Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Our Commercial/Contract Furniture Index was up 0.6% for the week, notably outperforming the three market indexes and the Mass Retailers Index (down between 1.4% and 3.2% for the week).</li><li>Our Residential Manufacturers <span style="font-size: var(--content-font-size);">&amp; Suppliers Index (down 3.5%) and Home Goods Retailers Index </span>(down 2.9%) were more in line with the broader market indexes.</li><li>Home goods retailer Beyond sold the Wamsutta brand/IP to Indo Count Global for $10.3 million as the firm focuses on integrating its purchase of Bed, Bath, and Beyond into its portfolio of online properties.</li></ul>

Our Commercial/Contract Furniture Index was up 0.6% for the week, notably outperforming the three market indexes and the Mass Retailers Index (down between 1.4% and 3.2% for the week).Our Residential Manufacturers &amp; Suppliers Index (down 3.5%) and Home Goods Retailers Index (down 2.9%) were more in line with the broader market indexes.Home goods retailer Beyond sold the Wamsutta brand/IP to Indo Count Global for $10.3 million as the firm focuses on integrating its purchase of Bed, Bath, and Beyond into its portfolio of online properties.

Furniture/Furnishings Weekly - April 22, 2024

<ul><li>The Water Tower Research Office Index posted the best relative performance of the week, up 1.6%, compared with the other indexes, which fell between 1% and 2.8%.</li><li>Both the Residential Manufacturers (-4.4%) and Home Goods Retailers (-5.1%) had rough weeks on a relatively quiet news front.</li><li>Bassett reported its 1QFY24 results, missing our revenue and EPS estimates.</li></ul>

The Water Tower Research Office Index posted the best relative performance of the week, up 1.6%, compared with the other indexes, which fell between 1% and 2.8%.Both the Residential Manufacturers (-4.4%) and Home Goods Retailers (-5.1%) had rough weeks on a relatively quiet news front.Bassett reported its 1QFY24 results, missing our revenue and EPS estimates.

Furniture/Furnishings Weekly - Office Index Outperforms

<ul><li>Steelcase delivered a solid fourth quarter and provided guidance consistent with our pre-release outlook.</li><li>Orders and pre-order customer activity remains positive. The results confirm that the post-pandemic slump in office furniture is ending, if not over.</li><li>Corporate customers are more active, particularly in the US.</li></ul>

Steelcase delivered a solid fourth quarter and provided guidance consistent with our pre-release outlook.Orders and pre-order customer activity remains positive. The results confirm that the post-pandemic slump in office furniture is ending, if not over.Corporate customers are more active, particularly in the US.

Furniture/Furnishings Weekly - SCS Results In Line; Home Sales Surprise on the Upside

<ul>
<li>Office furniture will be in our spotlight for the next two weeks.</li>
<li>Steelcase reports 4QFY24 on Thursday, March 21 after the close and MillerKnoll reports its 3QFY24 on Wednesday, March 27 after the close.</li>
<li>Earlier this month, a Bloomberg News Service article highlighted competition in task seating, which is among the most profitable and important categories for industry players.</li>
</ul>


Office furniture will be in our spotlight for the next two weeks.
Steelcase reports 4QFY24 on Thursday, March 21 after the close and MillerKnoll reports its 3QFY24 on Wednesday, March 27 after the close.
Earlier this month, a Bloomberg News Service article highlighted competition in task seating, which is among the most profitable and important categories for industry players.


Furniture/Furnishings Weekly - Contract Furniture and Office Seating in the Spotlight

<ul><li>Earnings from Culp, Arhaus, and Techtronic Industries led the sector news last week.</li><li>Culp reported $60.4 million in revenue and a $1.74 million loss on the operating line.</li><li>The revenue number was in line with our expectations and up 15% Y/Y. </li></ul>

Earnings from Culp, Arhaus, and Techtronic Industries led the sector news last week.Culp reported $60.4 million in revenue and a $1.74 million loss on the operating line.The revenue number was in line with our expectations and up 15% Y/Y. 

Furniture/Furnishings Weekly - Earnings Beat Expectations, but Mostly Lower Than Last Year

United States

Culp, Inc. manufactures and markets upholstery fabrics and mattress tickings for use in furniture and bedding industries. The Company's fabrics are used in the production of residential and commercial furniture and bedding products, including sofas, recliners, chairs, loveseats, sectionals, sofa-beds, office seating, panel systems, and mattress sets.

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Culp Inc (CULP US)

Furniture/Furnishings Weekly - April 22, 2024

Our Commercial/Contract Furniture Index was up 0.6% for the week, notably outperforming the three market indexes and the Mass Retailers Index (down...

Water Tower Research

Furniture/Furnishings Weekly - Office Index Outperforms

The Water Tower Research Office Index posted the best relative performance of the week, up 1.6%, compared with the other indexes, which fell...

Water Tower Research

Furniture/Furnishings Weekly - SCS Results In Line; Home Sales Surprise on the Upside

Steelcase delivered a solid fourth quarter and provided guidance consistent with our pre-release outlook. Orders and pre-order customer activity...

Water Tower Research

Furniture/Furnishings Weekly - Contract Furniture and Office Seating in the Spotlight

Steelcase reports 4QFY24 on Thursday, March 21 after the close and MillerKnoll reports its 3QFY24 on Wednesday, March 27 after the close.

Water Tower Research

Furniture/Furnishings Weekly - Earnings Beat Expectations, but Mostly Lower Than Last Year

Earnings from Culp, Arhaus, and Techtronic Industries led the sector news last week. Culp reported $60.4 million in revenue and a $1.74 million...

Water Tower Research

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