From Home Furnishing Business
Smith Leonard: Furniture Orders Up 30% in June
Surprisingly, new orders in June were up 30% from June 2019, but as expected, down 16% 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 increased for 73% of the participants for the month. Year-to-date, new orders were still down for 81% of the participants.
The survey also showed shipments in June 2020 were 7% lower than June 2019, while backlogs were up 21% over May as the dollar amount of orders exceeded the dollar amount of shipments.
Receivable levels were in line with year-to-date shipments. The month to month comparisons may be difficult for a while as there will likely be timing issues for a while until things settle down. Inventories were down 13% from June 2019 and down 5% from May 2020.