Millennials are the most likely segment of the population to spend their tax refund money on a major purchase or “splurge” of smaller purchases, according to a survey conducted by GoBankingRates.com.
Except for a solid Memorial Day weekend, second-quarter business at Havertys (NYSE: HVT) has been soft, the retailer said in a sales update in preparation for meetings with institutional investors this week.
The majority of consumers who receive tax refunds use the extra money to pay off debt or put in savings, according to a recent study by GoBankingRates.com.
Online mattress retailer Casper said it has completed another round of funding, raising $170 million from several venture capital firms, entertainers and athletes.
Fabric supplier Culp Inc. (NYSE: CFI) said sales for its fiscal fourth quarter were essentially even with the same period last year, but a one-time tax benefit caused net income to spike more than 72%.
February remains the biggest month of “tax refund season,” with almost half the money paid out for the entire 2016 calendar year getting into consumers’ hands that month, according to new data from the Internal Revenue Service.
Hooker Furniture said net income shot up nearly 90% in the quarter ended April 30 due to improved profitability in its Hooker casegoods and upholstery segments.