Best, DeCoro, Pulaski lead pack of contenders
By Furniture Today Staff -- Furniture Today, December 31, 2005
HIGH POINT — HIGH POINT — With its new 2 million-square-foot plant in China turning out product, leather upholstery specialist DeCoro achieved U.S. furniture sales growth of 42.6% last year.
The plant opened in April 2003, and with a full year of operations, 2004 sales are likely to be higher — possibly enough to push the company into the Top 25.
DeCoro was among the top contenders last year for a spot on the Top 25, as was U.S. upholstery producer Best Home Furnishings, the former Best Chairs. Best's U.S. furniture business grew 8.8% to top the contenders' list at $170.1 million.
DeCoro, which started business only seven years ago, has established itself as the largest source of leather out of China.
It is one of only three companies in this year's top sources report that are pure-play importers, with no North American manufacturing operations. The others are Top 25 players Lacquer Craft, a Chinese manufacturer that sells under the U.S. brands Universal and Legacy Classic, and Italian upholstery producer Natuzzi, which has plants in its home country and elsewhere.
Like the Top 25, the contenders had mixed results last year, with six companies posting higher sales and four lower.
One big gainer was Shermag, the publicly held Canadian manufacturer, whose U.S. furniture sales rose 19.5% to $122.7 million for the 12 months ended Jan. 2. The company attributed the growth to its acquisition of Jaymar Furniture in May of last year.
Mississippi-based upholstery producer Franklin also had a strong year, exceeding its plan with a 12.9% sales gain. Motion upholstery and recliners make up about 90% of Franklin's products, and stationary upholstery the rest.
Another Mississippi company, stationary upholstery and recliner resource American Furniture Mfg., said its management was pleased with a 1.8% sales gain, considering the industry's slow second and third quarters.
Rising imports were a factor for some contenders. Vaughan Furniture, with the majority of its line in wood bedroom furniture, faced increased competition from Asian factories and saw its sales fall 26.7% in the fiscal year ended Nov. 30.
| Some Top 25 contenders | |||
|---|---|---|---|
| Company | 2003 | 2002 | Percent change |
| U.S. furniture shipments in $ millions | |||
| Best Home Furnishings | $170.1 ($179.0 total revenues) | $156.2 | 8.8% |
| U.S. sales accounted for 95% of shipments in 2003 and 93% in 2002. | |||
| DeCoro | $166.4 ($251.7 total revenues) | $116.7r | 42.6% |
| U.S. sales accounted for 66% of shipments in 2003 and 67% in 2002. | |||
| Pulaski e | $160.0 ($170.0 total revenues) | $174.0 | -8.1% |
| Fiscal years ended Nov. 2, 2003 and Oct. 28, 2002. U.S. sales accounted for an estimated 94% of shipments each year. | |||
| Century Furniture Inds. e | $155.4 ($158.6 total revenues) | $167.2r | -7.0% |
| U.S. sales accounted for 98% of shipments each year. | |||
| Franklin | $150.1 ($158.0 total revenues) | $133.0 | 12.9% |
| U.S. sales accounted for 95% of shipments each year. | |||
| Vaughan-Bassett | $146.0 | $160.0r | -8.8% |
| Fiscal years ended Nov. 29, 2003 and Nov. 30, 2002. U.S. sales accounted for 100% of shipments each year. | |||
| Norwalk Furniture Corp. | $144.7 ($147.0 total revenues) | $137.3 | 5.4% |
| Includes contract furniture shipments. U.S. sales accounted for 98% of shipments each year. | |||
| LeatherTrend | $140.7 ($145.0 total revenues) | $131.0r | 7.4% |
| U.S. sales accounted for 97% of shipments each year. | |||
| Shermag | $122.7 ($168.1 total revenues) | $102.7r | 19.5% |
| For the trailing 12 months ended Jan. 2, 2004 and Jan. 3, 2003. Fiscal year ended April 4, 2003. U.S. sales accounted for an estimated 73% of shipments in 2003 and 76% in 2002. | |||
| American Furniture Mfg. | $118.8 ($125.0 total revenues) | $116.6r | 1.8% |
| U.S. sales accounted for 95% of shipments in 2003 and 98% in 2002. | |||
| Vaughan Furniture | $93.3 ($101.5 total revenues) | $127.3r | -26.7% |
| Fiscal years ended Nov. 30, 2003 and 2002. Sales include those from its 50% interest in Webb Furniture | |||
| Enterprises and 100% interest in Big V Wholesale Co. U.S. sales accounted for 92% of shipments in 2003 and 93% in 2002. | |||
| e = Furniture/Today estimate r = revised Rankings are by total furniture shipments to the United States, including bedding, contract and accessories for some companies. Non-furniture revenues (such as textile products, components, investment income) have been excluded and are described in the notes, with specific amounts given when possible. All figures for 12 months ended Dec. 31, 2003, unless otherwise indicated. Source: Furniture/Today market research |
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