Daily News Archive
Brought to you by Home Furnishings Business
February 29,
2012 by in UnCategorized 
By Home Furnishings Business in on March 1, 2012
Home furnishings retailer
Mor Furniture for Less is starting its grand opening celebration today for the opening of its 23
rd showroom.
The new store, located in Rancho Cucamonga, Calif., is the retailer's seventh store in Southern California for the San Diego-based company. The store is also Mor Furniture for Less' third store in Rancho Cucamonga.
The new store will create about 25 new jobs for residents of the area.
Mor Furniture for Less, established 1977, operates 23 stores in seven West Coast states.
February 29,
2012 by in UnCategorized
By Home Furnishings Business in Financial Reports on March 1, 2012
Specialty home furnishings retailer
Pier 1 Imports (
NYSE: PIR) reported total sales or $477 million for the fourth quarter ended Feb. 25, an increase of 11.8 percent compared to $427 million in the year-ago period.
Same-store sales for the fourth quarter increased 10.3 percent compared to last year's comparable store sales increase of 8.9 percent.
The retailer expects to release its complete fourth quarter and year-end earnings April 5.
For the fiscal year ended Feb. 25, total sales increased 9.8 percent to $1.5 billion from $1.4 billion last year. Same-store sales increased 9.5 percent for the fiscal year compared to a comparable store sales increase of 10.9 percent last fiscal year.
According to the company, gross profit is expected to be about 45.5 percent of sales for the fourth quarter compared to 42.8 percent of sales for the fourth quarter last year.
"Fiscal 2012 has been another excellent year for Pier 1 Imports and we are delighted to end our year with strong fourth quarter sales results," said Alex W. Smith, president and CEO. "Merchandise margins remained strong throughout the quarter and will be approximately 59.5 percent of sales. Our spring, outdoor and Easter product assortments are pacing ahead of last year and we feel very confident this momentum will carry into the first quarter as we start our new fiscal year."
February 29,
2012 by in UnCategorized
By Home Furnishings Business in Bedroom on March 1, 2012
The U.S. Department of Commerce has initiated investigation of 198 Chinese wood bedroom furniture manufacturers for an administrative review of the antidumping order on bedroom furniture from China.
The review will cover wood bedroom shipments from China during the 2011 calendar year.
Click this link for a complete list of furniture manufacturers for which a review has been requested.
Final results of this review are due by Jan. 31, 2013, but in past reviews, the complexity of the case has resulted in extensions of that deadline.
February 29,
2012 by in UnCategorized
By Home Furnishings Business in Upholstery on March 1, 2012
Dallas-based upholstered furniture producer
Massoud has expanded the roles and responsibilities of Chuck Massoud, CEO, and Ronna Griest, creative director.
As part of the restructuring, Massoud and Griest assume the duties previously held by the companys president, most recently Tom Skipper.
Chuck Massoud continues to oversee and direct the companys operations, strategy, development and financing, with expanded involvement in sales management.
Reporting to Massoud, Griest maintains responsibility for the overall creative direction of the line, including fabric selection, frame development and trade showroom merchandising. As part of her expanded role, she shares increased sales management duties with Massoudcontinuing to work closely with the sales team, as well as the companys dealer/designer customers to help shape and strengthen the companys marketing and merchandising direction.
At Massoud, we view our relationship with our dealers and designers as a partnership, Massoud said. Ronnas extensive retail background gives her a keen understanding of the challenges our customers face and, most important, the insight needed to help us develop new business and growth opportunities custom-tailored to their needs. Her creative vision and proven experience in every aspect of the upholstery businessretail as well as merchandising, marketing, sales, product innovation and operationsensure shell be able to seamlessly and successfully integrate these expanded duties into the vital leadership role she already plays for our company.
Griest joined Massoud as creative director in June of 2011. She came to Massoud from Paul Robert where she served as design director. With more than 30 years of experience in the upholstered furniture and fabric industry, Griest co-founded Expressions Custom Furniture in 1980. As president, she built and guided the company and its retail stores, which would grow to more than 75, until it was sold to investors in 1992. Griest would go on to Covington Fabrics where she oversaw the fabric manufacturers design studio as design director. When Century Furniture purchased Expressions, the company asked Griest to come back in 2001 where she would later serve as president of the franchised upholstery chain and create Centurys Passementerie upholstered furniture unit as well.
February 29,
2012 by in UnCategorized
By Home Furnishings Business in Special Events on March 1, 2012
The International Home Furnishings Representatives Association has named Vaughan-Bassett Furniture Co. Chairman John Bassett III a Pillar of the Industry.
IHFRA will honor Bassett at the 18th annual Furniture Industry Awards Gala during the spring High Point Furniture Market.
The Pillar of the Industry Award is presented to an industry leader who has distinguished himself with creative work and effort to improve, enhance, and benefit relationships among representatives and other segments of the industry. This person's actions and deeds have shown their commitment to the home furnishings industry, their community, and to mankind.
Bassett, a third-generation furniture man, has worked in the industry for 53 years. He began his career at Bassett Furniture Inds., and has been at Vaughan-Bassett, Galax, Va., since 1983. He worked in the factory as a teenager, and has held roles in sales and marketing, as well as plant manager, president and CEO. Bassett Furniture, along with Vaughan-Bassett Furniture, was founded by his grandfather, J.D. Bassett Sr.
Under the leadership of John Bassett III, Vaughan-Bassett has become the largest wooden bedroom manufacturer in the United States, with 700 employees and sales of more than $84 million. Ninety-eight percent of Vaughan-Bassett's products are made in the United States. Earlier this year Vaughan-Bassett bought and is reopening the old Webb No. 1 furniture factory in Galax. At least 115 new jobs will be created here in the United States due to this expansion.
Bassett is a past president of the American Home Furnishings Alliance, and former chairman of the International Woodworking Fair. He won AHFA's Distinguished Service Award in 2001, was named Furniture Today's Manufacturer of the Year in 2001, and was InFurniture Magazine's Man of the Year in 2003. John's son Wyatt is Vaughan-Bassett's president and CEO; his son Doug is executive vice president and COO; and his daughter Fran is on the Board of Directors.
The Furniture Industry Awards Gala will be held on Monday, April 23, in the IHFC Ballroom on the 11th Floor of the Green Wing. The International Home Furnishings Representatives Association and the National Home Furnishings Association sponsor the annual event. For reservations and information regarding the Furniture Industry Awards Gala, contact the IHFRA Office at 336.889.3920 or e-mai to ihfra@ihfra.org.