July 25,
2011 by in UnCategorized 
By Home Furnishings Business in Financial Reports on July 26, 2011
Rent-to-own home furnishings retailer Aaron's (NYSE: AAN) reported second-quarter 2011 sales of $482.7 million, an 8 percent increase from the prior-year period.
Same-store revenues for Atlanta-based Aaron's were up 5 percent for the three months ended June 30 over second-quarter 2010. Net earnings were $10.8 million versus $24.4 million last year.
According to an announcement of Aaron's second quarter performance, net earnings for the second quarter would have been $33.3 million excluding a lawsuit-related charge over a previously announced jury verdict ruling that a female employee was sexually harassed by her manager. The company strongly believes that the award does not accurately reflect the evidence in the case and plans to file post-trial motions with the Court in an attempt to reduce the size of the award or otherwise appeal the verdict.
For the first six months of fiscal 2011 year, revenues increased 8 percent to $1.015 billion; and net earnings were $55.2 million versus $61.4 million last year.
"Aaron's operating results for the quarter were as we expected and we are extremely pleased with our performance, especially in the current economic environment," said Robert C. Loudermilk Jr., president and CEO. "Providing our customers with needed basic home furnishings with no credit checks and no long-term commitment has been the foundation of our business through the years, and we have proven that our Aaron's concept is a superior model and recession resilient. We believe that business will continue to be strong throughout the remainder of the year.
"We are also quite pleased with the early results of our new and evolving HomeSmart weekly pay concept. During the quarter we opened ten new stores and last week announced the strategic acquisition of the 30 store Crusader rent-to-own chain which we will convert to HomeSmart stores during the upcoming months. With this acquisition and another smaller acquisition pending, we now expect to have approximately 60 HomeSmart stores open at the end of this year. This weekly concept gives us another growth vehicle and looks very promising."
As of June 30, the Aaron's Sales & Lease Ownership division consisted of 1,143 Company-operated stores, 681 franchised stores, 15 HomeSmart stores, 12 Company-operated RIMCO stores, and six franchised RIMCO stores. The Company also had one Aaron's Office Furniture store. The total number of stores open at the end of June 2011 was 1,858.
July 25,
2011 by in UnCategorized
By Home Furnishings Business in Community/Charitable Support on July 26, 2011
La-Z-Boy has honored delivery driver Hugo Peña of Garden Grove, Calif., with its "Helping Hand" award for helping a man suffering from heart failure.
During a delivery on June 15 in Chula Vista, Peña saw that a customer's neighbor had collapsed on a porch in Chula Vista. The man, Ed Ross, was unconscious, alone in his front yard and suffering from heart failure.
Peña checked on Ross, alerted his family and calling 911. He then stayed with Ross until the paramedics arrived. Thanks to Peña's quick thinking, Ross is now at home making a full recovery.
"Hugo went above and beyond the call of customer service when he rushed to Ed's side," said Mark Bacon, president La-Z-Boy branded business. "He truly embodies the characteristics that La-Z-Boy values, and we are proud to honor his high standard of customer service with the La-Z-Boy Helping Hand Award."
To honor Peña's exceptional customer service, La-Z-Boy presented him with the national Helping Hand award, and a piece of La-Z-Boy furniture of his choice, last Friday at an event at the La-Z-Boy Furniture Galleries store at 1640 Camino de la Reina in San Diego. Ross, who also attended the event, was offered a La-Z-Boy "Woodmont" chair as a get-well gift at the ceremony.
"Since he began making deliveries for us a little over a year ago, Hugo has consistently impressed us with his hard work ethic and exceptional customer service," said Elaine Marlow, store manager of the La-Z-Boy Furniture Galleries of San Diego. "In fact, after paramedics took Ed away in an ambulance, Hugo returned to work and completed 17 additional deliveries that day."
Also present at the event were Deputy Fire Chief Rick Brand of the Chula Vista Fire Department, who spoke about the importance of citizen first responders; and John Liken, chairperson of the Chula Vista Safety Commission, was on hand to thank Peña on behalf of the community. Members of the San Diego Fire Department also were in attendance.
July 25,
2011 by in UnCategorized
By Home Furnishings Business in Executive Changes on July 26, 2011
Furniture Brands International (NYSE:FBN) has named Chip Stewart vice president, sales of Drexel Heritage.
He is responsible for all sales activities and the sales organization at Drexel Heritage.
Stewart has been a Lane Furniture regional sales manager since 2009, where he was responsible for sales and the sales team in the Mid-Atlantic region. Stewart earned the Regional Sales Manager of the year for Lane Furniture in 2010.
Prior to Furniture Brands, Stewart served as regional vice president for La-Z-Boy; and has an extensive history of sales experience in the furniture industry, also having worked in a variety of positions of increasing responsibility for Riverside Furniture, Benchcraft Furniture and Simmons Company.
"Chip's ability to direct salespeople with enthusiasm and results has been an asset to the organization," said Lane Furniture Senior Vice President of Sales, Dan Sheehan. "We are pleased that Chip is able to continue his successful career at Furniture Brands in this well deserved promotion."
Ed Teplitz, president of Thomasville and Drexel Heritage said: "This is a great example of Furniture Brands' core strength--people. It's very exciting to have the opportunity to promote an important member of the FBN team to a new growth position."
July 25,
2011 by in UnCategorized
By Home Furnishings Business in Las Vegas on July 26, 2011
Cresent Fine Furniture will have a larger showroom in Building C of the World Market Center for next week's Las Vegas Furniture Market.
The new showroom, WMC-C1124 on the 11th floor, enables the company to showcase more of it collections and make better presentations for retailers looking for fresh in-store layouts.
In addition to a larger showroom, Cresent will feature the new Craftsman Cherry collection of bedroom and media pieces, with three bed options and crafted in solid Appalachian Cherry.
Cresent also will roll out a less-than-container program for retailers. The new program allows retailers to choose from six collections and order as few as two bedrooms shipped direct from the company's climate-controlled warehouse in Vietnam.
July 25,
2011 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on July 26, 2011
Vancouver, British Columbia, furniture retailer Save Now Furniture has launched a new Web site for online furniture sales.
The retailer has operated a storefront in downtown Vancouver for 15 years, specializing in providing discount home office furniture, bedroom furniture and outdoor patio furniture to its customers.
Working with suppliers across North America, items are shipped directly to the customer's home.
Customer service is provided three ways: by e-mail; by phone at 800.728.2545, and via live online support.