Daily News Archive
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November 20,
2008 by in UnCategorized 
By Home Furnishings Business in Retail Technology on November 2008
ViewIT Technologies recently announced the winners of its Speed Design Contest for designers who used 3Dream.net, a three-dimensional design tool, to create and fully decorate project spaces in a virtual 3D environment.
The top winner, Diane Dean, an IDS member from Alpharetta, Ga., will receive a year of use of the online program, a $600 value. She submitted a design snapshot after attending a ViewIT Technologies workshop during the October High Point Market that provided hands-on training. In an announcement, she said technology that helps designers enhance their professionalism enables them to become more competitive.
“By attending these workshops, professionals have shown a keen desire to keep up to date on the latest trends and tools that can help grow their business in a profitable, efficient and exciting way,” Dean said.
The runner-up, Rhonda Hull of Hickory, N.C., received six months of free usage of the program for her design submission, which included an outdoor room and a kids’ play area.
The workshops, which were attended by both novice computer users and designers skilled in CAD usage, were co-sponsored by Greenhouse Design Fabrics and Micro-D.
ViewIT is based in Burlington, Ontario, Canada. More information on the technology and a 30-day free trial offer is available at ViewIT’s Web site dedicated to the application: www.3dream.net
November 20,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
Cost Plus Inc., Oakland, Calif., announced Thursday that third-quarter 2008 sales slipped 0.8 percent to $213 million from the same period in 2007. The specialty retailer recorded a net loss of $25.7 million in the period, compared with a net loss of $13.3 million in third-quarter 2007.
Same-store sales fell 3.4 percent in the quarter due to reduced average tickets. Included in the third quarter of fiscal 2008 results was a $1.1 million asset impairment charge for five underperforming stores.
“Our intense liquidity management and value-driven merchandise assortments that include gourmet food and wine have positioned the company to weather this challenging economic environment,” Barry Feld, president and CEO, said in an announcement of results. “We have continued to reduce per-store inventory and peak on our borrowings at a level well below our available credit limit. At the same time, we have increased customer count levels, while managing costs in the face of a reduced ticket in order to achieve our bottom-line earnings guidance. We anticipate that our everyday low pricing strategy combined with a unique assortment of affordable gifts and consumables for holiday entertaining will attract increasingly cost-conscious consumers.”
Year-to-date net sales were $645.6 million, a 3.1 percent increase compared to the same period last year. Same-store sales declined 0.6 percent, which was entirely the result of a reduction in the average ticket. Year-to-date net loss from continuing operations was $72.9 million compared to $41 million in fiscal 2007, which included a $27.4 million income tax benefit.
Cost Plus’ credit line borrowings peak at $125 million in November, well under the limit of the $200 million credit facility, versus a peak last year of $120 million. Inventory levels declined $14 million at the end of the third quarter compared to a year ago and are estimated to decline by a total of $25 million year-over-year at fiscal year-end.
In the fourth quarter, Cost Plus expects same-store sales to decline in the range of negative 1 percent to negative 6 percent, and anticipates net sales in the range of $356 million to $374 million. The company is projecting a profit from continuing operations before interest and taxes in the range of $10 million to $18 million versus a $20 million profit last year.
Cost Plus Inc. sells casual home living and entertaining products. At the end of the third quarter, the company operated 296 stores in 33 states versus 284 stores (after adjusting for the 13 stores now included in discontinued operations) in 33 states at the end of third-quarter 2007.
November 20,
2008 by in UnCategorized
By Home Furnishings Business in Upholstery on November 2008
Uphostery manufacturer Flexsteel will lay off 33 workers, including the last 10 on the second shift, at its Dubuque, Iowa, factory, the
Telegraph-Herald of Dubuque reported Thursday.
The move leaves the Dubuque plant with less than 150 hourly workers, Mark Cook, business manager of United Steel Workers of America Local 1861-U, said in the report.
The job cuts affected Flexsteel’s vehicle seating and metal divisions.
“With economic conditions, business conditions and consumer confidence being at an all-time low, it still continues to be a tough market and we’re constantly having to evaluate our position,” said Flexsteel spokesman Justin Mills in the report. He added that no additional layoffs are planned in the “foreseeable future.”
November 20,
2008 by in UnCategorized
By Home Furnishings Business in Casual Furniture on November 2008
Casual furniture manufacturer Brown Jordan, El Monte, Calif., has named Stephen Elton director of sales and brand opportunity. He is responsible for exploring and developing avenues to build Brown Jordan’s market share in the United States and abroad.
In his previous role as director of brand opportunity, Elton played a critical role in representing the brand and its heritage to various constituents, identifying and acquiring new distribution partner, and exploring opportunities for growth in international markets.
His new role includes responsibility for also managing domestic sales in the retail and boutique channels. Elton has been a sales representative in the mid-Atlantic states for Brown Jordan for 19 years.
“Steve has the experience and expertise we need to manage the growth of our business,” Brown Jordan President Bill Brown said in an announcement. “With his outstanding sales background and leadership, he is ideally suited to extend the impact of the Brown Jordan brand. His commitment, focus and long-standing relationships are key qualities we need to support and expand our customer base.”
November 19,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
Natuzzi announced Wednesday that it increased units sold by 3.8 percent in the company’s third quarter, with sales increasing by about 1 million euros to 142.3 million euros, but had an operating loss of 12.2 million euros due to unfavorable exchange rates and high operating costs. The company posted an operating loss of 11 million euros in the third quarter of 2007.
For the first nine months of the year (through Sept. 30) Natuzzi’s sales increased 5.8 percent to 483.9 million euros, with an operating loss of 29.5 million euros. New CEO Aldo Uva, who was appointed in June, recently unveiled a business plan that calls for Natuzzi to achieve sales of 1 billion euros within three years by focusing on fast-growing markets and making changes such as building a factory in North America.
“Despite the 5.8 percent growth of our net sales reported in the first nine months of 2008, a highly positive performance in a singularly downbeat shopping environment, our profitability was by no means satisfactory,” Uva said. “Our operating profitability suffered from unfavorable exchange rates, with a net impact of nearly 20 million euros, and from excessively high operational costs. The improvement of our gross margin is one of the top strategic priorities of our three-year plan, and we are continuing to see abundant signs that this business plan is built on the right assumptions. We are aware that there is a lot of work ahead of us, but we are confident that we will recover profitability within the next few quarters.”
He said full-year sales rates will be roughly in line with those of the first nine months of the year, adding that the company’s operating loss should be in the range of 35 million to 40 million euros as compared to a loss of 49 million euros in 2007.