Sales at Mattress Firm fell 16% to $638 million in the quarter ended Dec. 31, parent company Steinhoff International reported this week, saying the mattress retailer’s business was disrupted by a raft of operational changes and competition from online mattress players.
Last year ended on a disappointing note for many furniture manufacturers, as December factory orders fell 9% from December 2016, according to the monthly Furniture Insights survey from the Smith Leonard accounting and consulting firm.
Stronger-than-expected sales of mattress and upholstery fabrics led to a 12% sales increase at Culp Inc. (NYSE: CULP) in the quarter ended Jan. 28.
Stanley Furniture (NASDAQ: STLY) said it expects to report a larger-than-expected net loss of $7.5 million in the fourth quarter due to additional losses on the sale of obsolete inventory.
Directors of Atlanta-based Havertys (NYSE: HVT) have increased the quarterly cash dividend on the company’s common stock to 18 cents per share.
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.