Daily News Archive
Brought to you by Home Furnishings Business
April 23,
2007 by in UnCategorized 
By Home Furnishings Business in Case Goods on April 2007
Flexsteel Industries, Dubuque, Iowa, reported that sales for its third quarter declined 6 percent to $104.1 million. The upholstery and case goods company said net income for the quarter ended March 31 was $1.5 million compared to $1.8 million in the same period a year earlier.
In a statement, company officials said sales have been soft across the industry and they expect the trend to continue through the remainder of its fiscal year. “The company continues to explore cost control opportunities in all facets of its business,” officials said in a statement released Monday. “The company believes it has the necessary inventories and product offerings in place to take advantage of opportunities for expansion of certain markets, such as commercial office and hospitality.”
Net sales for the first nine months of the company’s fiscal year were $311.1 million, a decrease of 1 percent. Net income for the nine-month period was $3.5 million, including a $0.4 million pre-tax gain from the sale of vacant land. In the first nine months of the company’s 2006 fiscal year, net income totaled $3.2 million.
Among the bright spots during the nine-month period, commercial net sales rose 17 percent to $74.5 million. Residential sales decreased 5 percent to $188.2 million during the same period.
April 23,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on April 2007
Walter E. Smithe, a Chicago furniture retailer with 13 locations, will open a new store Thursday that replaces a far smaller location.
Following a ribbon-cutting, designer and well-known HGTV personality Candice Olson will present a free program called “Candice Olson on Design” and sign copies of her latest book. The Vernon Hills store is among the first to offer the Candice Olson Collection in its entirety.
The Vernon Hills store replaces a much smaller location at Townline Mall. It’s one of a series of relocations and expansions in recent years that have made Walter E. Smithe the market leader in custom upholstery and leather furniture. In 2005, the company moved its Merrillville a short distance away, and in 2001, a store in Winnetka relocated to Old Orchard.
April 23,
2007 by in UnCategorized
By Home Furnishings Business in Upholstery on April 2007
Office and residential furniture manufacturer Knoll, East Greenville, Pa., announced that its net sales for its first quarter increased 13.7 percent to $247.9 million over the same period last year.
Net income increased 45.1 percent to $14.8 million and earnings per share was 30 cents per share versus 20 cents in the prior year.
“Knoll is firing on all cylinders,” said CEO Andrew Cogan, according to an announcement Thursday. “Thanks to the breadth and diversity of our growth initiatives, for the third year in a row we are growing our sales faster than the industry. And, importantly in 2007, investments in our operations are resulting in significant improvements in both our gross and industry leading operating margins.”
The company expects second quarter revenues to increase 6 percent to 10 percent to $262 million to $272 million.
April 22,
2007 by in UnCategorized
By Home Furnishings Business in Upholstery on April 2007
Roy Calcagne has been named chief executive officer of upholstery producer Craftmaster Furniture.
Most recently, he was president of the company, a position he took when parent company Lacquer Craft acquired Craftmaster last year. In his new position, Calcagne reports to Samuel Kuo, Lacquer Craft chairman.
Calcagne succeeds Steve Lackey, Craftmaster’s former owner, who remains with the company as a consultant and will work on a variety of Lacquer Craft projects.
“With Steve’s extensive background in upholstery manufacturing we are excited to have his input and guidance on future projects,” Kuo said.
Calcagne has more than 26 years experience in the furniture business and joined Universal Furniture in 2003 as senior vice president of the upholstery division. Previously, Calcagne was vice president of merchandising at Broyhill Furniture, vice president of sales for Joan Fabrics and an upholstery buyer for Macys, New York.
“I believe a blended strategy of domestic upholstery production and sourcing from China is what is required to survive and grow in the current business environment,” Calcagne said, adding that the company is in the midst of expanding its Taylorsville, N.C., factory by 40 percent to accommodate its 2007 growth plans.
“Lacquer Craft purchased Craftmaster last year to expand its upholstery business,” Kuo said. “Craftmaster is a fine company with a long-standing history of quality and service, and we are looking forward to growing the business significantly in the near future.”
April 22,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on April 2007
Denver-based Kacey Fine Furniture has launched full-color catalogs the five-store chain will mail out monthly to feature their most recent offerings.
The catalogs are designed to showcase Kacey’s broad selection of product by a variety of well-known brands. The monthly mailings will include pricing information “so that customers can easily compare the exceptional values that Kacy Fine Furniture offers.”
President Leslie Fishbein said the catalogs are part of a customer-service strategy that also includes free design services. “Our customers are very important to us. Hundreds of (design) plans are on file that showcase how the individual needs of customers have been satisfied by taking advantage of Kacey Fine Furniture’s free design services,” she said.