The furniture industry in the United States, especially the upholstery segment, has just begun its recovery from the Great Recession and has plenty of upside potential, a leading industry analyst said Thursday.
Fourth-quarter bedding sales totaled $3.3 billion, an increase of 3.4% from the same quarter in 2015, according to research by Impact Consulting Services, parent company of Home Furnishings Business.
Mattress producer Tempur Sealy International (NYSE: TPX), whose stock has been under pressure since it terminated supply contracts with its largest customer earlier this year, has amended a stockholder rights plan adopted in February to allow a "qualified offer" for the company to be exempt from triggering the plan's provisions.
Fourth-quarter furniture and bedding sales were 2.6% ahead of the previous year's fourth quarter, continuing a slow, steady growth track, according to the latest research from Impact Consulting Services, parent company of Home Furnishings Business.
Prices for durable goods, which include furniture, appliances and electronics, have declined steadily since 2012, according to data from the Bureau of Labor Statistics.
Despite strong existing home sales, housing starts grew at a very sluggish pace in the third quarter of last year, according to data from the U.S. Census Bureau.
A slight drop in existing home sales in the third quarter was more than offset by a 23.1% gain in sales if new single-family homes, according to data from the National Association of Realtors.