February 5,
2013 by in UnCategorized 
By Home Furnishings Business in Financial Reports on February 6, 2013
Stanley Furniture (NASDAQ: STLY) reported fourth-quarter 2012 net sales of $23.4 million, down 5.1 percent from the prior-year period.
Stanley, Stanleytown, Va., lost $3 million in 2012's last three months, compared with net income of $1.2 million in fourth-quarter 2011. For the full year of 2012, Stanley recorded net sales of $98.6 million, down 5.7 percent from 2011; the company had net income of $31 million, which included $39.3 million in proceeds from antidumping duties on Chinese bedroom furniture.
Stanley attributed its fourth-quarter 2012 operating $2.4 million primarily to the decline in Young America sales and spending in preparation for the Winter Las Vegas Furniture Market, where the company opened a new showroom in the Las Vegas Design Center.
As expected, the combination of two factors hurt sales in the fourth quarter: soft retail demand in most areas of the country for residential wood furniture in our segment, and the disruption at retail caused by floor sample changes associated with the final chapter of the launch of our new Young America product line, said Glenn Prillaman, president and CEO. While total revenue declined for the quarter and year, our Stanley brand grew revenues in both periods contributing to the years bottom line improvements.
In addition, after three years of constant change, our Young America brand is no longer in operational transition. Representing the last stage of our journey to position this domestically made product line for growth, we completed initial production of all items, including two new designs that were introduced in October 2012 at the High Point Market. Understandably, customers have been challenged with changing floor samples after the re-engineering of the entire Young America product line during a time when retail traffic was slow. Our customers are delighted with the quality enhancements to our product and with our return to a more predictable production schedule. They have responded with orders in January.
Prillaman added that Stanley's strategic transportation nears completion with the consolidation of its corporate offices and new showroom in downtown High Point; and the implementation of our customer-driven information systems upgrade, which represents a 2012 investment of $6.5 million.
"These projects are on plan and expected to occur during the second quarter of 2013, Prillaman said.
February 5,
2013 by in UnCategorized
By Home Furnishings Business in Financial Reports on February 6, 2013
Furniture Brands International (NYSE: FBN) has regained compliance with the New York Stock Exchange's continued listing requirements.
For continued listing on the board, NYSE requires a minimum average closing price of $1 per share over a consecutive 30-trading-day period.
On December 21, 2012, Furniture Brands was notified by the NYSE that the average price of FBN common stock had traded below a consecutive 30-trading-day average of $1 per share. As a result, under the NYSE rules, Furniture Brands was required to bring its average closing price above $1 within the longer of six months from receipt of the NYSE's notification, or its next annual meeting of shareholders if a shareholders' action was proposed.
At the close of trading on Feb. 4, Furniture Brands closing share price was $1.40. The company will continue to monitor its ongoing compliance with the NYSEs continued listing standards.
February 5,
2013 by in UnCategorized
By Home Furnishings Business in Community/Charitable Support on February 6, 2013
Home furnishings vendor Gus Design Group's, Keep On Giving! promotion sent more than 2,500 pounds of food to local food banks.
During the month-long event, consumers that brought non-perishable food items into a participating Gus retailer received 15 percent off the MSRP on Gus Modern upholstery, dining, beds, storage, lighting, and accessories. Collected food and donations were distributed by the participating retailers to local food banks in their respective communities.
The Gus Keep On Giving Event is an opportunity to connect our business to our community, said Jane Berry, owner of Gus retailer Blueprint Home in Ottawa, Ontario. We only ask for a modest food donation to receive the furniture discount, but taken together, the donations can go a long way toward supporting those in need. Hopefully the event gets people thinking about what they can do year-round to improve their communities.
February 5,
2013 by in UnCategorized
By Home Furnishings Business in Mattresses on February 6, 2013
Luxury bedding vendor Pure Latexbliss was showcased Monday on the nationally syndicated series Manufacturing Marvels.
The show, which airs on The Fox Business Network, spotlights selected American manufacturers, their products, and the companys manufacturing and testing processes.
The segment was shot at two locations in Shelton, Conn.: the Latex International rubber plant and Pure Latexbliss mattress assembly plant, both which showcase the companys high tech facilities and meticulous manufacturing processes.
We were thrilled with the opportunity to be featured on Manufacturing Marvels, said Pure Latexbliss President Kurt Ling. The segment gives consumers and our retailers an inside look at how Pure Latexbliss mattresses, pillow tops and pillows are made.
Our manufacturing plant is unlike any other in the mattress industry. It is highly innovative, technologically intense and a world class lean operation, said Latex International CEO Dave Fisher. We are proud of our facilities and our people. It is an honor to be spotlighted in the national media.
Visit the Pure Latexbliss Facebook Page to view the segment.
February 5,
2013 by in UnCategorized
By Home Furnishings Business in Executive Changes on February 6, 2013
Furniture and bedding components vendor Hickory Springs has promoted Valerie Reid to the position of chief financial officer, effective immediately.