Furniture/Furnishings Weekly
Steelcase delivered a solid fourth quarter and provided guidance consistent with our pre-release outlook. Orders and pre-order customer activity remains positive. The results confirm that the post-pandemic slump in office furniture is ending, if not over. Corporate customers are more active, particularly in the US. Next up is MillerKnoll, which reports Thursday after the close with a conference call the same evening. MillerKnoll, which includes a retail furniture segment, should give us a read on both institutional and consumer demand for furniture. Residential furniture and home goods had a bit of upbeat news, reflected in the stock price performance (up 1.7% and 7.1%, respectively). It came in the existing homes sales report. Seasonally adjusted home resales rose 9.3% in February over January to 4.38 million. It was the first time in more than two years that existing home sales improved for two consecutive months and the first reading over 4 million in six months. Economic soothsayers had been expecting a 1.3% decline. Sales of homes over $1 million rose 37%. More homes for sale and lower mortgage rates got credit for the improvement. Recall that 2023 was the weakest year for home resales in 30+ years. Historically, home resales correlated highly with furniture sales. The new homeowner often wants to redecorate, and the seller typically moves to a new home, with money after mortgage repayment to buy new furniture. Williams-Sonoma reports strong quarterly results. WSM beat on both the top and bottom line, reporting sales of $2.28 billion versus $2.22 billion expected, and EPS of $5.44 versus $5.12 expected. The Williams-Sonoma kitchen brand reported rising sales, but both major furniture brands were lower. Comparable West Elm sales fell 15% Y/Y, while Pottery Barn fell ~10%. The report boosted WSM stock, up 9.8% last week and up 55% YTD.
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