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Couristan Announces Licensing Agreement
FORT LEE, NEW JERSEY
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Emma Gardner.
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Couristan, a leading manufacturer of fine, quality area rugs, residential broadloom and custom contract carpeting, has signed a licensing agreement with emma gardner design. Under this agreement, Couristan will be given the license to manufacture, promote, market and distribute a series of hand-tufted, power-loomed and outdoor/indoor performance area rugs as well as wall-to-wall carpeting for both residential and hospitality markets under the color and design guidance of Emma Gardner, principal and chief creative officer for her eponymous emma gardner design and emma at home brands. The series is expected to debut in department and specialty stores in the spring of 2013.
"We are extremely pleased to have entered a licensing agreement with emma gardner design and we look forward to a strong business relationship. Emma's design approach, celebrated sense of color and unique ability to translate both elements into works of art for the floor, will allow us to appeal to a wider range of value conscious consumers, who are inspired by signature looks," said Ron Couri, president and CEO of Couristan.
"It is a privilege to be working with Ron and George and their fabulous team at Couristan. Their production and distribution capabilities are as vast as my appetite to design beautiful things," said Emma Gardner of emma gardner design. "It is clear that we share respect for the important nuances that bring true value to rugs and carpeting and I am thrilled to stamp my passport to Couristan!"
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Housing: The Recovery Continues
WASHINGTON, D.C.
From Eye on the Economy (NAHB)
On an annual basis, October new home sales were up 17.2 percent from one year earlier and are in line with an expected 22 percent increase in annual sales for 2012 over 2011. New home sales will continue to rise at this modest pace as the pent-up demand is released and as the policy uncertainties at the end of 2012 are resolved.
New home inventories rose 2,000 to 147,000, remaining at a very low level but showing some promise that builders are able to begin restocking. The month's supply of new homes was 4.8, well below an industry standard of six months.
Existing home sales increased 2.1 percent in October from a downwardly revised level in September, but were up 10.9 percent from the same period a year ago. The National Association of Realtors reported that October 2012 total existing home sales were at a seasonally adjusted rate of 4.79 million units combined for single-family homes, townhomes, condominiums and co-ops.
The October 2012 level of single-family existing sales increased to a seasonally adjusted 4.22 million sales, up 1.9 percent from September, but up 9.6 percent from a year ago. Seasonally adjusted condominium and co-op sales rose 3.6 percent to a seasonally adjusted 570,000 units in October 2012. This level is up 21.3 percent from the 470,000 units a year ago.
The total existing housing inventory at the end of October decreased 1.4 percent from the previous month to 2.14 million existing homes for sale. At the current sales rate, the October 2012 inventory represents a 5.4-month supply, down from a revised 5.6-month supply in September. The October supply was the lowest since the 5.2-month level in February 2006.
Supporting growth in home sales has been an increase in consumer confidence. However, while measures of consumer confidence have experienced sustained improvement in 2012, the level of growth has slowed, according to recent readings. For example, prior to a 0.6-point increase in the Conference Board's Consumer Confidence Index in November, the Index rose by 4.7 points between September and October, which in turn was slower than the 7.1 point increase experienced between August and September.
Home sales have also been held back by ongoing tight lending conditions. In fact, no less a figure than Federal Reserve chairman Ben Bernanke made the case for this argument recently. Chairman Bernanke's comments contained a clear message: Tight lending standards that emerged after the housing boom are now holding back the housing market recovery and the economy as a whole.
"It seems likely at this point that the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes, thereby slowing the revival in housing and impeding the economic recovery," Bernanke said in prepared comments in Atlanta.
As the fiscal cliff debate continues, which could involve the future of the mortgage interest deduction and other important housing tax incentives, Bernanke's comments highlight the role that policy could play in holding back the ongoing recovery in housing.
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Goldman Sachs Initiates Coverage
of Restoration Hardware
NEW YORK, NEW YORK
Goldman Sachs began coverage of Restoration Hardware (NYSE: RH) with a Neutral and $34 price target, suggesting 11 percent downside.
According to the firm, "RH is a leading home furnishings retailer, undergoing a three-pronged transformation, in merchandising (up-market and greater breadth); multichannel (channel agnostic, rapid online growth); and real estate (closing small stores, opening fewer, larger units).
The concept is being executed by a dynamic management team, and with a supportive macro backdrop (housing) its sales growth ranks among the strongest in retail. The valuation appears to reflect these strengths, driving our rating and target."
For an analyst ratings summary and ratings history on Restoration Hardware.
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