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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>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

<ul><li>After a quiet week in the sector, three earnings reports will get the attention of investors in the furniture/furnishings space this week.</li><li>Culp Inc. will report its 3QFY24 results after the close on Wednesday, March 6 and host an investor call at 11:00 am on Thursday, March 7.</li><li>We expect EPS of a loss of $0.22 on revenue of $60 million. Consensus is EPS of a loss of $0.19 on revenue of $59.5 million.</li></ul>

After a quiet week in the sector, three earnings reports will get the attention of investors in the furniture/furnishings space this week.Culp Inc. will report its 3QFY24 results after the close on Wednesday, March 6 and host an investor call at 11:00 am on Thursday, March 7.We expect EPS of a loss of $0.22 on revenue of $60 million. Consensus is EPS of a loss of $0.19 on revenue of $59.5 million.

Furniture/Furnishings Weekly - Focus on Three Earnings Reports This Week

<ul><li>January 2024 retail sales in the furniture and furnishings stores looked ugly, down 9.8% versus January 2023.</li><li>Sequentially, the data shows sales continue to scrape along the bottom.</li><li>Furniture and furnishings retail sales rose ~1.8% versus December and were the highest since July. </li></ul>

January 2024 retail sales in the furniture and furnishings stores looked ugly, down 9.8% versus January 2023.Sequentially, the data shows sales continue to scrape along the bottom.Furniture and furnishings retail sales rose ~1.8% versus December and were the highest since July. 

Furniture/Furnishings Weekly - Furniture/Furnishings Retail Scraping Along the Bottom

<ul><li>Mattress sales and companies tied to the mattress supply chain showed weakness in sales results reported last week.</li><li>After market close on Thursday, supplier Leggett &amp; Platt (LEG) reported 4QFY23 adjusted EPS of $0.26.</li><li>On January 16, management disclosed a massive restructuring plan, causing analysts’ estimates to change before the “print”. </li></ul>

Mattress sales and companies tied to the mattress supply chain showed weakness in sales results reported last week.After market close on Thursday, supplier Leggett &amp; Platt (LEG) reported 4QFY23 adjusted EPS of $0.26.On January 16, management disclosed a massive restructuring plan, causing analysts’ estimates to change before the “print”. 

Furniture/Furnishings Weekly - Earnings from LEG, FLXS, and TPX

<ul><li>In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for consumers.</li><li>Monthly jobs data trounced expectations. The Bureau of Labor Statistics reported 353,000 net new jobs in January, double the expected 176,500.</li><li>The January statistics follow a strong December of 333,000. </li></ul>

In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for consumers.Monthly jobs data trounced expectations. The Bureau of Labor Statistics reported 353,000 net new jobs in January, double the expected 176,500.The January statistics follow a strong December of 333,000. 

Furniture/Furnishings Weekly - Jobs Data Encouraging for Consumer; Kudos to Steelcase

United States

La-Z-Boy Incorporated manufactures residential and office upholstered furniture. The Company's product lines include motion, stationary and modular seating, desks, cabinets, conference tables, dining room and bedroom furniture, and book cases.  La-Z-Boy markets its products through department and furniture stores, mass merchandisers, and La-Z-Boy showcase galleries.

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La-Z-Boy Inc (LZB US)

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

Furniture/Furnishings Weekly - Focus on Three Earnings Reports This Week

After a quiet week in the sector, three earnings reports will get the attention of investors in the furniture/furnishings space this week.

Water Tower Research

Furniture/Furnishings Weekly - Furniture/Furnishings Retail Scraping Along the Bottom

January 2024 retail sales in the furniture and furnishings stores looked ugly, down 9.8% versus January 2023. Sequentially, the data shows sales...

Water Tower Research

Furniture/Furnishings Weekly - Earnings from LEG, FLXS, and TPX

After market close on Thursday, supplier Leggett & Platt (LEG) reported 4QFY23 adjusted EPS of $0.26. On January 16, management disclosed a massive...

Water Tower Research

Furniture/Furnishings Weekly - Jobs Data Encouraging for Consumer; Kudos to Steelcase

In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for...

Water Tower Research

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