October 24,
2010 by in UnCategorized 
By Home Furnishings Business in economic news on October 25, 2010
The Furniture Buying Index held steady this month at a reading of 70, stopping the positive movement the index made with last month's increase.
Consumers are thinking about buying furniture this fall, but with the economic conditions many consumers are putting furniture buying on hold," said Britt Beemer, chairman of Americas Research Group. Consumers basically are staying in place right now.
Echoing the sentiment of many retailers and suppliers
Home Furnishings Business spoke with during the recent
High Point Market, Beemer said Labor Day weekend was strong, but the rest of the month dried up.
"September was disappointing since consumers are now waiting for another big sale weekend to shop again," he said.
The Furniture Buying Index is compiled each month by
America's Research Group from interviews with between 5,000 and 8,000 consumers across the country. In a typical month, 80 percent of the consumers interviewed can name a specific furniture item they intend to buy. The Index's mark signifies what percent of the benchmark 80 percent actually have a particular item in mind.
October 23,
2010 by in UnCategorized
By Aggregated Content in Business Strategy on October 24, 2010
from http://c.moreover.com/click/here.pl?r3451007040&f=10761
GREENWOOD, Maine Many people gave the Saunders Brothers manufacturing plant up for dead when it closed its doors and went to auction last spring, a victim of the sour economy and cheap imports flooding in from overseas.
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October 21,
2010 by in UnCategorized
By Aggregated Content in Executive Changes on October 22, 2010
from http://c.moreover.com/click/here.pl?r3399116642&f=10761
The top executive who for nearly a decade set product styling for Ethan Allen Interiors has left the home furnishings retailer.
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October 21,
2010 by in UnCategorized
By Aggregated Content in Financial Reports on October 22, 2010
from http://c.moreover.com/click/here.pl?r3397679387&f=10761
Office Depot agreed to pay $1 million in settlement of charges that two executives violated securities regulations when the company signaled to selected analysts it wouldn't meet earnings' estimates, the Securities and Exchange Commission said
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October 21,
2010 by in UnCategorized
By Home Furnishings Business in Bedding on October 22, 2010
Components and bedding supplier Leggett & Platt (NYSE: LEG) reported third-quarter 2010 sales of $867 million, a 7 percent increase over the prior-year period.
Third quarter net income of $47.4 million was up 13 percent over the same period in 2009.
Year to date, sales of $2.6 billion are 12 percent higher than the first nine months of 2009; and net income of $145.2 million is almost double the $76.6 million recorded through last year's first three quarters.
"Certain of our key markets, primarily related to residential furnishings, weakened noticeably in the third quarter," said President and CEO David S. Haffner. "As a result, our third quarter sales were lower than those of second quarter, which rarely occurs. Though aggregate unit volume increased 6 percent in the third quarter (compared to 3Q 2009), this was a much slower pace than the 15 percent unit growth experienced during the first half of 2010. We believe the stronger consumer demand during the first half of the year was driven, in part, by larger income tax refunds and house purchase incentives. In addition, raw material costs temporarily increased beyond the amounts anticipated when we implemented price increases during the second quarter; however, we are seeing costs begin to retreat to expected levels. As a result, we are revising our full year EPS guidance to the lower half of our prior range."
Haffner noted that during the quarter Carthage, Mo.-based L&P completed the sale of the seventh, and last, of the businesses it planned to divest as part of the company's strategic realignment. The seven divestitures collectively generated $433 million of after tax cash proceeds, exceeding the original $400 million goal.
"We remain well positioned as the economy recovers," he said. "Given our unused production capacity, sales can rebound to at least $4 billion before we need to invest much capital. We continue to expect an incremental EBIT margin of 25-35 percent as unit volumes increase; as a result, EBIT margin should improve as sales grow."
Leggett anticipates full year 2010 sales of approximately $3.3 billion to $3.35 billion, and earnings per share between $1.10 and 1.20.