Daily News Archive
Brought to you by Home Furnishings Business
August 2,
2006 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on August 2006
Home furnishings retailer Haverty Furniture Cos. Has reported that their Wednesday second-quarter profit grew, driven by improved sales and inventory management.
Quarterly net income grew to $3.6 million, or 16 cents per share, from $1.3 million, or 6 cents per share. Sales grew to $211 million from $192.4 million, according to an Associated Press report.
Haverty was able to better manage the flow of imported merchandise with its recently expanded distribution center, President and Chief Executive Clarence H. Smith said, which helped shorten the time for filling orders. Quarterly revenue also benefited from higher average ticket sales generated from sales events and longer promotions featuring no down payments.
Haverty Furniture shares fell 54 cents, or 3.5 percent, to close at $14.98 on the New York Stock Exchange. Shares have traded between $11.53 and $16.93 over the past 52 weeks.
August 1,
2006 by in UnCategorized
By Home Furnishings Business in on August 2006
Lisa Harris has joined Drexel Heritage as vice president of marketing.
She replaces Monica Edwards, who recently left the high-end supplier and retail franchiser, and will report to Lenwood Rich, president.
Harris came to Drexel Heritage from Lexington Home Brands, where she also served as vice president of marketing.
“We’re excited to have Lisa join Drexel Heritage and the wealth of experience she brings,” Rich said. “She is a proven professional.”
August 1,
2006 by in UnCategorized
By Home Furnishings Business in Case Goods on August 2006
La-Z-Boy Inc. has sold its American of Martinsville subsidiary, to Hancock Park Associates, a Los Angeles-based private equity firm. Terms of the transaction were not immediately disclosed, although the company expects it will result in a small gain, which will be reported when the company issues its fiscal 2007 first-quarter results Aug. 15. American of Martinsville’s net sales for fiscal 2006 represented approximately 5 percent of La-Z-Boy Incorporated’s total revenue.
“Our business model and long-term strategy are focused on providing comfortable and stylish furnishings for the home and, therefore, we have made a number of changes over the past two years to better align our company’s business units with that model,” said La-Z-Boy President and CEO Kurt Darrow. “While American of Martinsville is a great company and a leader in the hospitality arena, it is not core to our strategy as a residential company.”
American of Martinsville is one of the world’s leading manufacturers and suppliers of contract furnishings to the hospitality, senior living and government markets. The company’s wood furniture, upholstery products, and related accessories can be found in hotels and motels around the world as well as assisted living facilities and government installations.
August 1,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2006
Fortune 500 diversified manufacturer Leggett & Platt reported the recent promotion or hiring of four executives.
Paul R. Hauser, age 55, a senior vice president of the company, was promoted to president of the residential surnishings segment, succeeding Karl Glassman in that role. He will report directly to the chief operating officer, and will have responsibility for the company’s three major residential groups: bedding, home furniture, and fabric, foam and fiber. Hauser has been with Leggett & Platt since 1980, and has headed the company’s bedding operations since 1999.
Dennis S. Park, age 51, a 27-year Leggett veteran, was promoted to senior vice president of the company, and to president of the commercial fixturing and components segment, succeeding David Haffner in that role. Reporting to him will be the fixtures and display operations, the office furniture components business, and the plastics division.
Vincent S. Lyons, age 40, was hired into a newly-created position of vice president of technology and development, and reports directly to the chief operating officer. Lyon’s previous employers include General Motors, Lear Corp., Visteon Corp. and Maytag Corp. While at Maytag, he was vice president of both research and development, and engineering for refrigeration products. His list of accomplishments includes being among the winners of the national 1989 Black Engineer of the Year Award.
Elliott J. Lyons, age 40, has been hired as the new group president of the company’s commercial vehicle products group. He shares the national 1989 Black Engineer of the Year Award with his brother, Vincent Lyons.
August 1,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2006
Jason Camp has joined full-line supplier and retail franchiser Bassett Furniture Inds. as senior vice president of retail to lead the company’s retail and brand strategies.
In his new role, Mr. Camp will be responsible for sales, marketing, retail merchandising and corporate store operations, and enhancing consumers’ brand experience in the company’s network of Bassett Furniture Direct stores. He reports to Rob Spilman, president and chief executive officer.
Prior to joining Bassett, Camp was with Restoration Hardware for 10 years, most recently as senior vice president and general manager of the retail division. From 1992 to 1996, he held various store management and project roles at Gap Inc.
“The retail landscape of the furniture industry has changed dramatically over the last several years,” Spilman said. “We will rely on Jason’s expertise to continue to improve our retail store model and communicate our proposition of stylish, well-priced home furnishings to consumers. Experience has demonstrated that a brand-driven approach to selling consumer products results in greater consumer satisfaction. Jason’s expertise and vision is ideal to further developing Bassett’s retail stores and improving all aspects of sales and marketing.”
“Bassett has one of the top brands in the furniture industry and is well positioned to build its brand by controlling how the products are presented in a retail setting,” Camp said. “I’m excited about the opportunity and I truly believe building a meaningful relationship with our consumers will ultimately result in a profitable, long-term relationship. I am dedicated to making Bassett the brand of choice for consumers.”
Bassett now has 136 Bassett Furniture Direct stores.