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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.

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<ul><li>Progress on at least some trade deals (Vietnam) was seen as a positive in a holiday-shortened week of trading.</li><li>The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers &amp; Suppliers Index was up 2.1%, and the Home Goods Retailers Index gained 7.0% as the broader market indices were up 1.7% and the R2K was up 3.6%.</li><li>New home construction, on a per capita basis, in the US (and other anglophone countries) has effectively flatlined since the 1990s, leaving us with just as many dwelling units on a per capita basis as we had in the early 1990s, despite the fact that the total US population has increased by roughly 80 million (1).</li></ul>

Progress on at least some trade deals (Vietnam) was seen as a positive in a holiday-shortened week of trading.The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers &amp; Suppliers Index was up 2.1%, and the Home Goods Retailers Index gained 7.0% as the broader market indices were up 1.7% and the R2K was up 3.6%.New home construction, on a per capita basis, in the US (and other anglophone countries) has effectively flatlined since the 1990s, leaving us with just as many dwelling units on a per capita basis as we had in the early 1990s, despite the fact that the total US population has increased by roughly 80 million (1).

Furniture/Furnishings Weekly - July 7, 2025

<ul><li>The US enters the war with Iran, bombing multiple nuclear sites, while trade policy uncertainty continues.</li><li>The WTR Commercial/Contract Furniture Index gained 0.2% and the Home Goods Retailers Index was up 2.8%, while the Residential Manufacturers &amp; Suppliers Index fell 2.0%.</li><li>The broader indices were also mixed, with the S&amp;P 500 and DJ 30 down 0.2%, while the R2K gained 0.1%.</li></ul>

The US enters the war with Iran, bombing multiple nuclear sites, while trade policy uncertainty continues.The WTR Commercial/Contract Furniture Index gained 0.2% and the Home Goods Retailers Index was up 2.8%, while the Residential Manufacturers &amp; Suppliers Index fell 2.0%.The broader indices were also mixed, with the S&amp;P 500 and DJ 30 down 0.2%, while the R2K gained 0.1%.

Furniture/Furnishings Weekly Housing Booms and Busts...

<ul><li>Middle East conflict and tariff policy uncertainty weigh down the market.</li><li>The WTR Commercial/Contract Furniture Index declined 3.6%, the Residential Manufacturers &amp; Suppliers Index fell 3.4%, and the Home Goods Retailers Index was down 1.7%, as the broader market indices declined 0.5% and the R2K fell 2.1%.</li><li>Innovation sprints and ‘crisis’ response drive return-to- office policies (1), at least for one hedge fund who is demanding that staff commit to five days a week at the office in order to address recent performance shortcomings, with management arguing that “experience has shown that a period of highly focused, in-person collaboration allows significant research progress to be made in a relatively short amount of time.”</li></ul>

Middle East conflict and tariff policy uncertainty weigh down the market.The WTR Commercial/Contract Furniture Index declined 3.6%, the Residential Manufacturers &amp; Suppliers Index fell 3.4%, and the Home Goods Retailers Index was down 1.7%, as the broader market indices declined 0.5% and the R2K fell 2.1%.Innovation sprints and ‘crisis’ response drive return-to- office policies (1), at least for one hedge fund who is demanding that staff commit to five days a week at the office in order to address recent performance shortcomings, with management arguing that “experience has shown that a period of highly focused, in-person collaboration allows significant research progress to be made in a relatively short amount of time.”

Furniture/Furnishings Weekly 'Crisis Mode' Return-To-Office

<ul><li>Risk on as markets anticipate progress on trade deals.</li><li>The WTR Commercial/Contract Furniture Index gained 1.8%, the Residential Manufacturers &amp; Suppliers Index was up 3.1%, and the Home Goods Retailers Index increased 2.5%, while the large- cap indices gained 1.1% and the R2K was up 3.0%.</li><li>GenAI discussions on quarterly earnings calls are taking off as the technology (and adoption rates) continues to advance at a rapid clip (1), at least for the S&amp;P 500 (Figure 1).</li></ul>

Risk on as markets anticipate progress on trade deals.The WTR Commercial/Contract Furniture Index gained 1.8%, the Residential Manufacturers &amp; Suppliers Index was up 3.1%, and the Home Goods Retailers Index increased 2.5%, while the large- cap indices gained 1.1% and the R2K was up 3.0%.GenAI discussions on quarterly earnings calls are taking off as the technology (and adoption rates) continues to advance at a rapid clip (1), at least for the S&amp;P 500 (Figure 1).

Furniture/Furnishings Weekly - GenAI Adoption Rates

<ul><li>Trade policy volatility remains unabated, but this week the impact on the furniture and furnishings space was mixed.</li><li>The WTR Commercial/Contract Furniture Index rose 2.6% and the Home Goods Retailers Index was up 2.3%, while the Residential Manufacturers &amp; Suppliers Index declined 1.2%.</li><li>The large-cap indices gained 1.9%, while the R2K gained 1.4%.</li></ul>

Trade policy volatility remains unabated, but this week the impact on the furniture and furnishings space was mixed.The WTR Commercial/Contract Furniture Index rose 2.6% and the Home Goods Retailers Index was up 2.3%, while the Residential Manufacturers &amp; Suppliers Index declined 1.2%.The large-cap indices gained 1.9%, while the R2K gained 1.4%.

Furniture/Furnishings Weekly: Cognitive Automation and Structural Transformation in the Economy

United States

Sleep Number Corporation designs, manufactures, and markets a line of air bed mattresses. The Company provides a variety of beds, bedding, pillows, mattress pads and layers, sheets, duvets, bed skirts, bases, furniture, bed accessories, and kids blankets. Sleep Number serves customers in the United States.

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Select Comfort (SNBR US)

Furniture/Furnishings Weekly - July 7, 2025

The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers & Suppliers Index was up 2.1%, and the Home Goods Retailers...

Water Tower Research

Furniture/Furnishings Weekly Housing Booms and Busts...

The WTR Commercial/Contract Furniture Index gained 0.2% and the Home Goods Retailers Index was up 2.8%, while the Residential Manufacturers &...

Water Tower Research

Furniture/Furnishings Weekly 'Crisis Mode' Return-To-Office

The WTR Commercial/Contract Furniture Index declined 3.6%, the Residential Manufacturers & Suppliers Index fell 3.4%, and the Home Goods Retailers...

Water Tower Research

Furniture/Furnishings Weekly - GenAI Adoption Rates

The WTR Commercial/Contract Furniture Index gained 1.8%, the Residential Manufacturers & Suppliers Index was up 3.1%, and the Home Goods Retailers...

Water Tower Research

Furniture/Furnishings Weekly: Cognitive Automation and Structural Transformation in the Economy

The WTR Commercial/Contract Furniture Index rose 2.6% and the Home Goods Retailers Index was up 2.3%, while the Residential Manufacturers &...

Water Tower Research

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