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.
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.