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Staff -- Home Accents Today, 6/1/2007
- Modern Comfort by Angela Adams bedding and bath products are now available nationwide at Bed Bath & Beyond. The line features Adams' signature pattern in mini bed sets, euro shams and decorative pillows. The bedding is 100% cotton sateen with a 300 thread count and bath products include a shower curtain, reversible rug, tumbler, soap dish, toothbrush holder, lotion dispenser, wastebasket and towels. Adams' products, inspired by the beauty of Maine, include rugs, furniture, handbags and glassware, stationery, bedding and bath products, tiles, fabric and contract carpet.
- Shopping center owner/manager General Growth Properties announced Crate and Barrel will open its first store in Nevada, a 34,000-sq.-ft. space at Summerlin Centre, the future "downtown" of a 22,500-acre planned community on the Las Vegas Valley's western rim. Grand opening is scheduled for Spring 2009.
- Oakland, Calif.-based Cost Plus World Market announced it plans to expand its merchandise collection from Novica, a National Geographic-associated company that sells handmade products from global artisans. Cost Plus World Market operates 294 stores in 34 states under the names World Market and Cost Plus World Market, the newest of which opened in Papillion, Nebraska at Shadow Lake Towne Center on May 17.
- Ross Stores said first-quarter net profit rose on strong sales of home products and dresses. Net income for the quarter ended April 29, was $67 million, compared with $59.2 million a year earlier. The home division, through which Ross sells bedding and bath collections and home accents, continues to post "solid gains," CFO John Call told investors during a conference call.
- Federated Department Stores plans to convert a former Lord & Taylor store in Delaware into a showcase for catalog and online retailers, offering 180,000 to 200,000 square feet of retail mall space to non-bricks-and-mortar retailers that traditionally have not had storefronts. The Epicenter Collection will be open for customers by fall 2008.
- New York's ABC Carpet and Home launched a limited edition Gee's Bend Rug Collection featuring an assortment of Turkish patchwork style flat weaves inspired by more than thirty original Gee's Bend quilts. Turkish women pieced together vintage materials ranging from old kilims to blue jeans to recreate the Gee's Bend designs. Gee's Bend, Ala., is a small rural African American community owned and occupied by descendents of former slaves that once inhabited the area. Since their discovery by art historian William Arnett, the quilts of Gee's Bend have been recognized as some of the best examples of modern art, appearing in the world's foremost art museums and as a series of United States postage stamps.
- Mary Engelbreit's flagship store in St. Louis, Engelbreit's home town, will close June 10. Products may still be purchased through the company's Web site and Engelbreit will continue to work on new projects, including picture books for children, home decor collections and other items.
- Atlanta-based Haverty Furniture Cos. reported net income for the first quarter of 2007 decreased to $831,000 compared to the first quarter 2006 net income of $5.1 million. Net sales were $191.1 million, or 8.6% less than sales in the corresponding quarter last year. On a comparable-store basis, sales decreased 10.4% for the quarter. Clarence H. Smith, president and CEO, said earnings for the quarter were significantly impacted by the lower sales volumes and negative comparable-store sales. The company opened a new store in Huntsville, Ala., in May.
- Tuesday Morning reported its first quarter net income fell 84% to $1.1 million from $6.5 million a year ago due to increased expenses and weak sales growth. Sales for the quarter totaled $189.2 million, compared to $187.8 million in the same quarter last year.
- Stein Mart Inc.'s total sales for the fiscal period ended May 5 decreased 11.8% to $109.3 million from $124 million for the same period a year ago. For the 13-week period ended May 5, total sales increased 3.1% to $376.1 million from $364.8 million, and comparable store sales decreased 2%. As of May 5, there were 270 Stein Mart locations, compared to 263 stores at the same time last year.
- J.C. Penney's department store sales decreased 2.7 % for the four weeks ended May 5. Comparable store sales decreased 4.7 % compared to a 2.6 % increase last year. April's Internet sales increased approximately 15% while direct sales, impacted by softness in the home category, decreased 8% for the month. The retailer recently opened its first Chicago-area off-mall store and plans to open nine more stand-alone stores in the Chicago area over the next two years. The new stores, smaller than Penney's traditional stores, are one story, about 85,000-105,000 square feet, and carry no furniture.
- Kohl's announced an increase in net income of 31.7% to $1.1 billion for the 12 months ended Feb. 3, compared with $842.0 million a year ago. Total sales increased 16% to $15.5 billion from $13.4 billion, and same-store sales increased 5.9%. Kohl's fiscal 2007 plans include opening 110 stores, with remodeling to continue on its existing stores. So far, about 90 of Kohl's 834 stores have been remodeled and upgraded to reflect the store's new prototype. The company is also considering opening a New York design office to support the growth of its existing and new brand products from Chaps, Candie's, Elle, Vera Wang and Food Network.
- Kirkland's Inc.'s net sales for the 13-week period ended May 5, were $82.1 million compared with $92.6 million for the 13-week period ended April 29. Comparable store sales for the first quarter of fiscal 2007 decreased 18.8% compared to a 5.1% decrease in the prior-year quarter. The company opened 10 stores and closed 12 stores during the quarter. Kirkland's operates 347 stores in 37 states.
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