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November 3,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on November 4, 2010
Haverty Furniture Cos. (NYSE: HVT) reported third-quarter 2010 sales of $157.1 million, a 3.4 percent increase over the prior-year period.
The Atlanta-based retailer had net income of $1.2 million during the three months ended Sept. 30, compared with $501,000 in third-quarter 2009. Comparable store sales 4.3 percent outpaced overall sales growth.
"Although our performance in 2010 has improved over last year, we have previously reported a softening of demand trends in the most recent months," said President and CEO Clarence Smith. "The fourth quarter is historically our strongest of the year, and our results will be against more difficult comparisons. We are confident that our shopping experience, both in-store and on-line, the stylish and affordable merchandise we offer, excellent service and strength of our brand will allow us to continue to grow market share. Our ongoing evaluation of stores will result in future new store locations and the exiting of other sites similar to our entrance in the Columbus, Ga., market in October and the closing of our Abilene, Texas, location in December. We will also be investing in our operations to upgrade information systems. The competitive advantages that we have developed and our financial strength will support our efforts in growing our business."
As of Sept. 30, Havertys' store count stood at 118 versus 121 a year earlier. In addition to the Abilene store, which closes in the fourth quarter, Havertys closed its Bowling Green, Ky., location at the end of the third quarter.
Through 2010's first three quarter, Havertys net sales rose 7.6 percent to $458.2 million, and comparable store sales were up 9 percent. Year-to-date, Havertys has cleared $2.9 million versus a $13.3 million loss through the first nine months of 2009.
November 3,
2010 by in UnCategorized
By Home Furnishings Business in Advertising on November 4, 2010
With the launch of its advertising campaign, Joe,
Badcock Home Furniture & more offers customers new ways to engage with its brandand win new furniture.
While still using traditional vehicles like television, print and radio, Joe also features interactive elements like a promotional microsite, Facebook application and branded YouTube channel that serve to facilitate the promotion and establish a social media presence for the brand.
In an age of increasing social media presence, we wanted to make sure our brand was relevant, said Mike Price, president of Badcock Home Furniture & more. But we also wanted to make sure we did it right. So were giving our customers a real reason to engage with us, have fun and see how our brand can improve the quality of their lives.
The campaign features a loveable family guy, Joe, who has good intentions, but bad luck. This translates into many humorousyet plausiblefurniture mishaps around the house. But Joes Badcock account saves the day and gives his family the credit they need to buy whatever they need for their home. Because with Joe, you never know.
Customers can watch the commercials online and submit their own Joe stories and/or videos for their chance to win. Research showed that Joe is a very relatable character; that everyone knows someone like Joe, said Bill Daughtrey, executive vice president of merchandising and marketing. So were giving people the opportunity to share those stories, comment on others and win something in the process.
From the microsite, users can link to
Facebook, share via
Twitter and view videos on Badcocks branded
YouTube channel. The promotion will award new furniture from Badcock each month for seven months.
November 3,
2010 by in UnCategorized
By Home Furnishings Business in Financial Reports on November 4, 2010
Furniture Brands International's (NYSE: FBN) third-quarter 2010 sales fell 7.4 percent to $272 million, the full-line furniture vendor reported Wednesday.
Net sales for the third quarter of 2010 reflect the timing of the company's annual mid-year manufacturing shutdown, which occurred in the third quarter of 2010 versus the second quarter of 2009, resulting in an estimated $11 million negative variance in the comparison of third quarter 2010 and 2009 net sales. The year-over-year sales comparison was also negatively affected by the company's exiting two unprofitable lines of ready-to-assemble business.
Despite lower sales, St. Louis-based Furniture Brands trimmed its third-quarter loss from $23.5 million in 2009 to $2.1 million this year. Results for the quarter include $3.8 million in restructuring charges primarily associated with the company's previously announced closure in early 2011 of a casegoods facility in Appomattox, Va. Financial results for the quarter also reflect a reversal of year-to-date compensation accruals totaling approximately $6.8 million.
For the nine months ended Sept. 30, FBI reported net sales of $883.8 million and net income of $5.7 million, compared with net sales of $938.8 million and a net loss of $43.7 million, for the nine months ended Sept. 30, 2009. Results for all periods include selected items that are detailed in a table attached to this press release.
"Earlier this year, Furniture Brands elected to increase stocks of essential raw materials and finished products to protect against any potential disruptions in the Asian supply chain, to meet current consumer demand for recently introduced products as well as support our commitments to dealers at the October High Point Market," said Chairman and Chief Executive Officer Ralph P. Scozzafava. "The increased inventory is primarily related to our newest and best-selling products so that we're ready to take advantage of the fourth and first quarters, which have historically been our strongest revenue periods."
Third-quarter 2010 retail sales at 70 company-owned stores and showrooms totaled $36.9 million with a gross margin of 38.7 percent, compared with sales of $32.8 million and gross margin of 38.3 percent at the 71 stores and showrooms the company owned during the third quarter of 2009. Third-quarter 2010 same-store sales at the 42 Thomasville stores that the company has owned for more than 15 months showed an increase of 22 percent from the third quarter of 2009.
"In a very challenging consumer spending environment, Thomasville continues to deliver improved top-line performance," Scozzafava said. "This brand's mixture of exciting new products, increased marketing support, and a great in-store experience is a winning combination. Our Thomasville company-owned store base is steadily moving toward a break-even point, aided by the strength of the Thomasville brand and an aggressive corporate program to improve store locations and lease terms."
November 3,
2010 by in UnCategorized
By Home Furnishings Business in Internet on November 4, 2010
Online home furnishings retailer
Hayneedle, Inc., is unveiling
The Foundary, an exclusive, members-only, daily flash sale site that offers members home furnishings, decor and accessories from established and emerging designers and brands at up to 70 percent off retail.
The Foundary focuses its sales events on "products of substance" for the homedistinctive products that inspire, share a story or define a point of view. Shoppers visiting the site will be invited to enjoy a free membership that allows them to receive daily emails featuring new, limited-time sales events.
With Hayneedle's knowledge of the home products marketplace, and a keen insight into both established and emerging designers and brands, The Foundary will offer flash sales items from trusted brands, such as
Dyson and
Riedel, luxury brands, such as Nancy Koltes and Jura Capresso, eco-friendly brands like Recycled Relics, and one-of-a-kind creations from artisans like The Weld House.
"At Hayneedle.com, customers can find what they need for their home by shopping any of our 200-plus categories with unmatched variety", said Doug Nielsen, CEO. "For members of The Foundary, we're doing the shopping for them with limited-time sales events of exclusive collections of distinctive products at up to 70 percent off retail prices. Both offer the thrill of discovery and help consumers express their personal style."
Exclusive sales events are announced daily, typically starting at 11 a.m. Eastern time. Each announcement includes four or more different events, offering selections of products from a variety of home living categories. The majority of The Foundary sales events last three days (72 hours) or while limited supplies last.
"The Foundary team enjoys a love of design in all its styles, and we can't wait to personally share how and why a particular collection or designer inspired us to bring their stories to your home," said Jason Goldberger, chief merchandising officer. "We built thefoundary.com to create a space where we and our members can share and fuel a passion for 'products of substance' for every room of the home at exceptional prices."
As part of its mission to help members discover new designers and "products of substance," The Foundary is looking for emerging talent through The Foundary Designer Search. Through Nov. 22, by entering on The Foundary Facebook page, up-and-coming designers have the chance to be found and have their home furnishings creations featured in sales events on the site. Members of The Foundary will vote for their favorite, yet-to-be-discovered designers and their inspired products on the site. To learn more visit The Foundary on
Facebook and click to follow.
November 3,
2010 by in UnCategorized
By Home Furnishings Business in Green on November 4, 2010
The American Home Furnishings Alliance has set the agenda for its third Sustainability Summit, Dec. 1-2 at the Hilton Asheville Biltmore Park in Asheville, N.C.
With the theme "Weaving Sustainability into the Corporate Fabric: Competing in the Global Marketplace," the summit will bring together a cross section of decision-makers and thought-leaders from manufacturing, retail and supplier companies. For the third year, Cargill's BiOH polyols business unit is partnering with AHFA in sponsoring the event. Companies do not need to be AHFA members to attend.
"The government, the public and corporate stakeholders are beginning to demand more environmental information from companies," said Bill Perdue, AHFA vice president of environment, health, safety and standards. "Gathering meaningful data and presenting it in a sensible, comprehensible way is a challenge. The summit will spotlight companies with successful sustainability policies and practices and provide a roadmap for others to follow."
Ernesta Ballard, senior vice president of corporate affairs for Weyerhaeuser, will kick off the summit, with a discussion of her company's internal and external sustainability reporting and describe how financial, social and environmental elements are woven into the company's annual sustainability report.
Suzanne Shelton of The Shelton Group, a Knoxville, Tenn.-based agency that specializes in motivating mainstream consumers to make sustainable choices, will share custom research commissioned by AHFA and conducted by The Shelton Group revealing that consumers understand and value some environmental attributes over others when it comes to home furnishings purchases; and show how that research can translate into messages that resonate with today's consumers.
Day 1 also will include an update on marketing eco-friendly home furnishings, including an overview of the Federal Trade Commission's newly released "Green Guides," which include a set of rules covering what claims a company can and can't make, and what kind of substantiation and declaimers are required for specific types of marketing messages. The FTC rules apply to both retail and manufacturing marketing messages.
Following a supplier panel discussion, special guest Jack Cecil, president of Biltmore Farms Inc. and the grandson of George Vanderbilt, builder of the Biltmore Estate, will take the podium.
Biltmore Farms Inc. is a developer of residential, office, hotel and retail properties, including the 42-acre Biltmore Park Town Square, a development that blends recreation destinations with homes and premier office space.
"It's all about creating a community, communities like we knew as children, where families can work, shop and recreate without leaving their neighborhood," said Cecil, who conceived the development. A short walk within Biltmore Park Town Square connects visitors to shops, restaurants, cafes and gathering spots, health clubs and a range of businesses and employers. The development was chosen by the U.S. Green Building Council to participate in the Leadership in Energy and Environmental Design (LEED) Neighborhood Development pilot program. The purpose of LEED-ND is to study how developments can reduce sprawl, encourage healthy living, protect the environment and reduce dependence on automobiles.
The Summits opening day will conclude with a reception honoring finalists in the third annual Sage Award competition, a program co-sponsored by AHFA and Cargill's BiOH polyols. The award recognizes excellence in the home furnishings and bedding industries through sustainable business practices, social responsibility and profitable growth. Two finalists and the 2010 Sage Award winner will be announced at the reception.
Day two of the Summit opens with a presentation on "Social Accountability 101." The social dimension of environmental performance is an outgrowth of global manufacturing and the impact companies have on the social systems within which they operate. Like other areas of sustainability reporting, social accountability is a new concept for many home furnishings companies. Oren Jaffe, director of social responsibility for BlueMap Inc., will outline the elements in a solid social responsibility policy and explain the concept of a social accountability audit.
Next, Paul Hepperla, vice president of sustainability at Verisae, which recently created a "Carbon Calculator" customized for the home furnishings industry, will discuss how online tool helps companies measure their carbon footprint and track improvements. Hepperla will explain how to use the calculator and highlight its significance.
Thursday's program also will spotlight successful sustainability programs and practices within leading home furnishings companies, including La-Z-Boy Inc., Century Furniture and Bassett. The Summit concludes with an introduction to a new software platform designed to help furniture companies track key environmental measures.
Rooms at the Hilton Asheville Biltmore Park are available at a discounted rate of $149 per night. Make reservations here, or call 828.209.2700. The meeting code for the discount rate is AHFA. Rooms are being held for Summit attendees through Wednesday, Nov. 10.
Registration for the two-day meeting is $325 for AHFA members and $500 for non-members and can be completed online. Click on EVENTS, then scroll down to 2010 Sustainability Summit.