Daily News Archive
Brought to you by Home Furnishings Business
June 27,
2006 by in UnCategorized 
By Home Furnishings Business in Markets on June 2006
Kimberley Wray has been named to the new position of vice president of marketing for the International Home Furnishings Market Authority in High Point.
“Kimberley brings us a wealth of background, not only in strategic marketing and business development, but also in her extensive knowledge of the home furnishings industry among several different vertical market sectors,” said Brian Casey, president of the Market Authority. “I have no doubt that the relationships she has developed over the years will prove invaluable as we move forward.”
Wray, who will assume her new post July 17, is known throughout the furniture industry as a writer and expert in marketing, advertising and public relations.
For the past seven years, Wray, a High Point resident, has served as vice president of marketing and communications for the Connie Post Cos., a retail design firm. She is also contributing editor of “Furniture Insights,” an online newsletter for home furnishings executives published by the accounting firm BDO Seidman, for which she was recently honored with the 2006 Home Award by The American Home Furnishings Alliance.
Prior to those positions, Wray served as vice president of marketing for Majec Inc., a sister company to Gefen Productions, and as editorial director of High Points Magazine, and a group editor of HFN, where she was responsible for developing the HFN/High Points Impact Conferences for leading retailers and manufacturers.
Wray is an Ambassador for Women in the Home Industries Today (WithIt), an association she co-founded and named. She has also worked extensively for the Furniture Discovery Center.
Says Wray, “The International Home Furnishings Market Authority is performing a critical function at a critical juncture in our industry and I’m honored to be chosen for the team,” Wray said. “In the decade since I moved here, I have come to care deeply about the Market, High Point and the people who call this city home. I am tremendously excited by the challenges that lay ahead and the prospect of making a difference. This position will allow me to put all of my experiences to work for the greater good and I simply can’t wait to get started.”
June 27,
2006 by in UnCategorized
By Home Furnishings Business in Upholstery on June 2006
Full-line major supplier Bassett Furniture Inds. reported sales of $87.7 million and net income of $2.9 million for second-quarter 2006. Sales were up 5.5 percent from the prior-year period, while net income was almost triple.
Year-to-date sales were up 6 percent to $174.2 million, and net income up 53 percent to $5.2 million.
Bassett credited its improved sales and earnings performance to an increased number of corporate-owned Bassett Furniture Direct stores--the network currently has 136 stores, 25 owned by the company--and a better mix of imported goods in the product line.
Bassett’s wholesale second-quarter sales of $75.4 million were essentially flat, with the BFD network accounting for around two-thirds of shipments. Imports accounted for 43 percent of shipments versus 32 percent the prior-year period.
Bassett’s corporate retail sales in second-quarter 2006 totaled $20.9 million, tripling prior-year numbers; and up to $42.8 million year-to-date, compared to $16 million at the same point in 2005. The company credited those increases almost entirely to the acquisition of 15 BFD stores in 2005.
Bassett closed two corporate stores during the second quarter, located in Texas and Georgia, and had an operating loss of $2.5 million in its stores during the period.
“We are pleased with the continued earnings progress of our wholesale segment,” said Rob Spilman, president and chief executive officer of Bassett. “Actions taken over the past several years to restructure our wholesale business have resulted in better returns, and we expect continued improvement.”
Spilman added that Bassett has developed a financial plan to reduce retail losses to a break-even level over the next 12 to 18 months.
June 27,
2006 by in UnCategorized
By Home Furnishings Business in on June 2006
Home Furnishings Business Editor-In-Chief Sheila Long O’Mara gave birth Tuesday to a healthy baby boy.
Evan Davis O’Mara joins brothers Zane and Mason, and father, Dan, in the Columbia, S.C., family.
Evan was born yesterday at 2:59 p.m., weighing in at 6 pounds, 14 ounces; and measuring 19.75 inches long.
“We’re all well, and big brothers Zane and Mason think he’s pretty cool,” Sheila said in an e-mail message.
Sheila of course took her laptop to the hospital--we can’t wait to get a picture of that!--but her colleagues at Home Furnishings Business are doing their best to keep her from worrying about the office.
June 26,
2006 by in UnCategorized
By Home Furnishings Business in on June 2006
Valspar Corp. an international coatings company and a leading supplier of furniture finishes, announced Monday that it will acquire a majority interest in Huarun Paints Holdings Co. Ltd., from the Hong Kong-based investment firm Champion Regal.
With 2005 sales of around $180 million, the 15-year-old Huarun Paints is one of China’s largest independent coatings companies, and has grown to become one of China’s leading domestic suppliers of wood and furniture coatings and a rapidly growing supplier of architectural coatings.
The company has an extensive network of distributors and exclusive retail paint stores throughout China. The cash purchase transaction is expected to close by the end of July and to be slightly dilutive to Valspar’s earnings in fiscal years 2006 and 2007.
“Valspar is pleased to expand its presence in China with Huarun Paints’ management team and current shareholders as our partners,” said William Mansfield, Minneapolis-based Valspar’s president and chief executive officer. Huarun Paint’s current shareholders and management team will retain a minority interest in the company.
Valspar had fiscal 2005 sales of $2.7 billion.
June 26,
2006 by in UnCategorized
By Home Furnishings Business in Mattresses on June 2006
Great Priced Furniture, a pioneer in online furniture retailing, has acquired a three-acre lot adjacent to its headquarters in Wilmington, N.C.
Part of an on-going expansion program, the parcel includes a 19,500-square-foot building which Great Priced will convert into a warehousing facility.
The acquisition increases the company’s total campus to 20 acres and 35,000 square feet of office and warehouse space.
“We needed a larger warehouse facility, and we were blessed to acquire this property which conveniently adjoins our current location,” said Fred Rose, president of Great Priced, which is on target for 78 percent growth this year.
The new warehouse facility will have improved access, loading docks and a new racking system to store furniture for shipment world-wide.
“Efficient warehousing and shipping is a very important aspect of our customers’ buying experience,” Rose said. “It enhances their overall satisfaction. This will be a ‘state of the art’ warehouse facility and an essential part of our strategy to handle current and future growth.”
Great Priced Furniture’s online furniture store sells a range of premium brand name furniture. Suppliers include Broyhill Furniture, American Drew, AICO, Pulaski, Magnussen Home, Stanley Furniture, Lane, Kathy Ireland Home by Standard, Hooker Furniture, Universal Furniture, and Serta.