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February 26-29, 2016
2016 Wood Industry Networking & Snowsports Trip
Little America Hotel
Salt Lake City, UT
April 12-15, 2016
Woodworking Industry Conference (WIC)
CasaMagna Marriott Cancun Resort
National Association of Manufacturers Monday Economic Report: November 23, 2015
There were some modest signs of progress to note in recent data, including a rebound in manufacturing production in October - Read more ...
Global Manufacturing Economic Update - October 8, 2015
The International Monetary Fund (IMF) lowered its estimates for global growth for 2015, down from 3.3 percent in July to 3.1 percent in its latest World Economic Outlook release. - Read more ...
Manufacturers' Outlook Survey - Second Quarter 2015
The results indicate the manufacturing economy is growing, but at a much slower pace than the more robust levels experienced just a few months ago. The results also serve as an indicator of continued economic and political headwinds that manufacturers face. Find out more about the numbers and what they mean by visiting the survey's new landing page.
Construction Spending Remains Strong In July, Up 13.7% Over The Past Year. Read more...
MONROE, MI - Residential furniture makers La-Z-Boy and Nova LifeStyle offered an upbeat forecast during their earning call, but office and contract furniture comglomerate HNI (Hon, Allsteel, etc.) is anticipating a slowdown on the horizon. All three had a strong 3rd quarter.
La-Z-Boy, Nova LifeStyle and HNI all reported strong results in sales or profits. But while La-Z-Boy and Nova LifeStyle see sunny sales momentum late in the year, HNI is preparing for storm clouds.
In reporting its Fiscal 2016 results last week for the quarter ended October 24, 2015, La-Z-Boy said its consolidated operating margin rose 8.7% from 8.3% in the fiscal 2015 second quarter . Consolidated operating income increased 10.6% to $33.4 million, compared to the same quarter last year.
La-Z-Boy is changing many of its stores to appeal to younger, hip urban customers by giving a facelift to its showrooms and running edgier ads.
CEO Kurt L. Darrow remarked, "For the quarter, we improved our overall performance and achieved a consolidated operating margin of 8.7%, driven primarily by efficiencies within our manufacturing facilities and supply chain, as well as strong retail execution. With sales trends accelerating throughout the period, we are pleased to enter the third quarter with momentum.
"As part of our multi-faceted growth strategy, during the period, we increased the size of our company-owned retail segment with the acquisition of 10 La-Z-Boy Furniture Galleries stores from independent dealers. Additionally, three new stores were opened across the network as part of our 4-4-5 initiative. Simultaneously, we are working to expand our share of the stationary upholstery market and increase our business through distribution channels beyond the La-Z-Boy Furniture Galleries store network."
Darrow commented, "We are beginning to see the benefits of the new ERP system in our La-Z-Boy branded facilities which helped us achieve a 12.1% operating margin in our upholstery segment. During the period, our performance was also fueled by efficiencies in our supply chain and solid sales and operating margin performance from England, Inc., our sister upholstery company. At the recent High Point Furniture Market, we expanded our Urban Attitudes collection and also offered power in several new styles.
During the quarter, the company acquired 10 La-Z-Boy Furniture Galleries stores from independent dealers: two in Wisconsin, two in the Carolinas and six in Ohio.
Nova LifeStyle Furniture, Los Angeles, reported a sales increase of 12% for the third quarter, 2015 compared to the prior year period, due to expansion in North America and China, especially through IKEA. Its gross margin was 15%, compared to 23% in Q3 2014. The company said the decrease was due to additional materials being purchased from third-party manufacturers in advance of pending sales in the coming quarter.
North American sales rose 19%, while sales in China grew 12%., but sales in Europe were down 30% due to “the slow European economy.” The company reported receipt of a new yearly order plan from IKEA in China with higher volume expected in the coming months.
The company plans to launch an ecommerce platform and mobile apps by the end of 2015. In the next several months the company intends to introduce a bedroom series, which will include beds and bedside tables.
HNI Corp. Cautious About Coming Months
HNI Corp. reported a Q3 sales increase of $1.2 million or 0.2% to $615.9 million. The Muscatine, IA-based maker of contract furniture brands such as Hon, Allsteel, Gunlocke and Paoli, and saw net income increase 16% to $61.1 million.
"We delivered double digit earnings growth for the third quarter. We are competing well in our markets despite a softening economy, which led to modest declines in office furniture and organic hearth sales. We are taking calculated actions to reset our cost structure for a range of slowing economic scenarios," said Stan Askren, HNI CEO.
Woodworking Network Editor's Choice projects in 2015 ranged from unique and innovative to cool and inspiring. Top highlights include a cocoon-like design for office furniture, a 50,000-year old Kauri table and a kinetic wave cabinet.
Maintaining focus within the busy flow of the workplace emerges as a prevailing need for workers in open office environments. Featured at NeoCon 2015 were a number of office furniture systems to address this issue, including the Brody WorkLounge from Steelcase Inc.
The cocoon-like design of Brody helps reduce outside distractions. And while likened to a pod seat in the business class section on a plane, the self-contained workplace integrates just about everything a worker needs — power, a personal storage area and personal lighting — in a compact and ergonomic design. The seat, for example, cradles the body in a reclined position, allowing the upper and lower back to be supported, Steelcase says.
The Personal Work Surface is angled, which allows for the positioning of the computer or other technology to be at eye-level, thereby reducing neck and shoulder strain. The built-in arm support helps to relieve pressure from the shoulders. The furniture is part of the company’s Intelligent Office concept of embedded technology. bit.ly/1X5WUVN
A wood table selling for $100,000 may seem pricey until you consider it is made from the oldest workable wood in the world – 50,000-year-old kauri. Bob Teisberg, owner of the sole U.S. ancient kauri distributor, Ancientwood, La Pointe, WI, says the 42-inch by 94-inch Kahiko (Ancient One) table is one of a kind.
The tabletop was constructed with two book-matched pieces of ancient kauri, with the natural edges facing the center. The base consists of engineered wood and carbon fiber. To enhance the 3D shimmer inherent in the wood it was polished using 1,000 to 1,200 grit before the finish was applied. bit.ly/1OebbNZ
Fantastic and functional are just two of the words that come to mind when viewing the furniture “sculptures” of New York artist and designer Sebastian Errazuriz. His kinetic Wave Cabinet is no exception. Available in Baltic birch wood and white laminate, the cabinet is composed of a multitude of slats, each of which pull the one adjacent to it, for a variety of configurations.
See the Wave Cabinet in action plus a slideshow with more photos at bit.ly/1LkBSvL. Also go to MeetSebastian.com and Facebook.com/sebastian.errazuriz. Follow on Instagram @sebastianstudio, Twitter @holysebastian.
New-construction starts in October advanced 13 percent, according to Dodge Data & Analytics. The increase follows the lackluster performance for construction starts during August and September, when activity fell to the lowest levels reported so far in 2015.
Harry “Skip” Hem, past president and longtime volunteer of Association of Woodworking & Furnishings Suppliers, died Nov. 13 after a long and courageous battle with cancer, according to the trade group. Hem was 71.
The Wood Machinery Manufacturers of America (WMMA) has announced the winner of its Ralph B. Baldwin Award, the association's highest honor. The award was presented to John Schultz, past president of the Association. Announcement of the award was made at the Woodworking Industry Conference (WIC), which took place at the Grand Hyatt San Antonio in San Antonio, Texas. Full information is available here.
Hear what current WMMA members are saying about the valuable benefits and the many rewards of WMMA membership.
A revision of the ANSI standard O1.1-1, entitled 01.1-1 (2015) Safety Requirements for Fixed Angle Jump Saws, has been published is available for purchase through the ANSI e-standard store. WMMA Members are entitled to receive one complimentary copy of the standard per company upon request. Click here if you are interested in receiving a copy of the standard.
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September 23, 2015
WMMA Wraps Up Successful Legislative Fly-In
May 5, 2015
WMMA Offers Industry Resources at LIGNA
April 27, 2015
WMMA Announces New Board of Directors
April 23, 2015
WMMA Past President, John Schultz, Wins Baldwin Award
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