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.
Upholstery and case goods resource Flexsteel Inds. (NASDAQ: FLXS) said sales rose 6.9% to $119.8 million in the quarter ended Sept. 30, while a one-time gain on the sale of a facility resulted in a 30% jump in profits.
Mattress producer and retailer Select Comfort (NASDAQ: SCSS) said third-quarter sales jumped 9.4% to $402.6 million, but net income slipped about 1% due largely to the impact of hurricanes Harvey and Irma.
Consumer spending on housing and home furnishings made up 21.6% of total consumer spending in the first quarter of 2017 – one percent below the total in 2009, according to data from the Bureau of Labor Statistics.
Despite the increasing burden of healthcare, Americans have steadily increased their share of spending on durable goods, which include home furnishings, since 2009, according to data from the Bureau of Labor Statistics.
Furniture factory orders in July jumped 11% over July 2016, marking the sixth consecutive month of increased orders and the 11th positive month out of the past 12, according to the latest monthly survey from the accounting and consulting firm Smith Leonard.