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U.S.A. : Home Furniture Makers Report Improving Sales |
| Home Furniture Makers Report
Improving Sales Three major residential furniture manufacturers La-Z-Boy Inc., Bassett Furniture Industries Inc. and Hooker Furniture have recently reported improved quarterly sales. La-Z-Boy, headquartered in Monroe, MI, reported sales of $596 million in its fourth fiscal quarter ended April 27, compared to $593 million in 2001. The improvement was due to strength in the company’s upholstered furniture operations, which grew by 11%. The company casegoods sales decreased by 22%. BFI, based in Bassett, VA, reported a 10% increase in sales in its second fiscal quarter to $80.9 million. The company attributed the growth to strong performances in its Bassett Furniture Direct retail stores and its Five Star quick-ship program. Martinsville, VA-based Hooker Furniture reported sales of $62.3 million in its second fiscal quarter ended May 31, a 12% increase from 2001. The company said increased volume in domestically produced home office furniture and in imported product lines accounted for the improvement. CONTRACT FURNITURE STILL WEAK Office furniture makers reporting their results recently presented far less rosy numbers. Steelcase Inc. of Grand Rapids, MI, said revenue for its first fiscal quarter dropped nearly 29% from $905.2 million last year to $643.1 million this year. Falcon Products Inc. of St. Louis, MO, reported that its second fiscal quarter sales dropped from $77.1 million to $66.6 million this year. Source: ISWONLINE News. |
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