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December 14,
2009 by in UnCategorized 
By Home Furnishings Business in economic news on December 15, 2009
Tough economic times have driven more American families to lower the dollar value of what they define as a "major purchase" from $500 or more to the low range of $250 to $350.
That's according to is a new research finding posted on
BeemerReport.com, a new, largely video-based, Web site launched earlier this month by Charleston, S.C.-based America's Research Group CEO Britt Beemer.
"This is the most significant change in the retail business over the last 15 years," Beemer said. "It's the first time we've seen this kind of basic re-definition over many years of conducting consumer research."
In a survey last weekend, three times the number of consumers said "yes" compared to "no" when asked if they need to discuss a purchase of $250 to $350 with their spouse or partner to determine if they can afford it. For many years, the definition of a "major purchase" requiring consultation has been purchase of an item of $500 and more.
Conducted exclusively for the BeemerReport.com Dec. 5-6, the research consisted of telephone interviews with 1,000 consumers. The error factor is plus or minus 3.8 percent.
BeemerReport.com, a subscription-based service, features constantly updated poll data available exclusively to members. The site will feature a minimum of 10 new research findings per month on a variety of topics such as holiday sales forecasts, retail stores favored by consumers, public confidence in the banking industry, numbers of people considering car purchases etc.
Beemer has a successful record in forecasting business trends for clients ranging from Warren Buffett's Berkshire-Hathaway companies, General Electric and UBS to Sealy Mattress Co. and many U.S. retailers.
December 14,
2009 by in UnCategorized
By Home Furnishings Business in Financial Reports on December 15, 2009
Furniture retailer Jennifer Convertibles (AMEX: JEN), Woodbury, N.Y., reported fiscal fourth-quarter 2009 revenue of $22.8 million, a 25.6 percent decrease from the same period a year ago.
For the quarter, which ended August 29, Jennifer recorded a loss of $5.3 million, compared with a loss of $777,000 in 2008's fourth fiscal quarter.
For the 2009 fiscal year, Jennifer Convertibles sales were off 21.6 percent to $94.2 million; and the loss from continuing operations increased to $10.8 million from almost $3 million a year ago.
During fiscal 2009, the company closed seven stores--none in the fourth quarter--of which the operating results of three stores were reported in discontinued operations.
"Fiscal 2009 was a challenging year for the company as the difficulties in the economy impacted the home furniture industry particularly hard," said CEO Harley J. Greenfield. "As a result during the fourth fiscal quarter we incurred several events, which significantly impacted our results. Due to the decline in the operating performance of stores in the Chicago and Florida markets we recognized an impairment of goodwill of $1,167,000 during the period."
Of more significance long term is the termination of the purchasing agreement with a related company due to its failure to make payments to Jennifer.
"We have established a reserve of $947,000 as of August 29, 2009 against potential losses on amounts due from the related company as of August 29, 2009," Greenfied said. "We also expect to establish substantial reserves for the first quarter of fiscal 2010 relating to amounts, which become due from the related company subsequent to August 29, 2009, and prior to the termination of the purchasing agreement in late November. We have taken steps as of November 27, 2009, which we believe will ensure that we will incur minimal further losses on any additional products shipped to customers of the related company. We are in negotiations with the related company to resolve these issues. I believe the results of these negotiations should have a positive long-term benefit to Jennifer and should create an opportunity to generate additional revenue. Additionally during the fourth quarter we established a reserve of $1,300,000 for a class action lawsuit for alleged violations of California Labor Law. We are vigorously defending this matter."
Greenfield remained pleased with the progress of Jennifer's Ashley Furniture Homestores division.
"During the year it generated $12.8 million or more than 13 percent of our revenue and generated income before income taxes of about $1.3 million, a 42.6 percent increase from the prior fiscal year," he said. "Since year-end we have opened two additional Ashley Furniture Homestores, have announced the opening of a fifth location in January and our currently negotiating for additional stores to be opened before the end of the fiscal year. Recently we have seen an increase in revenues in our existing Ashley Furniture Homestores locations and our new stores have opened and are performing as projected. We are also beginning to see some stabilization in our Jennifer stores. Capitalizing on our new line of extreme value merchandise, we expect to see improvement in our Jennifer division as well in 2010."
Jennifer Convertibles owns and licenses of the largest group of sofabed specialty retail stores in the United States, with 148 Jennifer Convertibles stores; and is the largest specialty retailer of leather furniture with 14 Jennifer Leather stores. As of Dec. 14, the company owned 141 stores and licensed 21 stores (including 19 owned and operated by a related company on a royalty free basis) and operates four licensed Ashley Furniture HomeStores.
December 14,
2009 by in UnCategorized
By Home Furnishings Business in on December 15, 2009
Ready-to-assemble furniture manufacturer Sauder Woodworking Co., Archbold, Ohio, announced Monday that its consumer services call center has earned the prestigious BenchmarkPortal certification--an award given in conjunction with the Center for CustomerDriven Quality located at Purdue University--for the fifth consecutive year.
The Center of Excellence certification is based on a contact center's ability to exceed rigorously validated, objective performance metrics compared to its industry peer group. Key criteria included customer satisfaction, service level standards, process management, leadership, employee training and operational efficiency. These measures were evaluated via live call monitoring, evaluation of performance metrics, conducting team surveys and contacting Sauder customers for direct feedback. Only the top ten percent of contact centers that apply for certification have earned this designation.
"This designation is especially rewarding for Sauder because it validates our company's effort to continually amaze our customer with unmatched quality and service," said Jacqueline Schnitkey, Sauder manager of consumer services. "We are proud of the dedication of our staff to consistently go above and beyond delivering exceptional service to our customers."
"The certification of Sauder is a direct result of its leaderships commitment to balancing cost-effective service solutions with best-in-class service performance," said Jon Anton, founder of Purdue University's Center for Customer-Driven Quality. "It is an achievement of distinction."
December 14,
2009 by in UnCategorized
By Home Furnishings Business in on December 15, 2009
The International Sleep Products Association will host ISPA Expo 2010 March 3-6 in Charlotte, N.C.
The biennial event will feature exhibits of the latest innovations in machinery, equipment, components, materials, supplies and services for the mattress industry.
With the current state of the economy, everyone is analyzing costs and looking at ways to become more efficient, said Debi Sutton, ISPA vice president of marketing and member services. The ISPA EXPO makes it convenient and cost effective for manufacturers to shop and compare machinery, equipment, components, materials, supplies and services from around the worldand offers suppliers the opportunity to reach their key audienceall in one place, at one time, in just a few days, thus saving everyone valuable time and money.
ISPA has organized a slate of educational sessions on important industry topics. A representative from the Consumer Product Safety Commission (CPSC) will bring attendees up to speed on the current enforcement rules for mattress flammability standards and other new safety rules that apply to mattresses.
Jerry Epperson, managing director of Mann, Armistead and Epperson, Ltd. and Michael Sherman, president of Association Research Inc., will provide an overview of the 2010 mattress industry forecast. Mike Wittenstein, a chief experience architect, will help participants understand the practical nuts and bolts of pulling together a retail customer experience design plan that improves profitability. A representative from Rubicon National Social Innovations, a non-profit group that has partnered with ISPAs sustainability initiative, will offer insights on new efforts to expand used mattress recycling and disposal initiatives and shed light on potential opportunities and pitfalls. The industrys new Green Task Force will update participants on the latest industry green initiatives, as well.
As the economic recovery gains momentum and we prepare for increased demand for new mattresses, the EXPO will feature excellent opportunities for bedding professionals from around the world to make important business connections and see new components and materials," said ISPA Chair Don Wright. "At EXPO, manufacturers and suppliers will learn more about issues affecting the industry and have an opportunity to better understand current trends through the excellent educational sessions planned during the show."
After the debut during ISPA Expo 2008, the Insomniaczzz all-industry band will return to the stage to rock the crowd during The Carolinas...From the Mountains to the Coast welcome reception.
For more information or to register for ISPA EXPO, click
here.
December 14,
2009 by in UnCategorized
By Home Furnishings Business in on December 15, 2009
Horacio Hernandez, a student at the Fashion Institute of Technology in New York City, has won $4,000 as the 2009 recipient of the International Interior Design Association's Kimball Office Scholarship Fund.
Made possible through the generosity of Kimball Office, this fund, with emphasis on recognizing and awarding diversity at the college/university level, is a three-year program that presents a financial award to a senior year student pursuing a degree in interior design.
The winning student, of African, Asian, Latin, or Native American heritage, is selected based upon excellence in both academics and promising design talent.
"Horatio's portfolio showcases a perfect combination of design ability, technical skills and flair for presentation," said Felice L. Silverman, IIDA, chair of the IIDA Foundation. "From initial design process to project completion, Horatio is able to convey his design intent and solution with incredible depth, clarity and appeal well beyond the ability of most students at his level."
For additional information on the IIDA Foundation, please visit
here.