From Home Furnishing Business
Smith Leonard: Furniture Orders Down 5% in November
Continuing the slowdown, new orders in November 2019 fell 5% from November 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 that in spite of being down 5% overall, only a little more than one-half the participants reported lower orders. Year-to-date, new orders were down for 68% of participants.
The survey also showed shipments in November 2019 were down 3% from November 2018, but just under one-half of the participants reported lower shipments. Year-to-date shipments were flat compared to a year ago. Backlogs were up 1% over November 2018, down from a 2% increase reported last month and a 6% increase reported in September.
Receivable levels overall appear to be in good shape, but inventory levels in November 2019 were still high at 7% above November 2018.