The latest figures are in, and the home furnishings retail sector in the US is still struggling. Following another quarter of disappointing results from national chains, it's evident that the return to prosperity is still out of reach, at least for another financial period.
Major companies such as Arhaus, Ethan Allen, Bed Bath & Beyond (previously Overstock), Floor & Decor, and the online giant Wayfair all reported disheartening earnings since the beginning of August.
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The reasons behind these declines, according to Business of Home, are familiar to everyone in the industry: demand remains sluggish following the pandemic-driven surge of a few years ago; the stagnant housing market means fewer people are furnishing new homes; and inflation has made consumers cautious to spend.
To give examples, Online giant, Wayfair, reported one of the smaller revenue declines for the quarter, down 1.7%, and reduced its loss by 8.7% compared to last year. And Bed Bath & Beyond reported a 5.7% decline in sales compared to a year ago.
Source: www.businessofhome.com