tips via Twitter sent from The Furniture Training Co. directly to their mobile phones.
Other upgrades to the Web site include:
- Individualized training dashboards for each subscriber;
- Specialized dashboards specifically for store owners and managers;
- Audio podcasts of audio furniture sales training lessons (worksheets are included);
- Training review game focused on product knowledge benefits;
- Easier to use reports for tracking furniture sales associates training progress;
- Specialized furniture discussion forum for use by website subscribers; and
- Social networking features via twitter subscription for regularly motivating salespeople.
Access to the Web site costs $20 a month per person. Discounts are available to retailers who belong to furniture associations and buying groups. Check out the new Web site here.
January 11,
2010 by in UnCategorized
By Home Furnishings Business in on January 12, 2010
City of Hope's National Home Furnishings Industry Group has named the Navarra family, founders of Jerome's Furniture in San Diego, and and Lee Goodman, chief executive officer, winners of its 2010 Lifetime Achievement Award.
City of Hope will present award, which recognizes Jerome's for more than 50 years of community service, philanthropic contributions and business accomplishments, will be presented at the 19th annual West Coast Golf and Tennis Tournament, scheduled for June 7 at Coto de Caza Golf and Racquet Club in Orange County, Calif.
Founded in 1954 by Esther and Jim Navarra, Jerome's Furniture is a family-owned and operated business that has served generations of families who depend on its value, service and wide selection. Jerome's Furniture has five showrooms, an e-commerce Web site and a distribution center in San Diego. The Navarras attribute their success to the company's commitment to always provide consumers the best furniture values and service in the San Diego area.
For nearly four decades, Jerry Navarra, of Jerome's second generation, has dedicated his career to the company. His sisters Ann Navarra and Adeline Williams have both made career contributions to the company's success as company executives. Ann Navarra was vice president of finance and accessory buyer for 35 years. Williams, currently in her 25th year, is director of human resources and community relations. Co-founder Esther Navarra continued to work part-time with her family at Jeromes Furniture for 50 years until her 80th birthday.
Goodman, a fourth generation furniture retailer, joined Jerome's Furniture as president and chief executive officer. He was previously at Bob's Discount Furniture for 12 years.
In the past decade, the third generation of the Navarra family has joined the business. Adrienne Navarra is the wellness and safety advocate. Jim Navarra is director of marketing and advertising and Mark Navarra is director of supply chain management, director of technology and merchandiser for the mattress department. Carolyn Williams is manager of the department for distribution center customer pick up and clearance.
"We are honored to receive such a prestigious award from City of Hope," said Jerry Navarra, chairman, Jerome's Furniture. "With thousands of people who will be diagnosed with cancer this year, it's important that we support City of Hope's efforts to quickly turn promising scientific discoveries into new treatments for patients who need it."
"The Navarra family and Lee Goodman know that good business is built by good people who understand the needs of their customers whether through sales or charity service," said Michael Sandler, director of development, National Home Furnishings Industry, City of Hope. "With the committed support of companies like Jerome's Furniture, the National Home Furnishings Industry and City of Hope continue to accelerate research and treatment for patients with cancer and other life-threatening illnesses."
In its 18-year history, the West Coast Golf and Tennis Tournament and dinner have raised more than $5 million for City of Hope. To register for the tournament and purchase tickets the dinner, click
here; or contact Michael Sandler at 800-272-2310 or
msandler@coh.org. For more information about the National Home Furnishing Industry Group, click
here.
City of Hope's National Home Furnishings Industry chapter was created more than 40 years ago by a group of industry leaders who wanted to help fund the search for a cure for cancer and other life-threatening illnesses. It has grown to include representatives from all facets of the industry including retail, manufacturing and publishing. In its 45-year history, the group has raised over $43 million for City of Hope.
City of Hope is a leading research and treatment center for cancer, diabetes and other life-threatening diseases. Designated as a Comprehensive Cancer Center, the highest honor bestowed by the National Cancer Institute, and a founding member of the National Comprehensive Cancer Network, City of Hope's research and treatment protocols advance care throughout the nation. City of Hope is located in Duarte, Calif., just northeast of Los Angeles, and is ranked as one of "America's Best Hospitals" in cancer and urology by U.S. News & World Report. Founded in 1913, City of Hope is a pioneer in the fields of bone marrow transplantation and genetics. For more information, click
here.