Decorize, Guildmaster posts first full-year profit
Has net earnings of $9,000 in fiscal year
Heath E. Combs -- Furniture Today -- Home Accents Today, 11/4/2009 8:57:00 AM
Home furnishings and accessories supplier Decorize, which does business under the Guildmaster brand, has reported its first full-year profit in company history.
Decorize, which also does business online as Decorize.com, was founded in 2000.
The company said it posted operating income of $307,000 in its fiscal year ended June 30, up from $15,000 a year ago. It had net income of $9,000 compared with a net loss of $585,000 last year.
Decorize said its gross margin rose to 40.9%, from 34.4% in the last fiscal year.
"The home furnishings industry has been hit hard by the recent drop in consumer spending. Posting record earnings during these challenging times is a testament to the company's management and vertically integrated business model," Rick Chalker, a Decorize board member, said in a press release.
Decorize, which owns manufacturing facilities in Indonesia and China, also said it had a successful High Point Market, and that the company is aiming to double its operating income in 2010.
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