Furniture/Furnishings Weekly
MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader indices were roughly flat. MLKN reported adjusted EPS of $0.37 in 1QFY24, above consensus of $0.21 consensus, and upped guidance. Shares jumped 27% on Wednesday. All three major US firms in the sector advanced last week. See our September 26 note on MLKN for details. Bassett Furniture announced a 3QFY23 loss of $0.30 per share on $87 million (preannounced). The loss was not as bad as consensus, which was a loss of $0.59. The operating margin held up well in the Wholesale segment, despite sharp Y/Y revenue (-28%). The Retail segment fell into an operating loss on -26% Y/Y revenue. Bassett, along with others in the residential furniture sector, reported decent consumer response to the promotion and major Labor Day event. Consumer demand in the weeks between major promotions has been lackluster. Shares of Williams-Sonoma jumped 9% on September 25 after Green Equity Investors, an arm of investment firm Leonard Green & Partners, disclosed a 5% stake. The securities filing described the investment as a passive position. Economic indicators for the week were mixed. Consumer confidence was weaker than expected at 103 versus the 105 forecast. The expectations component of the index fell to 73. Numbers below 80 have been associated with a recession within the next 12 months. New home sales dipped in August. New homes had been a relatively strong datapoint in the housing market through July.
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