W.S. Badcock Corporation Celebrates Growth, Expansion At 2003 Dealer Meeting

Furniture World Magazine

W.S. Badcock Corporation, one of the nation’s largest home furniture retailers,announced a seven percent net sales increase among its Badcock &more stores, a new store concept that was rolled out in 2000. The newest storesto convert to the Badcock &more concept saw an 18 percent increase within their first 12 months. Overall, the Company saw a combined three percent sales increase among all of Badcock's 330 stores. The company also welcomed ten new dealers who are opening one or more Badcock&more stores throughout the Southeast, and announced the goal of having a total of 500 retail stores in the next six to seven years. Operational details were presented by Badcock President, Don Marks, during the company’s annual Dealer Meeting. The gathering in Myrtle Beach drew approximately 1,000 participants, including Badcock corporate employees, family members, dealers and vendors. "This was a very exciting meeting," said Marks. "We have had some significant changes occur in the past several years, particularly the design and implementation of the Badcock &more store concept. This meeting gives us an opportunity to reflect on these changes and the successes of the past year. It also gives us momentum to gear up for the growth and success still to come." As Marks and the Badcock executive management team reflected on the past year, they also talked about their goals for 2004, which marks their 100th year in business, including: • Internally, Badcock implemented a new automated credit scoring system that will streamline the process in which dealers approve customers for Badcock's in-store financing option. They also developed a new system called ARMS (Accounts Receivables Management System) that helps dealers manage their account receivables by automating their collection activities. • Continued Southeast expansion efforts will be bolstered by the construction of a new regional distribution center, the location of which will be announced later this year. This distribution center will service targeted expansion markets, including the new areas of Virginia, West Virginia, Kentucky and Eastern portions of North Carolina. • Badcock “sleep shops” are currently being installed in 30 stores, with plans for approximately 20 more this year, and a target for 50 more next year. The sleep shop is a 620 square foot mattress showroom within the store featuring Badcock's own mattress line, as well as Serta mattresses. • Badcock plans to convert 50 more stores to their Badcock &more concept by the end of 2004. Badcock &more features an expanded product line, new store logos and a new floor display. To-date, 128 stores have converted. About W.S. Badcock Corporation Badcock has 330 locations throughout the southeast and is headquartered in Mulberry, Florida, where the company was established in 1904. More than 270 of Badcock’s stores are dealer owned and operated. Dealerships are similar to franchises in that they are individually owned and operated, but require less capital (dealers do not pay franchise fees or monthly royalties) and allow for quicker start-up than a traditional franchise. Badcock provides all stores with total inventory at no cost to the dealer and all account financing through the parent company. For inquiries about the company or for dealer opportunities, please go to www.badcock.com or call 1-800-BADCOCK.