Upholstery and case goods resource Flexsteel Inds. (NASDAQ: FLXS) said sales jumped 9.2% to $129.4 million in the quarter ended Dec. 31, while net income was up more than 15% due largely to the recently enacted Tax Cuts and Jobs Act.
Ethan Allen (NYSE: ETH) said sales edged up 2% in the quarter ended Dec. 31, but profits jumped 39% due largely to the corporate tax cut signed into law in late December.
Paced by a 22.5 percent increase in the West, existing home prices have jumped by double-digits in three of the four major regions of the country since 2014, according to data from the U.S. Census Bureau and the National Association of Realtors.
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.