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.
Buoyed by the success of its new smart bed, mattress manufacturer and retailer Sleep Number (NASDAQ: SNBR) reported double-digit sales and earnings increases in the fourth quarter.
Paced by its Progressive Leasing subsidiary, rent-to-own major Aaron’s Inc. (NYSE: AAN) reported double-digit increases in revenues and profits in the fourth quarter.
Home Furnishings Resource Group, a supplier of furniture used in college dormitories, has agreed to pay $500,000 to settle claims that it made false statements on customs documents to avoid paying anti-dumping duties on bedroom furniture imported from China.
Mattress industry sales totaled $3.69 billion in the fourth quarter, a 5.3 percent jump over the same quarter in 2016, according to preliminary estimates from Impact Consulting Services’ proprietary industry model.