From Home Furnishing Business
Smith Leonard: Furniture Orders Down 8% in October
Keeping with the choppy conditions of 2019, new orders in October 2019 fell 8% over October 2018 and down 2% year-to-date, according to a report by the Smith Leonard accounting and consulting firm.
The firm’s monthly survey of residential furniture manufacturers and distributors showed new orders decreased for 70% of participants for the month. Year-to-date, new orders were down for 73% of participants.
The survey notes that the High Point Market was one week later than in 2018 with the October 2019 dates very near the end of the month so that may have some impact on timing of orders.
Shipments in October 2019 were 6% higher than October 2018 with 58% reporting increased shipments. Year to date, shipments remained even with last year. Backlogs were basically even with September as well as even with last October.
Receivables continue to be reasonable considering shipment levels. Inventories remained high, 11% higher than last year, down from 12% reported last month.