Daily News Archive
Brought to you by Home Furnishings Business
February 20,
2007 by in UnCategorized 
By Home Furnishings Business in Bedding on February 2007
Bedding major Sealy Corp. reported net sales for the fourth quarter ended Nov. 26 increased 8.4 percent to $395.3 million from $364.6 million during the same quarter last year.
Net income for the quarter was $21.5 million compared to $15.2 million for the comparable period last year. The fourth quarter results included incremental pre-tax expenses of $5.9 million related to the introduction of new product.
Net sales for the fiscal year increased 7.7 percent to nearly $1.6 billion from $1.5 billion for the previous year. Net income for the year was $74 million compared to $68.5 million for the previous fiscal year.
The results include $34.2 million of charges related to the company’s IPO and associated debt extinguishments, $26.7 million of incremental cost related to the launch of Sealy’s new products and $2.6 million of incremental expense for non-cash compensation versus the comparable prior year, partially offset by a reduction in charges of $5.7 million due to changes in estimates underlying the reserves for workers’ compensation claims.
“I am pleased with our achievements in 2006, including over 20 percent growth in our international markets, near doubling of our specialty business, an improving trend in domestic unit shipments, and ongoing strengthening in promotional mattresses, a segment where we were historically underrepresented,” said David McIlquham, chairman and chief executive officer. “We accomplished these in light of a challenging industry and competitive environment during a year in which we also completed the biggest product transition in the company’s history.”
In addition to its earnings release, the company also announced a share repurchase program under which the board of directors has given approval for Sealy to repurchase up to $100 million of its common stock.
Under the plan, Sealy may purchase common stock from time to time in the open market or in negotiated block purchases. As of Nov. 27, the company had 90,983,041 shares of common stock outstanding.
Sealy will host a conference call and audio webcast today at 5 p.m. Eastern time. The live call can be accessed by dialing (800) 811-0667, or for international callers, (913) 981-4901. Additionally, a live audio webcast will be available to interested parties at sealy.com under the Investor Relations section.
February 20,
2007 by in UnCategorized
By Home Furnishings Business in Case Goods on February 2007
Chromcraft Revington of West Lafayette, Ind., said its quarterly sales decreased 4.4 percent to $38.8 million due to pressure from imports and a weak retail environment. Four the year ended Dec. 31, sales declined 5.4 percent to $160.4 million.
The company had previously announced plans to shut and consolidate some of its factories, including the closings of factories in Warrenton, N.C., and Sumter, S.C. in a shift to more overseas production.
The company’s CR Home banner includes its Chromcraft, Peters-Revington, Silver Furniture, Cochrane Furniture and Sumter brand names.
February 19,
2007 by in UnCategorized
By Home Furnishings Business in Curios on February 2007
Citing competition from off-shore production, Pulaski Furniture Corp. announced Friday that it will close its last domestic manufacturing facility, a curio plant in Pulaski, Va., by late April.
The 50-plus-year-old plant employs around 260 people who in addition to a severance package, are eligible for placement counseling through the Trade Act program that provides assistance to trade-affected workers.
The company sees no impact in delivery to its dealers and will continue the warehouse, customer service, and other operations located in Pulaski, Va.
February 19,
2007 by in UnCategorized
By Home Furnishings Business in Case Goods on February 2007
Case goods vendor Stanley Furniture Co. has promoted Walt Rhea to director of inventory planning and logistics. Rhea will report to Rick Lovorn, senior vice president of manufacturing.
In this new position, Rhea will be responsible for sales forecasting, inventory planning and logistics. Most recently, he served as Stanley’s manager of inventory planning and logistics.
Rhea, a certified public accountant, joined Stanley Furniture in 1994 as a financial analyst after two years in public accounting.
“Walt has helped implement changes to run our business in a smoother, more cost-efficient manner,” Lovorn said. “We are confident that his leadership will result in even greater synchronization of corporate forecasting and international logistics.”
February 19,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on February 2007
Conlin’s Furniture, Bismarck, N.D., will add a 17th store by acquiring Roer’s Furniture of Alexandria, Minn., and converting it to the Conlin’s nameplate by late summer. It will be the company’s first store in Minnesota.
The current owner, Ray Roer, plans to sell the store’s remaining inventory and close the business as part of the sales agreement.
“Roer’s family and staff have built up a significant regional business focused on excellent customer service and customer relationships,” said Joe Conlin, CEO of the 70-year-old Conlin’s chain. “Our plan is to continue that level of service and leverage our buying power as a chain to bring even more leading brand selections to the area at very attractive prices.”
The company operates 16 stores in North Dakota, South Dakota, Montana and Wyoming.