Daily News Archive
Brought to you by Home Furnishings Business
May 20,
2007 by in UnCategorized 
By Home Furnishings Business in Upholstery on May 2007
Bruce Lauritsen, Flexsteel’s vice chairman of the board of directors and chairman of the company’s executive committee, died Sunday at home following a long battle with pancreatic cancer. He was 64.
Formerly president and chief executive officer until 2006, Lauritsen was a dedicated leader whose optimism and affability made him well-liked and widely respected throughout the industry.
After graduating from Creighton University in 1965 with a Bachelor of Arts degree in philosophy, Lauritsen served in the U.S. Army as an Infantry Officer. He completed a tour of duty in Vietnam and was awarded the Bronze Star.
Lauritsen’s career with Flexsteel began in 1968 when he joined the company as a sales trainee. Six years later, he was named national sales manager, and 15 years later, in 1989, he became president. During the last 10 years, Lauritsen’s vision and leadership helped propel the company to increased sales, expanded markets and enhanced brand recognition. He had many accomplishments during his tenure as CEO. He re-organized the reporting structure into three business-seating units: Home Furnishings, Commercial and RV/Marine. He also led the executive team and directors on the acquisition of DMI Furniture, which in turn implemented an offshore Asian sourcing program to blend with the company’s U.S. manufacturing focus.
“Bruce, in his long tenure with Flexsteel, served in many demanding and critical positions,” said Bruce Boylen, chairman of the board. “Under his leadership as president and CEO, the company’s revenue increased from $200 million to more than $400 million. In addition, his leadership guided the company as it evolved to meet the challenges of the constantly changing business climate and helped Flexsteel maintain its leadership role in the home furnishings industry. As a leader and a friend, Bruce will be sorely missed.”
Many organizations, both furniture industry and community-based, benefited from Lauritsen’s involvement over the years, including the boards of directors of the American Home Furnishings Alliance (AHFA); First Community Trust, Dubuque; Hills and Dales, Dubuque; First National Bank, Dubuque; Loras College Board of Regents, Dubuque; and the Dubuque Area Chamber of Commerce.
Lauritsen was born in Omaha, Neb. He is survived by his wife Jeanne; his three children, Jeanne’s two children, and 16 grandchildren; one brother, four sisters and their families. He was preceded in death by his parents and many aunts and uncles.
Committed to his community and church as well as the furniture industry, Lauritsen also worked with the United Way, the Girl Scouts of America, and the Parish Pastoral Council at St. Joseph the Worker Catholic Church, Dubuque.
May 17,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2007
Atlanta-based Havertys announced Thursday that it has promoted Home Depot veteran Rick Rodgers to assistant vice president, distribution.
Since joining the 122-store retailer, he has been responsible for more fully developing strategies to strengthen the operational performance of the company’s distribution system. Prior to joining Havertys last year, he was director of operations for Home Depot Supply’s 21 distribution centers and had previous experience with Kellogg’s and Georgia Pacific.
“We are please to promote this experienced professional to this new key position in the distribution support area of our business, a function critical to Havertys’ success,” said President and CEO Clarence Smith.
Havertys also announced Thursday that its board of directors has approved a cash dividend to be paid to two classes of stockholders. The dividend rate is $0.0675 per share on shares of common stock and $0.0625 on shares of Class A common stock. Havertys has paid a quarterly cash dividend since 1935 and has increased the cash dividend paid to stockholders in each of the past 31 years.
May 17,
2007 by in UnCategorized
By Home Furnishings Business in Case Goods on May 2007
Martin Schwartz, president and CEO of Montreal-based Dorel Industries, said Thursday that the company will suspend most operations at the company’s Dowageac, Mich., facility in July, but said the company’s various operations are continuing to improve and offer modest growth potential this year and more in 2008.
Saying the company’s manufacturing capacity exceeds anticipated needs, he said the shutdown of the Michigan plant will affect 170 to 215 workers. “We believe this will ensure the long-term viability of our domestic operations and speed Ameriwood’s (profitable) growth.”
The move will result in a pre-tax restructuring charge of approximately $11 million, the majority of which will be recorded this year.
Addressing shareholders at the company’s annual meeting, Swartz said that several new high-margin juvenile products will be introduced this year and next year. In addition, juvenile sales in Europe at record levels and efforts to improve the company’s ready-to-assemble business are on track.
Earlier this month, Dorel reported first quarter revenues of $455.7 million, up slightly from $455 million in the same period of last year.
“We have set in motion several initiatives in each of our divisions to capture increased market share and see considerable growth potential,” Schwartz said. “Product development has been a keen focus and the benefits of these efforts will be felt as early as the third quarter. Acquisitions have helped build Dorel’s global presence by purchasing businesses that offer opportunity and round out the company’s offerings. While we will concentrate on organic growth we will also look actively and carefully at new opportunities.”
Dorel’s US operations include Dorel Juvenile Group, Ameriwood Industries, Cosco Home & Office and Pacific Cycle.
May 17,
2007 by in UnCategorized
By Home Furnishings Business in Bedding on May 2007
Tempur-Pedic, Lexington, Ky., announced a new marketing campaign—including television advertising—that will be centered around what the company calls the strong connection between sleep and wellness.
Developed by The Acme Idea Company of Norwalk, Conn., the new campaign uses the tag line “Welcome to Bed,” positioning Tempur-Pedic products as “night time therapy for body and mind.” The campaign was created after months of studying consumer preferences and buying habits, as well as researching retail trends and category dynamics. Ads will begin appearing on television, magazines and more this month.
“This direction was born of consumers and what they have told us is important to them. Today’s consumer is more educated than ever before and more demanding about the wellness products they purchase,” said Rick Anderson, president of Tempur-Pedic North America. “This new direction speaks to the significant importance people are placing on their sleep needs.”
The ads can be viewed at the company’s Web site,
www.tempurpedic.com .
In late April, Tempur-Pedic posted a 16 percent increase in net sales to $266 million in its first quarter on the strength of a 25 percent increase in its U.S. furniture and bedding retail channel.
May 17,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2007
Federated Department Stores Inc., Cincinnati, reported first-quarter 2007 sales of 5.9 billion, a decrease of 0.2 percent from the same period last year. Net income for the 13-week period, which ended May 5, of $36 million was a big improvement over first-quarter 2006’s loss of $52 million. The prior-year period also included 13 weeks of business.
First quarter 2007 included merger integration costs of $36 million, or 5 cents per diluted share.
“Sales in the quarter were soft, particularly in April. For the quarter as a whole, we were pleased with sales in the legacy Macy’s and Bloomingdale’s stores,” said Terry J. Lundgren, Federated’s chairman, president and chief executive officer. “However, sales in the new Macy’s locations were disappointing in the quarter. In spite of weak sales, we achieved strong gross margin results and reduction in expense as a percent to sales. We are on track to deliver at least $450 million in annual expense savings as a result of the May Company acquisition. While April has given us some concern about the consumer and the economic environment, we remain optimistic that our trends will improve particularly in the back half of the year as we reach the first anniversary of the Macy’s brand conversion.”
Looking ahead, Federated reiterated its full-year 2007 earnings guidance of $2.45 to $2.60 per diluted share from continuing operations, excluding merger integration costs. Federated’s guidance is for total sales of $6.0 billion to $6.1 billion in the second quarter, compared with previous guidance of $6.1 billion to $6.2 billion.
Federated operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s and Bloomingdale’s.