Furniture/Furnishings Weekly
In a week when the broad market indexes retreated by ~3%, the positive earnings report from Steelcase, Inc. (SCS) provided a boost for all the Commercial/Contract Furniture issues. SCS results supported a view that demand in the office furniture sector had troughed. CFO Dave Sylvester noted that the weekly pace of orders in its Americas segment was steady through its fiscal 2Q and into 3Q and that the Y/Y order comparison for the first few weeks of September was up by ~18%. For details, see our update note from September 22. MillerKnoll (MLKN) will report its 1QFY24 earnings after market close on Tuesday and host its earnings conference call at 5:00 pm ET. Our published estimate is consolidated revenue of $889 million and non-GAAP (adjusted) EPS of $0.20. Consensus is EPS of $0.21 on revenue of $896 million. Management guidance is for revenue of $880-920 million and adjusted EPS of $0.18-0.24. On September 13, 8.5% holder Stadium Capital (in a public letter) urged “boardroom change” at Sleep Number (SNBR) to address its “abysmal” shareholder returns. Stadium criticized questionable compensation and capital allocation strategies and “out of control” costs. The company and the lead director have engaged Stadium in discussions. SNBR moved higher when the letter became public. It has since retreated. Purple Innovation (PRPL) appointed Todd Vogensen as its new CFO. He succeeds interim CFO Bennett Nussbaum, who served since August 2021. Vogensen comes to PRPL from Party City, where he was EVP-CFO. PRPL is a sleep technology company. As a reminder, we invite feedback on our Furniture/Furnishings Weekly. We expect it to evolve in the coming months and years and your feedback is welcome.
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