Despite their waning influence as they age out of their prime spending years, Baby Boomers still control the greatest portion of consumer spending on furniture and bedding, according to the Bureau of Labor Statistics.
E-commerce powerhouse Wayfair (NYSE: W) said fourth-quarter revenues shot up 46.2% to $1.44 billion, but its net loss grew by more than 65% due largely to increased advertising costs and greater selling and operating expenses.
Still feeling the effects of the termination of its contract with Mattress Firm last year, mattress producer Tempur Sealy International (NYSE: TPX) reported a 15.9% decline in fourth-quarter sales and a 6% dip in profits.
Atlanta-based Havertys (NYSE: HVT) reported lower fourth-quarter sales and earnings, as sluggish store traffic hampered the top line and recent changes in federal tax laws hurt the bottom line.
La-Z-Boy (NYSE: LZB) said sales rose 6.1% to $413.6 million in the quarter ended Jan. 27, but earnings were nearly sliced in half by one-time charges stemming from recently-enacted changes in federal tax law.
A $77.5 million gain from the recently-enacted tax law helped struggling Rent-A-Center (NASDAQ: RCII) show a fourth-quarter profit of $34.8 million or 65 cents per share.
Single-family housing starts – often a key predictor of home furnishings sales – are projected to increase by double-digits in 2018 and 2019, according to data from the U.S. Census Bureau and the National Association of Realtors.