Daily News Archive
Brought to you by Home Furnishings Business
February 21,
2007 by in UnCategorized 
By Home Furnishings Business in on February 2007
Home Furnishings Business is putting together its editorial coverage for the Spring 2007 High Point Market.
As part of our coverage, we’ll feature photographs of products—FREE of charge—being shown at the market.
To take advantage of this opportunity, you should send quality images of products you’ll be showcasing. We’ll cull through the mountains of information and select images to include in the pages of our special High Point issue, which will be distributed at the market as well as to our retail subscribers.
We can work with color slides, transparencies or prints. You may also send images on a CD in JPEG format with a resolution of 300 dpi or higher. At that resolution, the image must be at least 6” x 8”. If you send images smaller than this, we may not be able to feature your product.
Along with the pictures, please be sure to include the following information about the product being shown:
• Company Name:
• Contact Name and Number:
• High Point Showroom Location:
• Name of Item:
• Collection Name, if applicable:
• Brief Description:
• Suggested Retail Price Point.
We need this information in hand no later than Friday, Feb. 23. Use FedEx or another express delivery service to ensure prompt delivery and tracking.
Send all photos and press releases to:
Sheila Long O’Mara
5 Springsdans Lane
Columbia, SC 29229
803-419-9478
slomara@napco.com
For more information, visit our Web site at
http://www.hfbusiness.com/pdfs/hpletter2-16-07.pdf .
February 20,
2007 by in UnCategorized
By Home Furnishings Business in Bedroom on February 2007
Members and guests of the American Home Furnishings Alliance are discussing the latest in the antidumping case against Chinese makers of wood bedroom furniture today.
Meeting at High Point University, the session covers the current situation of the U.S. Department of Commerce’s antidumping action on bedroom furniture from China; the scope of the action, since several particular items have been eliminated from dutiable pieces; and what to expect this year as the case progresses.
John Peterson of the New York and Washington law firm Neville Petersen is the featured speaker for the briefing.
February 20,
2007 by in UnCategorized
By Home Furnishings Business in Upholstery on February 2007
Quaker Fabric Corp. said it has agreed to sell its Fall River, Mass., corporate headquarters to Rosewood Management Associates for $4.7 million.
According to a release, Quaker said, after the sale, its administrative staff and certain other operations would continue to occupy approximately 127,000 of the 245,000 square feet of space at this site.
“Consolidating our operations and selling off excess real estate is an integral part of the broader restructuring plan we are currently implementing to improve Quaker’s financial performance,” said Larry Liebenow, Quaker president and chief executive officer. “This pending sale of our corporate headquarters building on Davol Street in Fall River is consistent with that plan, and leasing part of it back allows us to avoid at least some of the relocation costs we would incur if we needed to move out of this facility completely.”
The deal has a closing date of March 15, and net proceeds from the sale will be used to reduce the company’s senior debt.
February 20,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on February 2007
Haverty Furniture Cos. posted earnings for the fourth quarter ended Dec. 31 of $3.2 million, compared with $6.8 million reported in the fourth quarter of 2005.
Earnings for the year were $16 million, compared with $15.1 million. Sales for the fourth quarter were $216 million, a 4.2 percent decrease from the comparable quarter last year. Sales for the year increased 3.8 percent to $859.1 million from $827.7 million in 2005. Comparable-store sales in 2006 decreased 6.7 percent for the fourth quarter and increased 1.8 percent for the year.
“Our fourth quarter results were driven by lower sales along with the continuation of our fixed costs at planned levels,” said Clarence H. Smith, president and chief executive office. “Gross profit margins for the quarter were better than the fourth quarter in the prior year and the highest of any 2006 quarter. We attribute this to the strength of our product line-up and our cautious approach to making changes in our pricing and promotional plans.
Smith said SG&A costs increased 3 percent on a dollar basis over the prior year’s quarter but were flat on a sequential basis with the third quarter of 2006. Our payroll costs were greater in the current quarter than in the prior year and advertising expense was also higher as we incurred costs associated with our new marketing campaign.
“Our inventories are up from the 2005 levels which had been admittedly too low to properly serve our customer,” Smith said. “We believe that we have reached a manageable breadth of products and have greatly enhanced our supply chain techniques from a year ago. The current business environment does present challenges to maintain an optimal level of inventory given the long lead times from order placement with our suppliers to receipt of the merchandise. We are actively working with our vendors to have them warehouse more of our products in Asia.”
February 20,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on February 2007
Leon’s Furniture, Toronto, announced that fourth quarter sales at its more than 55 stores across Canada increased 5.3 percent to $236.7 million. Net income was $20.7 million or $1.17 per share, a per-share increase of 5.4 percent, during the period that ended Dec. 31. Same-store sales increased 3 percent during the quarter.
For the year, Leon’s sales totaled $768.4 million, an increase of 6.6 percent. Of the sales total, $177.1 million were produced by franchise stores. Net income for the year was $53.6 million, with a per share increase of 11 percent. The company, which recently opened a new showroom and warehouse in Saskatoon, Saskatchewan, plans two new store openings in 2007.