Daily News Archive
Brought to you by Home Furnishings Business
June 7,
2011 by in UnCategorized 
By Home Furnishings Business in Case Goods on June 8, 2011
Century Furniture will receive the 2011 "Best: Made in America" award at the annual Take Pride in America celebration.
Century will accept the award at a celebration held in Washington, D.C., at the U.S. Capitol on July 4. Made: In America's Best: Made in America award recognizes outstanding American-made products and creations. Made: In America, a not-for-profit coalition of business leaders, public policy makers, educators and concerned citizens dedicated to designing and articulating new and innovative ways to promote American enterprise, recognized Century Furniture as exemplary in its field, and congratulates the company and its employees for their long standing commitment to making, in America, the finest hand-crafted furniture.
Each year Made: In America undertakes a search to identify a company that has made a significant long term contribution to the country. After a year-long deliberative search process, Century Furniture, Hickory, N.C., was singled out to receive the award for 2011.
"Century Furniture has a demonstrated commitment to the highest standards of good corporate citizenship," said James De Lorbe, Chairman and CEO of MADE: In America. "Throughout an era in which manufacturing has continuously shifted overseas, the company has a 60-plus year track record of ongoing production in the United States and to providing meaningful jobs to American workers. The company is widely recognized for its innovation and leadership within its industry and has received countless honors for community involvement."
"We are humbled and gratified to be selected for this honor," said Eric Schenk, president and CEO of Century Furniture. "Throughout Century's history we have always tried to not only produce the highest quality furniture we can, but also uphold the highest standards of corporate citizenship. Our founder, Harley F. Shuford, was a staunch supporter of the local community and invested his time and personal assets in numerous community projects from the local college to the founding of the Arts Museum. As a result we have inherited a corporate legacy for giving back that we all honor and strive to uphold."
June 7,
2011 by in UnCategorized
By Home Furnishings Business in Financial Reports on June 8, 2011
Flexsteel Inds. (NASDAQ: FLXS) has declared a quarterly dividend of $0.075 per share, payable July 1 to shareholders of record as of June 17.
Flexsteel has paid cash dividends each year since 1938 on its common stock. This is the 278th consecutive cash dividend. The Company has no restrictions on the payment of dividends. The Company believes that its cash flow and operating income levels are supportive of the current dividend.
Flexsteel Inds., Dubuque, Iowa,is a designer, manufacturer, importer and marketer of quality upholstered and wood furniture for residential, recreational vehicle, office, hospitality and healthcare markets.
June 7,
2011 by in UnCategorized
By Home Furnishings Business in Special Events on June 8, 2011
The Greater New York Home Furnishings Assn. will will hold its annual golf outing and dinner on Wednesday, July 13 at the Lake Isle Country Club in Eastchester, N.Y.
The event is open to both members and non-members of the association. Various participation and sponsorship levels are available. Attendees have the option to participate in a full day of fun or can sign up for cocktails and dinner only. Specials on foursomes and membership discounts are available to anyone who signs up as member prior to the event.
For more information contact Jennifer Sova at 336.285.0194 or jsova@ihfra.org; or Abraham Feinblum at 212.725.0091 or greaternyhomefurn@gmail.com; or visit the association Web site.
June 7,
2011 by in UnCategorized
By Home Furnishings Business in Markets on June 8, 2011
Lauren Kopp has accepted an internship with Showplace, Showplace West and Hamilton Properties.
Kopp, a student at High Point University, is scheduled to graduate in May 2012 with a Bachelor of Science in Business Administration and a minor in Communications. She is a member of the Kappa Delta Sorority where she works on the fundraising, formal and parent relations committee.
"We are delighted to have Lauren as part of our team," said Amy Scott, media & marketing director for Showplace, Showplace West and Hamilton Properties. "During her time with us she will be working on various tasks that include furniture market and off-market events. Lauren will gain valuable experience in the industry along with interaction amongst vendors, customers and tenants."
June 6,
2011 by in UnCategorized
By Home Furnishings Business in Financial Reports on June 7, 2011
Hooker Furniture (NASDAQ: HOFT) reported first-quarter 2012 sales of $58.4 million, an increase of 13.7 percent over the prior-year period.
Net income for the period, which ended May 1, fell 52.3 percent from first-quarter 2011 to $523,000.
According to a Hooker Furniture earnings announcement, this marks the fourth consecutive quarter of year-over-year sales increases as unit volume grew across all divisions. Casegoods unit volume led the way with a nearly 26 percent increase, while upholstered fabric and upholstered leather seating unit sales increased 7 percent and 4 percent, respectively.
The lower net income was the result of increased product discounting from a focused effort to reduce slow-moving, excess inventory. Other factors contributing to decreased profitability for the quarter included: higher freight costs on imported casegoods inventory that was shipped during the quarter compared to the prior-year quarter; continuing but smaller operating losses in domestically produced upholstery; higher returns and allowances expense; and elevated health care costs.
"We're pleased to report a healthy top line gain in casegoods for the quarter," said Paul B. Toms Jr., chairman, chief executive officer and president of Hooker, Martinsville, Va. "Although we've had positive sales comps during the previous three quarters, over the past six months we've started to see significant growth in casegoods. This kind of growth is vital for achieving the high profitability performance objectives we've set for ourselves."
Noting that the significance of the sales gains is tempered due to somewhat depressed sales during the prior year quarter because of production and shipping bottlenecks, Toms added that the demand environment is also strong.
"Consolidated orders are up almost 14 percent and backlogs are healthy, which bodes well for shipments through the second quarter," he said. "Given the sales growth we had this quarter, we're disappointed in our inability to generate higher profits. We've moved a lot of slow-selling, excess inventory but still have additional work to do and expect discounting to impact profitability over the next two quarters. It's difficult to say how much of a factor the discounting will be due to other unknown variables, such as retail demand and the amount of full-price furniture we're able to ship to offset the discounting of slower selling items."
Toms also commented on Hooker's business outlook.
"Since early April, business has slowed for most of our customers. Having said that, we've seen relatively strong orders because we are aligned with the healthiest retailers, enjoying retail success with product introductions over the past eighteen months and are gaining market share," he said. "While business isn't robust, we are holding our own and faring better than retail in general.
"We expect our margins to be impacted through the fiscal 2012 third quarter by additional discounting as we rationalize our product line and work to move excess inventory. Additionally, we expect inflation on imported goods from China over the remainder of the fiscal year, which will be mitigated with price increases to our customers. While consumer confidence continues to be stifled by declining home values, high unemployment, high consumer debt loads and rising inflation, we expect to grow through continued market share gains, even if the sales environment remains less than optimum."