Shermag Profit Sinks And Other News Briefs On The Net

Furniture World Magazine

Shermag Profit Declines: According to CBC News Online (Canadian Press http://www.cbc.ca/cp/business/041111/b111110.html) the furniture manufacturers Shermag, Inc, reported second -quarter profit dropped to $883,000 from $4.5 million last year. They report that Shermag blames a 5 month strike at their Disraeli plant and the need to import furniture from China and elsewhere for the decline. Chinese Official Condemns Ruling Bedroom Duty Ruling: China View (http://news.xinhuanet.com/english/2004-11/11/content_2207160.htm) reports that, "An official with Chinese Ministry of Commerce (MOC) said here Thursday that US anti-dumping ruling against Chinese furniture producers was "unfair," and breached agreements of the World Trade Organization (WTO). The official said that the furniture industry in China is a typical competitive industry. He stressed that Chinese companies' prices are decided by the market." IKEA Store Opening Traffic Forces Closure Due to Freeway Backup: An Arizona Republic article (http://www.azcentral.com/community/ahwatukee/articles/1111Ikea-Traffic-ON.html) noted that "The eastbound Warner Road exit ramp off Interstate 10 has been temporarily closed because of traffic backups as thousands of Veterans Day shoppers check out Arizona's new Ikea furniture store." Leon's Reports Third Quarter Profit Rise on Increased Sales: Canada.com reported that, "Continued strong sales of furniture and appliances helped Leon's Furniture Inc. post solid increases in profits and revenues for the third quarter. "The Toronto-based furniture retailer reported Wednesday it earned $13.9 million or 75 cents a share for the three months ended Sept. 30. That compared with profits of $11.1 million or 57 cents a share for the same 2003 period." This End Up Opens New Store: News 14 Carolina reported that, "A second incarnation of This End Up, now based in Sanford, still gets 100 to 200 phone calls a day seeking the location of their nearest store. Kevin Kelly, the Silicon Valley turnaround specialist, bought the company's name, product designs, customer lists and financial records for $1 million in late 2000."