Daily News Archive
Brought to you by Home Furnishings Business
February 8,
2007 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on February 2007
Hooker Furniture, Martinsville, Va., reported record sales of $350 million for 2006 Thursday. Sales in the period that ended Nov. 30 were up 2.4 percent over the previous year, and annual net income increased 12.8 percent to $14.1 million.
Chairman, CEO and President Paul Toms said, “2006 was a year of positive momentum for Hooker Furniture as we performed better operationally, achieved record annual net sales and made significant progress toward our long-term strategic goal of transforming into a home furnishings design, marketing and logistics company with world-wide sourcing capabilities. We were gratified with our operating and net income improvement for the year despite large restructuring and asset impairment charges and higher warehousing and distribution costs, which we expect to decline going forward.”
For the fourth quarter of 2006, net sales increased 0.9 percent to $91 million, and quarterly net income decreased 13.3 percent to $3.5 million. The decline was due primarily to asset impairment charges related to the closing of the company’s Martinsville wood furniture factory. The company announced in January that the factory—its last wood facility in the United States—will close by the end of March.
February 8,
2007 by in UnCategorized
By Home Furnishings Business in on February 2007
Miami-based El Dorado will open its 10th store on Feb. 17 in Wellington, Fla., a village in Palm Beach County.
Located at 160 South State Road 7, the themed Boulevard Showroom combines facades of vintage city streets and vignettes evoking exotic locales, including 16th-century stained glass windows, Egyptian Hieroglyphics and bright yellow strollers that look like little taxis.
“We have not only made the store customer friendly on the inside but also on the outside. The experience begins the moment you enter our parking area with park benches, shade trees, and walkways which lead to the grandiose entrance with architectural columns,” said Robert Capó, El Dorado’s chief marketing officer.
Thousands of customers from across South Florida are expected for the Feb. 17 grand opening, and the company will host a private grand opening event the preceding night. Established in 1967, El Dorado Furniture ranks among the 100 largest furniture retailers in the nation.
February 8,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on February 2007
Ready-to-assemble major manufacturer Sauder Woodworking Co. will supply kitchen cabinet components for the the eastern two-thirds of Sweden-based retailer IKEA’s North American stores.
The initial contract is for the manufacture of IKEA’s AKURUM kitchen frames and its RATIONELL kitchen shelves over a three-year period.
“We have been working with IKEA for over seven months to mesh our capabilities with their specifications,” Kevin Sauder, president and CEO of Sauder, said. “And we believe that these are the first of several lines we will be making for IKEA.”
The kitchen frames and shelves, which Sauder will start producing mid-year in its Archbold, Ohio, factories, are currently being made in Eastern Europe. But as IKEA’s North American store base grows, the company is developing a network of strategic vendors in the United States to more efficiently supply products to these operations. IKEA currently has 39 stores in the U. S. and Canada, with plans to open three to five stores a year in North America.
February 8,
2007 by in UnCategorized
By Home Furnishings Business in Bedding on February 2007
Leggett & Platt has announced plans to rejoin the International Sleep Products Association.
“Leggett & Platt’s renewed involvement in ISPA is a major positive development,” said ISPA Chair Kerry Tramel of Lady Americana. “Clearly, the landscape is changing throughout the mattress industry, and we need all mattress producers and their suppliers – large and small, to effectively address the issues we are facing. As the leading supplier to the mattress industry, Leggett and Platt is a most welcome addition to our membership.”
“This is tremendous news for ISPA, Leggett & Platt, and the mattress industry,” said ISPA President and CEO, Dick Doyle. “I am delighted that they have decided to rejoin our industry’s association. Leggett & Platt brings great insights to the table, and ISPA programs and services will benefit significantly with their renewed involvement.”
In its press release, Leggett & Platt stated, “It is our belief that a strong association is vital to the continued strength of our industry. Given that, we are optimistic that we can return and contribute towards the growth and prosperity of the bedding community.”
February 8,
2007 by in UnCategorized
By Home Furnishings Business in High Point on February 2007
Rock and pop duo Hall & Oates will kick off High Point Market’s “Stars Under the Stars” nightly event at the Showplace tent Monday evening, March 26.
With more than 60 million albums sold, Daryl Hall and John Oates’ rich repertoire includes eight number-one singles, along with dozens of hits throughout the past three decades. Top singles include: “Rich Girl,” “Kiss On My List,” “Maneater,” “Private Eyes,” “I Can’t Go For That (No Can Do),” “Sara Smile,” “She’s Gone,” “One On One,” and 2002’s “Do It For Love.” Their latest album, Our Kind of Soul, features timeless classics, as well as new material borrowed from their Philadelphia roots.
On Tuesday, March 27, dinner under the tent will be accompanied by jazz, blues and gospel great Melva Houston, a North Carolina native and one of the most sought-after stars at renowned jazz festivals around the world.
Market guests can then rock-and-roll with Eddie Money on Wednesday night, March 28, singing his ‘70s hits “Baby Hold On,” “Two Tickets to Paradise,” and “Take Me Home Tonight,” while sampling a variety of food and beverage stations, and enjoy dinner with Market-favorite The Cookie Band on Thursday.
On Friday, it’s time for the slick look, cool attitude and funky sounds of Morris Day and the Time, lots more food and beverage stations to choose from, and a full dinner service on Saturday evening.
“Once again this Market, we’re planning a jam-packed concert series with something for nearly every musical taste,” says Brian D. Casey, president and CEO of the High Point Market Authority, the official sponsor of the High Point Market. “We’re also pairing each of our events with enticing menus to make it easy for our guests to grab a bite and unwind after a productive day here at Market. We’re continuing to work on improving the Market experience for all concerned and we’ll be announcing more events shortly, including news about the popular series launched last Market in the Courtyard at Market Square Suites and Market Square and quality educational experiences sponsored by the Market Authority. All in all, it’s going to be a very exciting week.”