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I would not be so fast to write-off the furniture industry....I grew up with my family's furniture business so I am pretty confident I know the industry well. I appreciate and understand all of the comments about the inventory coming out of Asia, and the ability to sell it directly on Ebay, etc. This is a temporary dislocation and clearly has shaken the industry up. However I would not necessarily jump to the conclusion that the industry is in perm. secular decline. You need to show a lot more work on the ultimate cost of distributing furniture to the end customer - yes you can buy a container, but shipping when buying furniture on Ebay is awful. Ultimately you will most likely find that the distribution network for the furniture retailers will have to change (and it slowly is). There will always (and I repeat always) be a large customer base unwilling to purchase furniture online....and there will always (and I repeat always) be a decent size customer base that cares about the brand name. This is not as simple as Netflix displacing Blockbuster due to Netflix's distribution model.....much, much differnt item being sold. Also, this is not as simple as the newspaper industry which is clearly in decline. The best example I can find is the electronic contract manufacturing industry....they all got killed by Hon Hai, and it took them years to adjust, but they did....I must end by saying that I would not be holding a furniture company retail lease, however.
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...versus Adjusted LTM Reported Earnings of -$65mm........
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watchthedow... | (1 Rating) | 5-Nov-09 08:26 am | ||
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you don't know how to read the statements for this...
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bostonttrad... | Rate it | 5-Nov-09 08:31 am | ||
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You've got the chicken and the egg mixed up! ...
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longtimefol... | Rate it | 5-Nov-09 08:37 am | ||
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not what they are saying (I think) is th...
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johnbolo53 | Rate it | 5-Nov-09 09:18 am | ||
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I told you guys early this year to ...
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irmohf | Rate it | 5-Nov-09 09:26 am | ||
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BTW, I forgot to add that my n...
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irmohf | Rate it | 5-Nov-09 09:29 am | ||
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>>as the entire furniture indu...
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longtimefol... | (1 Rating) | 5-Nov-09 09:46 am | ||
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What happen longtime is t...
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irmohf | (1 Rating) | 5-Nov-09 10:08 am | ||
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Irmohf is right and ...
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buddy81385 | Rate it | 5-Nov-09 10:20 am | ||
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Re: LTM Adjusted Free Cash Flow is +$54...
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watchthedow... | (1 Rating) | 5-Nov-09 10:40 am | ||
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So you wouldn't buy ...
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longtimefol... | Rate it | 5-Nov-09 10:46 am | ||
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"It's almost li...
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irmohf | Rate it | 5-Nov-09 11:12 am | ||
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While I don't know how you could sa...
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longtimefol... | (1 Rating) | 5-Nov-09 09:44 am | ||
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LTM Revenue was down 27% to $1,342mm from $1,...
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watchthedow... | Rate it | 5-Nov-09 08:48 am |
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