Furniture/Furnishings Weekly
During the past two weeks, key big-box retailers reported the quarter ended in October, providing near real-time views into the state of the consumer and retailing. Top-line results were mixed. Our Read: Consumer spending continues to retreat from the pandemic bubble, with consumers moving down market to low-price and bargain retailers. With notable exceptions, retailers noted lower Y/Y sales, but strong margins. Discount juggernaut Walmart reported positive results on the top and bottom line. US comparable store sales came in at +4.9%, ex-fuel, ahead of expectations of +3.6%. E-commerce grew an impressive 24%. Global comps were likewise positive and ahead of consensus. Adjusted EPS was $1.53, a penny ahead of consensus and up from $1.50. Home Depot delivered comp sales above expectations, but down 3.1%. Also, at $3.81, EPS beat expectations but was lower versus $4.84 last year. Lowe’s reported a sharply negative 7.4% comp, missing expectations on sales, but beating on adjusted EPS of $3.06 versus consensus of $3.01 and lower versus $3.27 a year ago. Target reported -4.9% comps but beat consensus adjusted EPS soundly at $2.10 versus $1.47. Macy’s beat expectations but was down versus the prior year. Macy’s better-than-expected revenue generated adjusted EPS of $0.21. Costco posted top-line growth. Given its fiscal calendar, Costco has not reported a full quarter since September (August quarter) but monthly US comps were positive for September (+3.2%) and October (+1.1%). In key macro data, existing home sales trended lower to a SAAR of 3.79 million, the lowest sales pace in 13 years.
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