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Brought to you by Home Furnishings Business
May 15,
2006 by in UnCategorized 
By Home Furnishings Business in High Point on May 2006
The latest registration numbers from the April International Home Furnishings Market in High Point are in, and the figure is larger than has been reported in past years.
According to statistics released by the High Point Market Authority, 100,128 people registered for the April market.
Of that number, 76,632 used the advance registration option, while the balance registered on-site, according to the authority.
“These attendees represent all facets of the home furnishings industry, including close to 50,000 buyers,” said Brian Casey, president of the authority. “The counts are from our new central registration system, which delivers accurate results very quickly. We believe these numbers demonstrate that the High Point Market is the vital center of our industry—the place to be for everyone who is serious about the furniture business.”
In previous years, attendance figures were hard to track because each showroom venue had its own means of registration, and the standard number typically bounced around was 80,000 attendees.
May 15,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2006
James Carreker, chief executive officer of The Bombay Co., will leave the company and also resign his position on the retailer’s board when his contract expires June 3.
The company had earlier announced Carreker’s contract was not subject to automatic renewal. The search for a new CEO continues.
In a statement released yesterday announcing Carreker’s departure, Nigel Travis, lead director of Bombay, praised and thanked Carreker for his three years of service, crediting Carreker for repositioning Bombay’s store infrastructure and merchandise assortment.
“The company must now rebuild positive sales momentum and a sustained market position in a continuing difficult environment,” Davis said. He added that if a new CEO hasn’t been named by the time Carreker leaves, Executive Vice President Steve Woodward will lead an interim executive management committee.
“I would like to thank the board, management and especially the employees of Bombay for their hard work over the last three years in helping to build the Bombay of the future,” Carreker said. “Difficult decisions were made, such as rapidly moving a large number of our stores off-mall, that were disruptive to our business and customers, but were necessary for Bombay’s future growth and success. It is now time for new leadership to capitalize on the changes and drive shareholder value. Further, good corporate governance makes my stepping down from the board the right thing to do.”
The Bombay Co. designs, sources and markets home accessories, wall decor and furniture through 481 retail stores, specialty catalogs and the Internet in the United States and abroad.
May 15,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2006
Contemporary retailer Design Within Reach plans to announce first quarter fiscal 2006 financial results today after the market close.
The company will hold a teleconference and webcast to discuss the results with additional comments and details.
The conference call is scheduled to begin at 5 p.m. EST and will be broadcast live over the Internet. The call can be accessed at Design Within Reach’s Web site at dwr.com and will be archived online within one hour of the completion of the conference call. Ray Brunner, the company’s newly installed chief executive officer, and Ken La Honta, chief financial officer, will participate in the call.
May 15,
2006 by in UnCategorized
By Home Furnishings Business in on May 2006
The Valspar Corp. reported net income for the second quarter ended April 28 of $47.9 million compared with $39.2 million posted during the same period last year.
Sales for the quarter increased 8.6 percent to $766.8 million, compared to $705.9 million during the second quarter of last year.
Net income for the first six months of the year was almost $70.5 million compared with nearly $51 million for the same period a year ago. Sales for the first half increased 10.6 percent to $1.4 billion compared to first half sales of $1.3 billion a year ago.
Commenting on the second quarter and outlook for the year, William L. Mansfield, president and chief executive officer, said, “Our improved second quarter performance was driven by continued sales strength in our paints and coatings segments, progress in recovering raw material cost increases and improved manufacturing efficiencies.”
May 15,
2006 by in UnCategorized
By Home Furnishings Business in on May 2006
Curio, display cabinet and occasional supplier Philip Reinisch Co. is converting its 200,000-plus-square-foot plant in St. Anthony, Ind., to support a new business model that relies primarily on imported goods.
Chief Executive Officer Stan Reinisch said the move should be complete by mid-June. While Philip Reinisch has been importing items such as secretaries and entertainment centers for six or seven years, most of its core curio line had remained domestic.
“We’re expanding the amount of buying overseas and cutting back on domestic manufacturing. We’ll still be doing a lot of assembly of some pieces and all the warehousing at the plant,” Reinisch said. “The bulk of the line will come from China.”
He said costs for glass and other components drove the decision. Under the new model, customers can expect comparable goods at better pricing in some cases, and current pricing on other pieces that Reinisch said had simply gotten too expensive to make domestically.
The sourcing effort includes both finished goods and components produced for assembly stateside.
After the conversion, employment at the St. Anthony facility will drop from around 150 people to about 30.
“That number has already come down over the last two years mostly from ordinary attrition,” Reinisch said.