Haverty Furniture Companies Inc. Q1 2010 Earnings Call Transcript
We have several ocean carriers available to use from all our major Asian ports which helps ensure that our merchandise will get on a ship when requested. This allows for different transit times from these major ports to even out the arrival of merchandise into our distribution centers.
Many of the factories in China did have fewer workers return from Chinese New Year than they expected and they experienced a tougher time getting ramped up back up for production.
These issues seem to have improved slightly with most of our suppliers now increasing production and shipping sooner than originally planned. We have had a few supply interruptions due to factory closures but for the most part we are in the larger and stronger facilities in Asia and have worked through most problems.
Our merchandising team is frequently in Asia working with these suppliers and several of our executive team will be visiting throughout the next few months. We are adjusting to the realities of relying on Asian production for the majority of our goods.We are adapting our ordering patterns by factory and group to the changing environment in Asia to minimize stock outs. By analyzing each factory's performance and individual criteria such as quantity minimums and lead times we can adapt our ordering patterns accordingly. We focus on leveraging the better performing shorter lead time merchandise which helps us be in stock and to better serve our customers.I wanted to review some of the merchandising trends from the recent market. There continues to be a shift to having more function in furniture. One example is built-in storage and wooden case goods. The storage is hidden in many places in the furniture pieces giving the customer as much spatial functionality as possible.Other examples of higher function are in the home office where features include tilt desks that gave the customer the option of setting customized comfort positions for working at home. And the most obvious example of function in furniture is the reclining motion built into upholstery. In many cases the product has been designed to hide its ability to recline.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV