Daily News Archive
Brought to you by Home Furnishings Business
August 9,
2007 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on August 2007
Specialty retailer Pier 1 has fired its long-time executive vice president of marketing.
In an filing today with the Securities and Exchange Commission, the retailer said effective Aug. 6, Phil E. Schneider was “terminated.” In the same filing, the Fort Worth, Texas-based company said it is seeking a replacement.
The new chief executive officer, Alex Smith, appears to be building his own management team. Earlier this month, Sharon Leite was named executive vice president of store operations.
August 9,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2007
Design Within Reach reported second quarter net sales of $49.1 million, a slight increase compared to $49 million posted during the same quarter last year.
The retailer’s net loss for the second quarter of 2007 was $600,000 compared to net loss of $800,000 in the second quarter of 2006. No income tax benefit was recorded in the quarter ended June 30, compared to an income tax benefit of approximately $600,000 in the same period last year.
Ray Bunner, chief executive officer, said the company made progress during the quarter in improving its financial position and building brand awareness.
“While we are pleased with this increased level of operating performance, there are many opportunities for improvement,” he said. “We have a number of initiatives in place, including sourcing alternatives to improve our product margins and an internally developed advertising campaign to further build brand awareness.”
The retailer’s studio sales from its 63 locations for the quarter were $31.8 million, a 10 percent jump from the same period last year. Direct sales, those via the phone and through the Web site, were about $12.6 million for the quarter, a 3 percent decline from $13 million in the same quarter last year.
August 9,
2007 by in UnCategorized
By Home Furnishings Business in Case Goods on August 2007
Providing good news to dozens of bedroom importers—and extremely bad news for at least one producer—the Department of Commerce on Wednesday announced the final results of the antidumping duty review on imports of wooden bedroom furniture from China.
Forty-one companies that were approved for separate rate status gained a duty rate of 35.38 percent, down from a preliminary duty rate of 62.94 percent. That rate was locked in based on the final dumping margins for five companies the Commerce Department selected as mandatory respondents. The duty rates of those companies ranged from 0.53 percent for Shanghai Aosen (previously 1.24 percent) to 216.01 percent for Starcorp Furniture (up from 74.69 percent previously), because, according to the Commerce Department’s announcement, Starcorp “did not cooperate to the best of its ability in this administrative review.”
Duty rates for three other mandatory respondents declined: The new rates include Fine Furniture, 1.97 percent (previously 2.13 percent); Foshan Guanqui, 11.72 percent (13.26 percent); and Dare Group, 48.97 percent (58.84 percent).
The review covers imports of wooden bedroom furniture from June 24, 2004, through Dec. 31, 2005. In addition, these rates also become the new cash deposit rates on wooden bedroom furniture from China.
The Department of Commerce received requests from more than 100 companies. After withdrawals, 57 companies became subject to the review. Altogether, 41 companies were approved for separate rate status and 11 were denied. A listing of the companies that qualified for Separate-Rate Status (35.38 percent) is available online: http://ia.ita.doc.gov/download/factsheets/factsheet-prc-wbf-080807.pdf
August 9,
2007 by in UnCategorized
By Home Furnishings Business in on August 2007
Kathy Ireland—the former model whose name and designs help sell $1.4 billion worth of mostly home furnishings products annually—will address the 4th Annual International Youth Assembly at the United Nations Monday.
At the speech at U.N. Headquarters in New York, Ireland, who
Forbes magazine once called a “supermodel-turned-super-mogul,” will discuss how developing countries can reach their goals. She’ll also have lunch with Youth Assembly participants.
“Our future belongs to our youth,” Ireland said, according to an announcement released Thursday. “It is a great honor to join these young leaders at the United Nations for this powerful event. Secretary General Elaine Valdov and the great team at Friendship Ambassadors Foundation are amazing in their efforts to inspire young people to lead and to change the planet.”
Ireland is president and CEO of Kathy Ireland Worldwide, a design and marketing firm that has teamed to produce furniture collections with companies such as Standard, Martin, Shaw Living and Therapedic.
August 8,
2007 by in UnCategorized
By Home Furnishings Business in Las Vegas on August 2007
In post-show report issued Wednesday, the World Market Center said the recent Las Vegas Market set a record as its largest event to date, occupying more than 3.8 million square feet of permanent and temporary exhibit space.
In addition, show organizers said attendance surpassed what the announcement called “the historical average of 50,000 registered attendees,” and the event saw an increase of Top 100 retailers, with 75 percent of those companies represented. In addition, the July 30 to Aug. 3 event saw 10,000 retailers and designers attending for the first time. The number of international buyers increased 27 percent. Among exhibitors, there were 250 companies showing at the Market for the first time.
“This Summer Market outpaced the expectations among exhibitors, not to mention delivered so many new facets for buyers and designers looking for the latest in products, trends and education,” said General Manager Dave Palmer.
In its announcement, World Market Center officials said Building C, which bustled with construction activity throughout the Summer Market, is on pace for its planned July 2008 opening. The 16-story building, which will cost $550 million, will house more than 400 showrooms, and virtually every space in the structure is spoken for through signed leases and commitments. ”With World Market Center quickly becoming the preferred market for U.S. and international buyers, the demand among manufacturers continues to escalate” said Babs Blair, vice president of leasing. “We are pleased to have commitments and interest for the entire building.”