January 25,
2007 by in UnCategorized 
By Home Furnishings Business in Bedding on January 2007
Sleep Comfort Systems, a part of the Urethane Technologies division of Leggett and Platt, is introducing a Kathy Ireland Home line of foam sleep pillows, mattress toppers, support pillows, pads and other speciality sleep products during the Spring Home Textiles Market in New York, Feb. 12.
The agreement adds to a lengthy list of at least 18 products licensed by Kathy Ireland Worldwide, including a variety of furniture categories, rugs, accessories and lighting. In the mattress category, Therapedic produces a line of Kathy Ireland Home products.
“Kathy Ireland is well known and respected for her message to working moms of home solutions and safety,” said Urethane Technologies President Gary Wahrmund. “With Urathane Technologies’ strong history of research and development of innovative polyurethane foams, we intend to offer innovative products that consumers will find satisfying and reliable.”
January 25,
2007 by in UnCategorized
By Home Furnishings Business in Delivery on January 2007
ProLogis in Denver, Col., anounced Wednesday that it will build a 625,000-square-foot distribution center in Aurora, Col., for Furniture Row Co., one of the nation’s largest furniture retailers.
The building, which is set to open in the second half of this year, will serve as a national distribution site for Furniture Row’s Oak Express and Bedroom Expressions stores. Based in Denver, Furniture Row is one of the nation’s largest family owned furniture retailers, operating 330 stores in 31 states.
ProLogis is the world’s largest owner, manager and developer of distribution centers, with 2,406 properties totaling more than 406 million square feet.
January 25,
2007 by in UnCategorized
By Home Furnishings Business in on January 2007
Carla Mata-Sprinkles has been named vice president of public relations for McNeill Communications Group Inc.
In this new position, she manages all aspects of public relations, including media relations, strategic events, research and media training. She also is involved with the expansion of agency services and accounts.
“With her solid business background, Carla well understands how companies work and what works for our clients,” said Karen McNeill Harris, president of McNeill. “She is well respected by the news media and is committed to providing timely newsworthy information on behalf of our clients.”
Mata-Sprinkles joined the company in April 2006 as a senior account executive. She previously served as vice president of marketing at Whitewood Inds.
McNeill Communications Group is a communications, public relations and marketing agency based in High Point.
January 25,
2007 by in UnCategorized
By Home Furnishings Business in on January 2007
Denise Skalkowski has joined the advertising sales team of
Home Furnishings Business in the business development/sales department.
Based in the Philadelphia office, Skalkowski is responsible for working with the advertisers in developing programs for them to reach the retail community through
Home Furnishings Business in print and online.
Prior to joining the magazine, Skalkowski worked for the Consumer Technology Publishing Group of North American Publishing Co., parent company of
Home Furnishings Business.
“The growth of
Home Furnishings Business warrants us adding this position,” said Amy Kyle, publisher. “Denise will be an asset to the team as we move forward with big plans for 2007.”
Skalkowski can be reached at (215) 238-5307, or via e-mail at dskalkowski@napco.com.
January 25,
2007 by in UnCategorized
By Home Furnishings Business in on January 2007
Leggett & Platt chalked up record sales of $5.5 billion in 2006, 3.9 percent increase over 2005, despite a 2.2 percent decline in fourth-quarter sales to $1.3 billion.
The key supplier to the bedding and residential furnishings sectors, among others, reported earnings of $0.38 per diluted share for the fourth quarter--compared to $0.24 in fourth-quarter 2005--which include 5 cents per share of non-recurring income from recouping a duty on Canadian lumber imports.
Full year earnings per share increased to $1.61 in 2006 from $1.30 in 2005. Annual earnings include $0.05 of net non-recurring income in 2006, and $0.20 of net non-recurring expense in 2005, so most of the earnings improvement is attributable to non-recurring items. Those included lower restructuring-related expenses, non-recurrence of 2005’s abnormally high workers’ compensation costs, and reimbursement of Canadian lumber duty. Earnings also benefited from restructuring-related operational improvements, income from recent acquisitions, and reduced share count; offsetting items include changes in product mix, price competition, and higher interest expense.
2006: Accomplishments and Disappointments
David S. Haffner, President and CEO said, “Fourth quarter sales and earnings were in line with the expectations we shared in October, even though sales were toward the lower end of our guidance. Operationally, we are progressing as expected.
“During 2006 Leggett attained record sales and earnings, completed the restructuring we began in 2005, improved cash from operations, updated our growth and margin targets, filled several newly-created business development and product development positions, increased the dividend for the 35th consecutive year, and bought back 3% of our stock.
“We continue to have a strong balance sheet, and plenty of cash to fund the growth we contemplate. Over the past 5 years we’ve generated over $2 billion of cash from operating activity,” said David Haffner, president and CEO. “For the near future, after funding maintenance capital and dividends, we expect annually to have $400-450 million of cash available for investment in growth initiatives. Unused cash flow, if any, is anticipated to be spent on stock repurchase.”
L&P’s Residential Furnishings business fell $21 million, or 3 percent, in fourth quarter 2006, compared to the prior-year period. Acquisitions, net of restructuring and divestitures, added $11 million to sales, but were more than offset by a 5 percent decline in same-location sales. Earnings before interest and income taxes in the residential segment increased $38 million, or 112 percent, primarily attributable to reimbursement of the duty on Canadian lumber, reduced restructuring-related costs, and lower workers’ compensation costs.
For 2006, Residential Furnishings increased sale $147 million, or 6 percent, largely due to acquisitions. Same location sales increased 1 percent, with inflation more than offsetting unit declines. EBIT increased $107 million, or 63 percent, primarily due to recovery of the duty on Canadian lumber, operational benefits from restructuring, lower restructuring-related costs, earnings from acquired companies, higher sales and lower workers’ compensation costs.