The new store is owned and operated by 3G Ventures, who own two additional Ashley stores in the surrounding region. This is the second Ashley Outlet in the state of Idaho. The Twin Falls Store will employ approximately 25 people.  

“We are thrilled to bring the number one furniture store brand in North America closer to our customers here in Twin Falls and surrounding areas,” said Jared Goody, general manager of 3G Ventures. “We look forward to offering a wide variety of home furnishings and mattresses to this market at exceptional values as well as providing the best customer service in the industry. Our Ashley family is incredibly excited to share this beautiful store with our guests in the area.” 

Ashley Outlet is a new store concept focusing on guest convenience and providing comfortable and quality products. With hundreds of home furnishing products, many of them being ‘grab and go’ so guests can take it home the same day, Ashley Outlet provides an easy shopping experience from start to finish.     

The new Ashley Outlet showroom design features products by category including motion and stationary upholstery, dining, bedroom, outdoor, home office, mattress and accessories. This layout makes the store easy to navigate and help customers quickly find what they are looking for. 

Ashley Outlet hours are Monday through Sunday, 9:00 a.m. – 8:00 p.m. Follow Ashley Pocatello Twin Falls on Facebook and @ashley.idaho on Instagram to stay up to date with products, promotions, and events. 

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According to the Bloomberg report Conn’s (NASDAQ:CONN) is readying a potential bankruptcy filing as the company faces sales declines and struggles to integrate a rival chain.

Sources close to the retailer also told Home News Now that said Conn’s has been looking for both operational and financial help from several advisors, including the Berkeley Research Group and Houlihan Lokey Inc.

Late last month, Home News Now’s Tom Russell, reported that the Nasdaq Stock Market has given specialty furniture, bedding and home goods and appliances retailer Conn’s Inc. 60 days to submit a plan to regain compliance with a rule related to the timely filing of its quarterly reports.

In that article, Russell noted that, on June 11, the company notified the U.S. Securities and Exchange Commission that it was unable to file a timely 10-Q financial report for its fiscal first quarter ended April 30. The company said the delay was because it had been unable to complete disclosures related to possible amendments to, or the refinancing of its revolving credit facility that were required to be included in its 10-Q.

Last year, in an effort to grow storefronts and increase volume, Conn’s acquired 120-yer-old W. S. Badcock LLC from Franchise Group LLC.  Despite that move, Conn’s has faced 48-months of losses.

At press time, Conn’s shares, which fell 77% this year, took another nosedive and is currently trading at $0.6576.

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Continuing this year’s event theme of “WIN,” the retail co-op will present a gangbuster cluster of education sessions, vendor trainings, exhibitor arrays and social activities, all laser-focused on helping independent store owners win their marketplace.

The group’s return engagement at the Gaylord Texan Resort & Convention Center runs Aug. 25-28, and members can save $200 on a three-night package including hotel and two event badges by registering by this Friday, July 5.

Highlights of the Convention will include:

• A sports-themed Sunday night All-Star Welcome Reception
• The annual Dealer of the Year and Hall of Fame presentations
• A Women in Business “Bunco Night”
• A cocktail reception for the 40-something Young Professionals group
• A Furniture Technology Source Town Hall lunch
• Dedicated presentations by AVB’s marketing, service and HR wings featuring special
  guest presenters
• There also will be state-of-the-industry updates by AVB’s CEO Jim Ristow and the executive leadership team; limited-quantity show specials at the bi-annual Stampede and an expansive EXPO show floor featuring the latest and greatest merchandise across the appliance and home furnishings spectrums.

Attendees can keep on top of Convention 2024 by visiting AVBevents.com and using the event hashtag #WIN24 on Facebook and Instagram.

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“Broad River Retail extends its sincerest congratulations to these exceptional individuals for their remarkable academic achievements,” said Manny Rodrigues, Broad River Retail chief operating officer said. “In these individuals, we’ve seen an unwavering dedication to academic excellence. We wish them every success as they continue their journey towards what is undoubtedly a bright future.”

The Founders Scholarship Fund winners are:
+ Amahri Boykin​
+ Mark Deulley
+ Denasia Dixon
+ Emelyne Henderson
+ Kaiya McDonald
+ Tamya Ormond
+ Claire Phillips
+ Vincent Sayles​
+ Jenna Webb

Scholarships were granted across five tiered levels (bronze, silver, gold, platinum, and diamond) with amounts reaching up to $15,000 per year, split evenly between two semesters. Funds may be utilized for academic-related expenses including tuition, books, fees, and school-approved housing.

“It brings us great joy to present these scholarships to such remarkable individuals,” said Charlie Malouf, president and chief executive officer of Broad River Retail. “Education can transform lives in profound ways. The Founders Scholarship Fund was established in 2019 as a gesture of appreciation from our co-founders and demonstrates Broad River Retail’s dedication to furnishings life’s best memories for our Memory Makers and their families by helping to offset the cost of higher education.”

Senior Financial Analyst and parent of one of this year’s scholarship recipients, Allie Webb, initially learned of the scholarship from the CEO’s 2023 podcast interview with the winners. When information 2024 became available, Webb forwarded the application to her daughter, Jenna.

“We were beyond thrilled and relieved when Jenna won. Her cost of attendance after merit scholarships at The College of Charleston is still between $33,000 to 40,000 a year, so the full amount will be applied to her tuition and will help significantly as she finishes her bachelor’s degree in environmental geosciences,” Webb said.

Allie Webb, a Senior Financial Analyst and parent of one of this year’s scholarship recipients, discovered the scholarship through the company’s podcast, Stories from the River. When the 2024 details were released, Webb eagerly passed the information to
her daughter, Jenna.

“We were beyond thrilled and relieved when Jenna won,” said Webb. “The scholarship will help significantly as she finishes her bachelor’s degree in environmental geosciences.”

Nineteen candidates were considered for the Founders Scholarship Fund awards for the upcoming 2024-2025 academic year. Candidates completed an application and responded to writing prompts, including an essay titled “Life’s Best Memories.”

“The Founders Scholarship Fund is one of the many ways we can live out our purpose of furnishing life’s best memories,” said Director of Memory Maker Experience, Heather Greenwood. “It is an honor to support our Memory Makers and their children as they create their own best memories. Broad River is proud to help the recipients make their dreams a reality.”

Broad River Retail created the Founders Scholarship Fund in 2018 to help offer academic opportunities to Memory Makers and their families. To date, the fund has awarded over $250,000 to 31 recipients. This initiative aims to assist aspiring students in pursuit of higher
education without the weight of financial constraints.

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HIGH POINT — Natuzzi’s Reimagined Gallery program announced last fall is starting to gain traction around the globe, with 113 retailers signing up globally, including 21 in the U.S. and Canada.

This represents about 121 gallery locations in development worldwide, with 29 in the U.S. and Canada, Codrin Coroama, chief wholesale officer, told Home News Now.

In North America, the company has updated 12 of its existing galleries thus far, with another 18 currently in the development process.

Since the program was first announced, the company has made some tweaks, including to the sizes. Initially, for example, they were in 1,200-, 2,000- and 3,200-square-foot sizes, representing small, medium and large. They have since been expanded slightly to 1,300, 2,200 and 3,500 square feet in size.

Coroama said that 2,200 square feet, which features about 10 room settings, has been the most popular size. The cost of this footprint is $48,000, which includes products and display systems that are delivered to the retailer and ready to place on the floor. By comparison, the 1,300-square-foot gallery offers six room settings and is available at $30,000, while the large gallery offers 20 room settings and starts at $82,000.

He added that the company has enhanced the merchandising aspect of the galleries with new products that include its Natuzzi Editions Houston New Generation Zero Gravity collection and the Roma, a sofa with an adjustable armrest and backrests and standard and extra-deep-seating options.

“Both models were introduced at the April High Point Market and received fantastic feedback, thanks to their Italian-inspired design and innovative features,” Coroama said.

Another new offering that can be showcased in the gallery footprint is what he described as the concept of Space Performance, which offers room-set options tailored to the needs of the retailer.

“The classic room set focuses on space efficiency, while the power-pad room set emphasizes versatility, functionality and customization, inspiring consumers’ creative expression,” Coroama said.

He also noted that on July 1, gallery partners will have access to a digital marketing platform that is “designed to amplify their marketing campaigns across digital channels.”

“This platform will be integrated with Natuzzi’s marketing planner and digital content database, providing support to drive local engagement and ultimately boost sales,” he said.

Retailers and their customers can also look at products on the Natuzzi website, where a number of custom configurations, fabrics and leathers are available, allowing them to pick and choose the look and design footprint they want. Upholstered beds also are available in multiple configurations and fabrics, also shown in detail on the website.

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MONROE, Mich. — From La-Z-Boy’s latest earnings call for its fourth quarter and full fiscal year ended April 27, it’s clear that retail development — both new store openings and acquisitions — remains a core part its strategy moving forward.   

Of course, none of this is new given the number of stores the company has in place currently. But it appears to be positioning itself for even further growth in the months and years ahead.  For example, during its latest earnings call, company President and CEO Melinda D. Whittington noted that the brand is looking to have about 400 La-Z-Boy Furniture Galleries over the next several years, up from 355 at the end of its latest fiscal year.

The 355, which is up six locations from the prior year, brings the number of total company owned stores to 187, including the six new store openings and 11 acquisitions during the full year, including the acquisition of a two-store independent network in Florida during the quarter. And in May, she said, the company also signed an agreement to acquire an additional one-store market from an independent dealer in the Midwest that’s set to close in the first quarter of fiscal year 2025.

Bob Lucian, senior vice president and chief financial officer, noted that the company plans to open 12-15 new stores — separate of any acquisitions — mostly in the second half of the year as part of a planned $70 million to $80 million in capital expenditures during the fiscal year, which he noted “includes land and building investments and stores to maintain the growth of our retail network.”

Obviously, the company is bullish on its store network during a time when furniture retail is struggling amid an environment of high interest rates that are hampering existing home sales, combined with consumers tightening their belts with high-dollar purchases.

During the call, Whittington noted that while total written sales for company-owned La-Z-Boy Furniture Galleries were up 1% for the quarter, written same-store sales for the entire network of 355 stores were down 3% for the quarter compared to the prior year and down 2% for the entire year. But she also noted that this performance is still better than the industry overall “against a backdrop of 8% industry contraction” during the quarter and down 6% for the year “as our significant outperformance versus the market persisted throughout the year.”

“Despite ongoing challenging traffic trends, our stores continued to execute very well, with higher conversions, higher ticket and design sales partially mitigating the traffic headwinds,” she noted.

In addition, the company now owns 53% of the stores in the La-Z-Boy Furniture Galleries network for the first time in its history. Of course, some of this has to do with the acquisition of stores from independent dealers looking to get out of the business during this ongoing period of malaise. Perhaps company ownership will improve the performance of these locations as things start to turn around, but that largely depends on support from the economy.

For Whittington, the growth of the store footprint makes sense moving forward.

“We see meaningful opportunity to expand the company-owned portion of the network through new store growth and acquisitions,” she said, adding, “These store acquisitions are immediately accretive to our profitability, allowing the company to benefit from integrated wholesale and retail margins.”

She also noted that growing the company-owned store network is important “as it enables the brand to control the end-to-end consumer experience and leverage the strength of our vertically integrated model.”

Another benefit in the company-owned store approach? It also helps guide product development.

“We continue to shift organizational decision-making to be more consumer-centric while also leveraging a data-driven approach,” Whittington said, adding, “This is enabling us to develop more consumer-relevant, on-trend upholstered furniture, particularly in the motion and reclining categories where we are a market leader.”

Of course, this consumer-driven approach is not just beneficial to the development of upholstery and recliners, but also wood categories such as occasional, along with bedroom and dining furniture offered by its sister brands.

The success of this growth initiative also obviously depends on a number of factors, ranging from interest rates and housing sales to the consumers’ willingness to return to spending more on the home. Yet despite these uncertainties, Whittington was optimistic about the company’s strategy, not just in its retail store footprint, but also how it is serving consumers in the market overall, ranging from the agility of its supply chain to product development initiatives.

“We know there are consumers out there still investing in their home, even in a challenging economy, and we believe we are disproportionately capturing them,” she said. “But if I were to step back and say ‘what is the biggest pivot for us as a total enterprise?’ It’s really this focus on driving our own company-owned retail and the reason for that is two-fold. We can control that brand experience for the consumer end-to-end. We can avail ourselves of the data from that consumer by interacting with them directly, and from a financial standpoint, we can take advantage of that integrated margin of owning the entire chain, from pieces of fabric and steel all the way to putting that product in the consumer’s home. And we believe that’s good for the consumer, and that’s good for our financials as well. So really, I would call continuing to expand our reach of our own retail probably the No. 1 biggest driver.”

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Schumacher, who left his executive post at HFA at the end of May, recently posted on his LinkedIn page that he had joined the board of the lifestyle retailer.

In his post, he noted, “For years I have admired R&B’s commitment to their team, customers, sustainability and social responsibility. Their recent designation as a B Corp, which means Room & Board meets high standards of social and environmental performance, transparency and accountability, is a testament to the culture they have built.”

He also noted that in April, the company transitioned into a 100% Employee Stock Ownership Plan (ESOP), which gives its 1,100 employees a financial stake in the organization.

“The new board of directors is tasked with providing strategic direction and financial oversight for the company during this time,” Schumacher said. “I can’t express how honored and humbled I am to become part of the Room & Board team.”

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THE WOODLANDS, Texas — The Nasdaq Stock Market has given specialty furniture, bedding and home goods and appliances retailer Conn’s Inc. 60 days to submit a plan to regain compliance with a rule related to the timely filing of its quarterly reports.

On June 11, the company notified the U.S. Securities and Exchange Commission that it was unable to file a timely 10-Q financial report for its fiscal first quarter ended April 30. The company said the delay was because it had been unable to complete disclosures related to possible amendments to, or the refinancing of its revolving credit facility that were required to be included in its 10-Q.

“As a result, the company is unable to file, without reasonable effort or expense, the Form 10-Q on or prior to the prescribed filing date,” the company said in its June 11 disclosure.

On June 20, the company received a delinquency notification letter from Nasdaq stating it was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not filed the report by the due date required by the SEC.   

The company said the notice has no immediate effect on its listing  or trading of its common stock on the Nasdaq Global Select Market. However, it said that it has until Aug. 19 to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule.

Conn’s noted that if Nasdaq accepts its plan to regain compliance, Nasdaq may grant the company up to 180 calendar days from the prescribed mid-June due date for the 10-Q, or until Dec. 16, to file the 10-Q in order to regain compliance.

“However, there can be no assurance that these events will occur,” the company said in a statement issued Wednesday relating to the delinquency notice.

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WASHINGTON — Consumer confidence fell this month as consumer plans to buy homes and cars have stalled, while spending on some other big-ticket purchases including vacations continues to rise.

The Consumer Confidence Index fell to 100.4 in June down from 101.3 in May. Meanwhile, the Present Situation Index that is based on consumers’ assessments of current business and labor market conditions, rose to 141.5, up from 140.8 in May. The Expectations Index, which is based on consumers’ short-term outlook for income, business and labor market conditions, dropped to 73 in June, down from 74.9 in May. This is the fifth consecutive month it has been below a threshold of 80, which officials say signals a recession.

“Confidence pulled back in June, but remained in the same narrow range that’s held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future,” said Dana M. Peterson, chief economist at The Conference Board, adding that “if material weaknesses in the labor market appear, confidence could weaken as the year progresses.”

Peterson noted that the decline in confidence between May and June was largely centered on consumers between 35 and 54, while there was an improvement in confidence for those below 35 and those 55 and older in June.

“No clear pattern emerged in terms of income groups,” Peterson added. “On a six-month moving average basis, confidence continued to be highest among the youngest under 35 and the wealthiest (earning more than $100,000) consumers.”

The latest survey showed that buying plans for big-ticket appliances and smartphones rose slightly while fewer planned to buy a PC or laptop computer. In addition, the share of consumers planning a vacation in the next six months continued to rise and remains above the level a year ago, with more consumers planning to vacation in the U.S. than overseas and more people planning to travel by car versus by plane. However, the survey noted that the share of consumers planning to go on vacation is about 10 percentage points lower than pre-pandemic.

While fewer indicated they are concerned about a recession, and average 12-month inflation expectations fell slightly from 5.4% to 5.3%, write-in responses from consumers showed that elevated prices, including those for food and groceries, continue to impact their views on the economy, followed by the labor market and political situation in the U.S.

However, the share of those believing that the 2024 election would impact the economy was low compared to write-in responses in June 2016 and slightly higher than during the same period in 2020.

Consumers also were positive about the stock market. For example, 48.4% expect stock prices to increase in the year ahead compared to 23.5% expecting a decrease and 28.1% expecting no change. In addition, the share of consumers expecting higher interest rates over the next 12 months fell to 52.6%, the lowest level since February.

Other highlights of the report were as follows:

Of their Present Situation, or assessment of business conditions:

+ 19.6% of consumers said business conditions were good, down from 20.8% in May.

+ 17.7% said business conditions were bad, down from 18.4% in May.

+ 38.1% of consumers said jobs were plentiful, up from 37% in May.

+ 14.1% of consumers said jobs were hard to get, down from 14.3% in May.

Of their expectations of short-term business conditions six months from now:

+ 12.5% of consumers expected business conditions to improve, down from 13.7% in May.

+ 16.7% expected business conditions to worsen, down from 16.9% in May.

Regarding the short-term labor market outlook:

+ 12.6% of consumers expected more jobs to be available, down from 13.1% in May.

+ 17.3% anticipated fewer jobs, down from 18.8% in May.

Of their short-term income prospects:

+ 15.2% of consumers expected their incomes to increase, down from 17.7% in May.

+ 11.7% expected their incomes to drop, up from 11.5%.

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WINSTON-SALEM, N.C. — Having been to Big Lots plenty of times in recent years, it’s my impression that the retailer has always offered strong values, including in its furniture mix.

The stores also are well organized, clean and thoughtfully merchandised across product segments. I’m guessing other stores outside the Piedmont Triad area of North Carolina that’s home to High Point offer a similar experience.

Nonetheless, the economy, following a relatively strong holiday season for the retailer, hasn’t cooperated much at least during its fiscal first quarter ended May 4. Net sales were down 10.2% to $1.01 billion, from $1.12 billion the same period last year, driven largely by a 9.9% comparable sales decrease.

Now based on what we’re hearing in the furniture industry, that’s not a huge drop given some reports of year-to-date decreases topping 20% in the furniture sector. The declines no matter how large or small, are affecting just about everyone in the industry, from suppliers of hardware, equipment and raw materials to finished goods at the wholesale and retail level.

But Big Lots has been in a bind because it attracts value seekers across product categories. And many of these consumers are already struggling because of the cost of everyday expenses ranging from food and gas to utilities and health insurance. It’s why the lower-middle segment is probably suffering more than the upper middle and upper end of the business, where consumers tend to invest on things of value like furniture and other décor for their home.

But Big Lots appears to be headed toward even sharper values moving forward, including in the furniture segment. In its latest conference call, executives mentioned the term closeout more than a dozen times, noting that it is part of the extreme bargain positioning the company will continue to increase throughout the sales floor.

“The penetration of those extreme bargains is happening across all our categories,” noted President and CEO Bruce Thorn, adding, “We’re also seeing the extreme bargain penetration we have with our Broyhill and Real Living lines in upholstery actually go to positive comps…And that’s accelerating into Q2.”

Furniture remains the largest category by far, representing some 29% of sales in the first quarter, according to the company’s latest investor presentation. As seen in the illustration above, it also was the area that saw the lowest overall decline in sales — down 6% compared to seasonal, down 15%; soft home, down 11%; and food, down 10%, to cite a few key areas of the business.

But the term closeouts can have a negative impression in home furnishings, a fashion industry where customers tend to look for the latest styles albeit at value price points. Yet for the consumer who’s strapped for cash and seeking the best prices possible, the term closeout probably has huge appeal and thus could spur further interest and spending.

As Big Lots continues to sharpen its price point and value proposition, another consideration will be quality and durability. Appealing to families, particularly with its toy and seasonal departments, Big Lots’ durability story will be key as consumers likely spending hard-earned dollars won’t want to be replacing their newly acquired furniture anytime soon.

This is particularly true in upholstery, one of its strongest categories, yet one that also tends to get used and abused the most by kids and pets and, in some cases, adults, depending on what they’re doing in their living room.

So, at best, it’s going to be a balancing act that will involve several things, including price, but also the styling, construction and durability. This applies not just to indoor products, but also the outdoor category, where Big Lots also has a strong selection.

Yet during the call, Thorn indicated that the strategy already appears to be making headway, perhaps most notably in furniture — as seen in the strong comps — but other areas, too.

“We remain focused on managing through the current economic cycle by controlling our controllables,” he said. “Our operational initiatives to offer a large assortment of new and exciting extreme bargains, cut costs, and increase productivity, exceeded our targets in Q1. This enabled us to improve consumer perceptions about our brand and the value we offer and to deliver a year-over-year improvement in gross margin rate and operating expenses, despite the significant sales pressure this quarter.”

However, he noted there is room for improvement, which the company is pursuing through a stronger business model the retailer has created through five key actions that are expected to result in better results, most notably in the second half. These include 1) own bargains 2) communicate “unmistakable value” 3) increase store relevance 4) win customers for life through its omnichannel efforts and 5) drive productivity.

“We are confident that the five key actions are putting us on the right path to turn around our business, though we still have a lot of work ahead of us,” Thorn said.

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