Daily News Archive
Brought to you by Home Furnishings Business
June 1,
2006 by in UnCategorized 
By Home Furnishings Business in Advertising on June 2006
Monica Edwards, formerly vice president of marketing at Drexel Heritage, is no longer with the company.
Marty Richmond, manager of corporate communications for Furniture Brands International, parent company of Drexel Heritage, confirmed that Edwards had left the high-end manufacturer and importer, but declined to give further details.
Edwards was promoted from director of marketing to vice president in June 2004. She had joined Drexel Heritage in 2002, initially as manager of retail marketing.
Prior to Drexel Heritage, she was director of sales and marketing for Carolina Coffee Roasting Co., and also had spent 10 years with retailers Coplon’s and Saks Fifth Avenue, where she worked in marketing and sales training.
June 1,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on June 2006
Haverty Furniture Cos. posted May sales of $74.6 million, an increase of 20.8 percent over $61.7 million posted during the same month last year.
The retailer’s reporting period ended May 31.
Same-store sales increased 17.9 percent. Comparable-store sales do not includes stores opened, closed or otherwise non-comparable during the last 12 months.
Sales for the first five months of 2006 increased 4.1 percent to $348.4 million compared with $334.5 million in 2005. Same-store sales increased 2.5 percent for the first five months.
“As noted in last month’s sales news release, we expected increased delivered sales in May,” said Clarence H. Smith, president and chief executive officer. “Actual results exceeded expectations as we increased the level of merchandise available for delivery with improved visibility and throughput in our supply chain. Our total written business for the combined months of March and April increased by 8 percent versus the prior year while our delivered sales for those two months increased only slightly. The better product flow in May enabled us to satisfy a larger portion of this increased demand from our customers. Additionally, we had one extra delivery day in this year’s calendar versus May last year which accounted for approximately 4 percent of our total sales increase.”
Smith also said Memorial Day weekend sales were up from the previous year. The Atlanta-based retailer continues to use selected promotional activity including longer free-interest credit offers for larger purchases and savings for limited time periods on various merchandise to spark business.
June 1,
2006 by in UnCategorized
By Home Furnishings Business in on June 2006
The United States and Vietnam signed a bilateral trade agreement Wednesday that brings Vietnam a step closer to membership in the World Trade Organization.
The market-access agreement was among the requirements for Vietnam’s bid for full WTO membership.
“This is a great agreement for the United States. It opens a vibrant and growing market for American agricultural goods, a range of services, and manufactured products,” said U.S. Deputy Trade Representative Karen Batia. “It also opens the door for Vietnam to join the international rules-based trading system. Through this agreement, Vietnam will become more transparent in its regulatory trade practices, enhance the economic freedoms enjoyed by its people, and establish a more level playing field between Vietnamese and foreign companies.”
Batia added that there is strong bipartisan support in Congress for the approval of Permanent Normal Trade Relations status for Vietnam.
The National Retail Federation welcomed the agreement, saying the pact will make it easier for U.S. retailers to source merchandise from Vietnam and to open stores there.
“On behalf of American retailers, the National Retail Federation is writing to endorse the bilateral market access agreement signed today between the United States and Vietnam, and to offer the full support of the U.S. retail industry as the process of Vietnam’s accession to the World Trade Organization moves forward to congressional consideration of Permanent Normal Trade Relations status for Vietnam,” NRF President and CEO Tracy Mullin said in a letter to Deputy U.S. Trade Representative Susan Schwab, President Bush’s nominee to replace U.S. Trade Representative Rob Portman.
Mullin said NRF was pleased by a number of provisions of the agreement, including language that will allow U.S. retailers to open and wholly own stores and other retail operations serving customers in Vietnam. Vietnam has also agreed to lower duties and eliminate many restrictions on the importation of most manufactured and agricultural products, including those sold at retail.
Under another provision that will greatly benefit apparel retailers, the United States will eliminate all existing textile and apparel quotas on Vietnam as soon as Vietnam’s membership in the WTO becomes official, and will not employ any special textile safeguard mechanism. In return, Vietnam has agreed to immediately eliminate all subsidies to its textile and apparel industries prohibited by the WTO, and agreed to be subject to an enforcement mechanism to ensure that it abides by this commitment.
“We are persuaded that this enforcement mechanism provides an effective and appropriate means to identify and address any remaining WTO-prohibited subsidies without imposing quotas,” Mullin said.
The agreement was signed Wednesday in Ho Chi Minh City by Bhatia and Vietnamese Deputy Minister of Trade Luong Van Tu.
May 31,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on June 2006
Trivett’s Furniture was the recipient of Lane Furniture’s Gold Level Award, earned for increasing their sales by over 50 percent from 2004 to 2005. Trivett’s, a 24-hour operation with more than 200 employees and delivery trucks traveling to Maryland, Virginia, and Washington, D.C., reportedly sells more furniture out of their Showroom Gallery than any other store in Virginia.
Lane is owned by Furniture Brands International, which also owns Broyhill, Thomasville, Drexel Heriage, and Maitland Smith.
Pictured are: Michael Trivett, President of Trivett’s Furniture (left) and Scott Kruger, Lane Sales Representative.
May 31,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on June 2006
Specialty retailer Pier 1 reported a 6.6 percent decline in same-store sales for the four-week period ended May 27.
Sales for the four-week period was down 4.3 percent to $120.9 million compared to $126.3 million during the same period last year.
First quarter and year-to-date sales totaled $376 million, a 3.6 percent from $390 million last year. The retailer reiterated first quarter guidance of $0.24 to $0.28 loss per share and plans to report first quarter results June 15.
“We experienced better customer traffic and sales trends during the 10 days following May 15th, when we first mailed our Pier 1 summer catalog,” said Marvin J. Girouard, Pier 1’s chairman and chief executive officer. “In addition, average ticket sales per transaction for the month were positive. However, Memorial Day’s weekend business was disappointing.
“We continue to carefully monitor and control inventory levels as well as merchandise margins and expenses,” he said. “Inventories are expected to be down at least 10 percent by the end of the first quarter versus a year ago, as we continue to refine and reposition our merchandise mix.”