Furniture/Furnishings Weekly
After a quiet week in the sector, three earnings reports will get the attention of investors in the furniture/furnishings space this week. Culp Inc. will report its 3QFY24 results after the close on Wednesday, March 6 and host an investor call at 11:00 am on Thursday, March 7. We expect EPS of a loss of $0.22 on revenue of $60 million. Consensus is EPS of a loss of $0.19 on revenue of $59.5 million. The health of the mattress market will be a focus of the earnings report. Culp lowered its guidance for the second half of 2024 in January, citing slower-than-expected recovery of the mattress segment. In mid-February, mattress component supplier Leggett & Platt cited a “deep recession” in the mattress market. Manufacturer/retailer Tempur Sealy noted “double-digit declines” in unit volume, but some recent stabilization. The Culp report will provide further color on the health of that market. Power tool and other electrical equipment manufacturer Techtronic Industries will report its FY23 results on March 6. Analysts expect the Hong Kong-domiciled company to post full-year EPS of $2.65 on revenue of $13.5 billion. Furniture retailer Arhaus will release it 3QFY24 results early on Thursday, March 7. Analyst consensus is EPS of $0.16 on revenue of $335 million. On a macro level, we saw modest improvement in data from new home sales and a significant jump in seasonally adjusted personal income in January. Preliminary data shows incomes rose 1% in January, the largest one-month improvement since July 2021. New home sales moved higher to 661,000 units, seasonally adjusted, from 651,000 the prior month.
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