Furniture/Furnishings Weekly
Before looking at the stocks, a reminder that WTR’s first Furniture/Furnishings Virtual Conference is less than two weeks away. The registration link is accessible in the full report. WTR will host management teams from eight companies in the industry and feature two speakers. Companies presenting will include: HNI, MillerKnoll, and Steelcase from the commercial/contract furniture group; and Culp, Ethan Allen, Flexsteel, Havertys, and Hooker Furnishings from the residential manufacturers and retailers groups. A table on page 4 presents the 2023 price returns for the conference participants. Our featured speakers include Robert Maricich, CEO of ANDMORE (formerly International Market Centers) and Beck Besecker, CEO and Co-Founder of 3D Cloud™ by Marxent. Furniture & furnishings equity issues slumped in the final two weeks of 2023 and into the first week of 2024. The group had a positive year. The commercial/contract furniture stocks gained 46%, beating all major broad market indices. Steelcase led the sector with a ~91% gain for the year. MillerKnoll rebounded strongly in the second half and finished up 27%. HNI marched to a gain of ~47%. La-Z-Boy and Hooker Furniture paced the residential manufacturers, while Tempur-Sealy led the mattress makers and retailers. Home goods retailers rose 50% for the year, also ahead of the indices. Internet retailer Wayfair and Prog Holdings, a rent-to-own retailer, had a volatile year, but ended the year up more than 80%. Williams-Sonoma kept pace at +75%. A quick comment on recent economic data. Existing home sales, a key indicator for residential home furnishings, stabilized in November, albeit at a historically low level. Meanwhile, consumer confidence ticked higher. The latest Kastle Systems office occupancy data fell seasonally to 23.9% for Christmas week. A year ago, the Christmas week office occupancy was 21.4%.
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