Daily News Archive
Brought to you by Home Furnishings Business
February 7,
2007 by in UnCategorized 
By Home Furnishings Business in on February 2007
Cost Plus Inc., owner of World Market, announced total revenue for the 14-week fourth quarter ended Feb. 3 of $396.7 million, an 8.1 percent increase from $367 million during the prior, 13-week fourth quarter ended Jan. 28, 2006.
Same store sales for the fourth quarter decreased 3.9 percent, compared to a 2.1 percent decrease for the fourth quarter of fiscal 2005. Total revenue for the 53-week fiscal year 2006 was $1.04 billion, a 7.2 percent increase from $970.4 million for the 52-week fiscal year 2005. For the year, same store sales decreased 3.3 percent compared to a 2.6 percent decrease in fiscal 2005.
“Despite a challenging quarter for many companies in the home furnishings sector, we achieved an 8.1 percent increase in total revenue and were within our sales guidance range,” said Barry Feld, president and CEO. “In January, the company celebrated an important milestone of achieving the billion dollar revenue mark. We were pleased with the improved sell-through rate of our holiday merchandise by Dec. 25 compared to last year. As a result, our semi-annual clearance event in January included less holiday merchandise than last year. Sales of certain home decor merchandise categories were below plan for the quarter, and we took the necessary markdowns in January to clear the product. As I have said in previous conference calls, our customers expect an ever-changing selection of unique and authentic products from around the world and we will take timely markdowns to clear slow moving merchandise in order to make room for new arrivals.”
The company will release its fourth quarter results after market close March 22.
February 6,
2007 by in UnCategorized
By Home Furnishings Business in on February 2007
Metal furniture manufacturer Amisco Inds. Ltd. reported fourth quarter and fiscal year sales of (Canadian) $8.1 million and $35.3 million, respectively. Those figures represent declines from prior-year performance of 31.9 percent for the quarter, and 20 percent for the year, which ended Nov. 30, 2006.
L’Islet, Quebec-based Amisco had fourth-quarter net income of $181,555, bringing its earnings for fiscal 2006 to $19,214, compared with $2.1 million in 2005.
Amisco cited Asian competition, changes in the retail furniture industry and, above all, the decline in the average rate used to convert its U.S. sales into Canadian dollars for the decline in sales and profitability in 2006. The U.S. market accounted for 65 percent of Amisco’s business for the year.
In Canada, sales fell 17.9 percent to $12.3 million, down from $15 million the previous year. U.S. sales declined by 21.2 percent, from $29.1 million in 2005 to $23 million in 2006. These U.S. sales were recognized at an average conversion rate of 1.247, compared with a rate of 1.506 in 2005 when the company’s U.S. sales were hedged by advantageous forward exchange contracts. Without this hedging, the average conversion rate would have been 1.1352 in 2006 and 1.2161 in 2005. In U.S. dollars, the U.S. sales were down by only 4.8 percent.
February 6,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on February 2007
Gary, Ind., furniture retailer Albert E. Slater Furniture will liquidate between $2.5 million and $3 million in inventory in preparation for closing permanently, the (Gary) Post Tribune reported.
Business has been good, Larry Appelsies, vice president of the corporation, said, but the store will close due to his impending retirement. Sale of the remaining merchandise should take 30 to 60 days.
“I’ve had some health issues. Life is too short, so after 58 years we are closing,” Appelsies said.
Albert E. Slater and his wife, Betty, founded the business in 1949. Their daughters, Eadie Appelsies and Debby Silverman, took over the company with their husbands when their parents left the business. Jerry Silverman is the retired company president.
Neither of the couples’ children was interested in running the business after their parents’ retirement, and the owners did not want to sell the store and the name to someone outside the family.
The store has 14 employees, most of whom Appelsies said agreed to remain on board to help with the shutdown.
February 6,
2007 by in UnCategorized
By Home Furnishings Business in on February 2007
Mealey’s Furniture and Mattress, a four-store chain based in Bensalem, Pa., has been acquired by Parallel Investment Partners, a Dallas-based private equity firm with plans to expand the business.
In an announcement Tuesday, Parallel officials said the retailer’s current leaders, Dan Mealey and Kevin Mealy, will remain with the 37-year-old company, which had been family owned. Mealey’s has won attention in recent years as one of the first retailers of its size to offer same-day delivery.
“One of Mealey’s core philosophies has always been to exceed customer expectations,” said Dan Mealey. “We feel confident that our new relationship with Parallel will allow the company to execute on its long-term growth plans without compromising the dependability and quality of the Mealey’s concept.”
Parallel, which has invested in more than 20 growth companies since 1999, has already identified several potential locations for expansion in Mealey’s home market, the greater Philadelphia area.
February 6,
2007 by in UnCategorized
By Home Furnishings Business in Accessories on February 2007
Supermodel Cindy Crawford, who has a signature line of furniture with Rooms To Go, is developing a line of home décor items with Malibu Designs, Simi Valley, Calif., that will be called Cindy Crawford Lifestyle.
The agreement with Cindy Crawford Home Licensing, Santa Monica, Calif., includes dinnerware, decorative accessories and other home goods, according to a recent announcement.
“Her sense of style and the popularity of her other licensed products, including her very successful furniture line, make her a perfect fit for a new home décor line that combines style, function and value,” said Mark Schwartz, Malibu’s Co-CEO.
Cindy Crawford Lifestyle products are expected to debut at retailers nationwide this spring and summer.