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Company Financials
FURNITURE BRANDS INTERNATIONAL
St. Louis, MO - Furniture Brands International announced that net sales for the three months ended March 30, 2013, were $254.7 million compared to $287.3 million in the three months ended March 31, 2012, a decrease of $32.5 million or 11.3 percent. The decrease in net sales was primarily the result of continued weak retail conditions. Gross profit for the three months ended March 31, 2013, was $51.5 million compared to $71.4 million in the three months ended March 31, 2012. The decrease in gross profit was primarily due to a decrease in net sales driven by lower volume and the related deleveraging of fixed manufacturing costs ($12.9 million), charges from inventory write-downs and product rationalization ($2.7 million), increased employee benefit costs ($1.1 million) and increased freight charges ($1.1 million). Gross margin for the three months ended March 30, 2013, decreased to 20.2 percent compared to 24.9 percent in the three months ended March 31, 2012, primarily due to the items discussed above.
HNI CORPORATION Muscatine, IA - HNI Corp. announced first quarter net sales of $442.3 million for the quarter ending March 30, 2013, a decrease of $2.9 million or 0.7 percent over first quarter 2012. The decrease was driven by a decline in the contract and international channel of the office furniture segment partially offset by an increase in the supplies-driven channel of the office furniture segment and higher sales in the hearth products segment.
First quarter 2013 net sales for the hearth products segment increased 14.8 percent, or $9.9 million, to $76.5 million from $66.6 million for the same quarter last year. The increase was driven by an increase in both the new construction channel and the remodel-retrofit channel.
Operating profit prior to unallocated corporate expenses increased $2.5 million to $3.6 million compared to $1.1 million in the prior year quarter due to increased, volume, higher price realization and lower input costs offset partially by investments in selling initiatives and higher incentive-based compensation.
RESTORATION HARDWARE Corte Maders, CA - Announced annual results for the fiscal year ended February 2, 2013. The company classifies its sales into furniture and non-furniture product lines. Furniture includes both indoor and outdoor furniture from the company's business lines. Non-furniture includes lighting, textiles, accessories and home decor. Net revenues in each category were as follows (in thousands):
No single customer accounted for more than 10% of the company's revenues in fiscal 2012, fiscal 2011, or fiscal 2010.
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