Furniture/Furnishings Weekly
Earnings from Culp, Arhaus, and Techtronic Industries led the sector news last week. Culp reported $60.4 million in revenue and a $1.74 million loss on the operating line. The revenue number was in line with our expectations and up 15% Y/Y. The operating income figure, which we view as the relevant number for Culp, improved versus a $7.7 million loss a year ago, and was better than our estimate of $2.2 million in the red. Techtronic Industries, a Hong Kong-domiciled cordless tool maker, reported full-year results that were slightly above expectations. Revenue (in US dollars) came in at $13.73 billion, ahead of the $13.49 billion that was expected. EBIT was $1.14 billion versus the $1.13 billion that was expected. Revenue rose 3.6% versus 2022, while EBIT fell 5.5%. Techtronic makes brands such as Milwaukee, Ryobi, Hoover, Dirt Devil, and Oreck. Arhaus, an omni-channel furniture retailer, generated 4Q results that were above expectations, but lower versus the same period a year ago. Revenue was $344 million versus the $335 million that was expected and $356 million a year ago. EPS was $0.22 versus the $0.16 that was expected and $0.34 last year. Guidance for the year was in line with existing estimates, but lower for 1Q. The company expects $260-270 million in revenue and $11-15 million in adjusted EBITDA for the first quarter. Analysts were expecting $292 million in sales and $33 million in EBITDA. Canadian mattress retailer Sleep Country reported EPS of C$0.56 versus the C$0.53 that was expected and C$0.67 a year ago. Sales of C$255 million were better than expected and up versus last year. The macroeconomic data provided little new information last week. We note that the Kastle Return to Office Index ticked higher and has now been above 50% for six consecutive weeks, the longest period at that level or above since the pandemic began in 2020.
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