Consumer spending on furniture totaled $109.7 billion in the first quarter of 2017, according to data from the Bureau of Labor Statistics.
Rent-to-own major Aaron’s Inc. (NYSE: AAN) said third-quarter revenues rose 9% to $838.9 million, but earnings fell 14% due to store closings and other disruptions in states hit by Hurricanes Harvey and Irma.
Leggett & Platt (NYSE: LEG) said third-quarter sales rose 6.4%, but the increase was more than offset by rising steel costs, which sent profits down 11.7% to $82.6 million or 60 cents per share.
Furniture retailers are a fairly optimistic group, with 58% of them expecting an increase in furniture sales in 2018, according to a recent poll taken by financial services firm TD Bank.
Store closings and production disruptions due to Hurricanes Harvey and Irma hurt the top and bottom lines at Ethan Allen (NYSE: ETH) in the quarter ended Sept. 30, as the vertically integrated company’s profits tumbled more than 35% to $7.42 million or 27 cents per share.
Retailer Conn’s Inc. (NASDAQ: CONN), which is based in the Houston suburb of The Woodlands, Texas, and has numerous stores in the state, said same-store sales for the quarter ending Oct. 31 are likely to be down 5% to 9% due to the impact of Hurricane Harvey.
Household insurance has emerged as the fastest-growing housing expense since the Great Recession ended in 2009, according to data from the Bureau of Labor Statistics.