Bassett Furniture Inds. (NASDAQ: BSET) said sales rose 3.9% to $118.2 million in the fiscal fourth quarter, but net income slipped 1.4% as the company began an aggressive expansion of its retail store network.
Furniture manufacturer and retailer Ethan Allen (NYSE: ETH) said it expects to report a 2% sales increase for the quarter ended Dec. 31, along with adjusted earnings per share of 51 cents to 52 cents.
Although sales of new and existing homes have shown steady growth since 2011, the figures still haven’t matched levels they achieved in 2007 – the year before the Great Recession – according to data from the U.S. Census Bureau and the National Association of Realtors.
Households in the top 20 percent of household income spend nearly 45 percent of disposable income on home furnishings and related equipment, according to data from the Bureau of Labor Statistics.
Atlanta-based Havertys (NYSE: HVT) said it had a disappointing fourth quarter, with net sales falling 2.6% and comparable-store sales down 3.5%.
Texas-based Rest Right Mattress has become the second online mattress retailer to begin accepting payments with Bitcoin, the popular cryptocurrency.
Steinhoff International, the troubled parent company of Mattress Firm and a number of other furniture retailers and manufacturers in Europe, Asia and Africa, said an investigation of its finances revealed the company will have to restate its financial statements from the 2015 and 2016 fiscal years.