Furniture factory orders posted a strong increase for the second consecutive month in November, rising 11% from the previous November, according to a monthly survey from the accounting and consulting firm Smith Leonard.
The price of new homes has risen steadily since the depths of the Great Recession in 2009, and less than half of homes sold for under $300,000 in the first half of 2017, according to data from the U.S. Census Bureau.
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.