Furniture/Furnishings Weekly
January 2024 retail sales in the furniture and furnishings stores looked ugly, down 9.8% versus January 2023. Sequentially, the data shows sales continue to scrape along the bottom. Furniture and furnishings retail sales rose ~1.8% versus December and were the highest since July. Readers can find a 10-year chart of the monthly furniture and furnishings retail sales figures on page 4. More broadly, January retail sales were lower, down 0.8% versus December, when the numbers surprised on the positive side. J.P. Morgan reported credit card delinquencies and charge-offs ticked higher in January. Delinquencies rose from 1% to 1.07%, while charge-offs rose from 1.69% to 1.72%. No need to panic, as the numbers are still below pre-pandemic levels. J.P. Morgan credit card receivables outstanding eased 5.3% from the end of December to the end of January. WTR is initiating coverage of Bassett Furniture Industries (BSET). A link to the Initiation of Coverage report is accessible in the full report. This week will be packed with earnings reports. HNI reports 4Q earnings before the open on February 22, with a conference call at 11:00 am ET. We are looking for adjusted EPS of $0.84. Haverty’s reports February 21 after the close, with a conference call on February 22 at 10:00 am ET. Wayfair reports before the open on February 22. Others include Floor and Décor Holdings, Thursday after the close; Progressive Holdings, Wednesday before the open; Upbound Group, Thursday before the open.
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