Mississippi’s largest furniture retailer adds seven stores
A Saltillo-based furniture company we wrote about last week is getting bigger.
The Dufresne-Spencer Group, which got its start as the Spencer Group in Saltillo in 2002, just completed a deal this week to buy seven Ashley Furniture HomeStores from Phllips Furniture in St. Louis for an undisclosed sum.
DGS is No. 59 on the list of the top 100 furniture retailers (in terms of sales) in the country according to industry trade publication Furniture Today. Phillips was No. 89 on the Top 100 list this year. DSG will add 350 employees with the acquisition, increasing the total workforce to about 1,100.
Headed by Jim Spencer, the Spencer Group made Furniture Today’s Top 100 list in 2009 at No. 88, with 2008 sales of $61.1 million. A year later, it moved up to No. 74.
This year, the company reached its rank based on sales of $98 million for 2012.
The Spencer Group entered a partnership with Canada-based Dufresne last year, which has paid dividends. DSG has more than doubled the number of stores it had from just four years ago. It now owns 34 furniture stores – including 20 Ashley-branded stores – in Arkansas, Alabama, Kentucky, Mississippi,Missouri, Tennessee and Texas. Several weeks ago, it acquired seven stores in Kentucky and Indiana.
For 2013, DSG expects sales of about $125 million, which will move it up the Top 100 list even faster, likely putting it in the top 50. Jim Spencer said DSG should hit $250 million in sales next year. That would put it in the top 25.