Furniture/Furnishings Weekly
Flexsteel led the news in the furniture and furnishings industry last week with a positive preannouncement. The company said 2QFY24 EPS will be $0.57 versus preannouncement consensus of $0.27. Sales are expected to hit $100 million in the quarter, ahead of the preannouncement consensus of $96 million. Flexsteel’s preannouncement was issued before the WTR Furniture/Furnishings Virtual Conference, when the company’s CEO Jerry Dittmer and President Derek Schmidt will discuss business trends and their outlook. They will be speaking at 4:00 pm ET on Wednesday, January 17. Flexsteel will be one of eight companies in the furniture/furnishings space presenting at the conference, which will also include two keynote presentations. The registration link is available in our full report accessible below. 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 data is presented on page 5. The national income calculation for seasonally adjusted corporate profits ticked slightly higher. Corporate profits correlate with commercial/contract furniture demand.
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