Company moves up list from 93 to 82; posts one of the highest sales gains in the country

Norton, MA, June 25, 2002 — Bernie & Phyl’s Furniture, one of the fastest growing furniture retailers in the country with stores in Cambridge, Everett, Saugus, Westboro, and Weymouth, MA and Nashua, NH, has made the list of Top 100 U.S. Furniture Stores for the third year in a row.  The exclusive list is compiled by Furniture/Today, the industry’s leading trade publication.  Bernie & Phyl’s Furniture has moved up the list to number 82 with $67.7 million in sales for the year 2001, representing a 25.2 percent increase in sales over the previous year.  Bernie & Phyl’s Furniture was number 93 on the list last year with $54.1 million in sales.

Bernie & Phyl’s Furniture also made Furniture/Today’s Top 10 lists in the important “sales per square foot” category and “average stock turns” category.  The retailer was number eight in the category of sales per square foot and number six in the average stock turns category.  The company was also recognized for its “impressive sales gains” of 25.2 percent, which was the fifth highest in the country.

The retailer’s continued success and growth is even more impressive when compared to the rest of the industry.  Overall sales for the nation’s Top 100 furniture stores grew a mere 1.9 percent, the smallest gain since Furniture/Today began tracking the category 11 years ago.  Sales for all furniture stores decreased 0.3 percent in 2001.

“This has been a great year for our company.  We are thrilled to be included in these prestigious Top 100 and Top 10 lists, especially after just being named Retailer of the Year by the National Home Furnishings Association,” said Bernie Rubin, president and co-founder of Bernie & Phyl’s Furniture.  “We are serious about serving our customers at the highest level and continuing to grow our company, and this recognition tells us we are on the right track.”

Started by the Rubin family in 1983, Bernie & Phyl’s Furniture has grown from a small storefront into the largest independent furniture retailer in Massachusetts with six stores (including two 50,000 square foot superstores in Saugus and Westboro) and over 250 employees.  With a focus on quality furniture at great prices, the family-run business has created a highly successful niche in a very competitive marketplace.  Earlier this year, Bernie & Phyl’s Furniture was named “2002 Retailer of the Year” by the National Home Furnishings Association, the highest honor in the retail home furnishings industry.

Bernie & Phyl’s Furniture is already looking ahead to future growth.  The company broke ground in April 2002 on its new 86,000 s/f superstore in Nashua, NH.  The company has also launched a major expansion of its distribution center in Norton, which will add 47,000 s/f of space to the existing facility.  The new space will provide the infrastructure for the company to nearly double its sales capacity.  In addition, Bernie & Phyl’s is actively searching for another “superstore” location in Massachusetts to continue its fast-track growth.