Heavy hitters in home teed up to report Q1 results this week

NEW YORK – Five major home textiles retailers will lay out their plans for the next three quarters during their quarterly review calls with investors over the next few days.

Collectively, the group accounts for more than $11 billion in annual home textiles sales. Here’s a quick review of what where things stood when we last heard from them after they closed the books on 2023.

Macy’s, reports May 21

Expect to hear more about Macy’s “Bold New Chapter” strategy, which the retailer announced in February after reporting its Q4 results.

At the time, Macy’s described 2024 as “a transitional year” and issued guidance for a fiscal year sales decline of 9% to 10%. How much of that is going to land in the first half?

What execs probably won’t delve into during the quarterly review call is the ongoing effort by activist investors take Macy’s Inc. private.

Target, reports May 22

Target exited Q4 with strong profit growth but weak top-line results.

Although the company saw a significant improvement in discretionary sales as 2023 rolled to a close, execs said Target would plan cautiously for apparel and home this year. Has anything happened during Q1 to change that trajectory?

Target is slashing prices on 5,000 frequently purchased items to address inflation concerns, it announced this morning. That would seem to suggest that basket sizes and/or traffic have been slack. What will the comp numbers show?

In early March, the company said it expected a modest increase for this fiscal year in comparable sales (ranging from flat to up 2.0%). Will that guidance hold?

TJX Cos., reports May 22

The company kicked off the new fiscal year with bold assertions about home, saying consolidated home sales at TJX Cos. are expected to grow to one-third of total sales this year – or north of $18 billion.

HomeGoods returned to a positive comp last year and annual sales grew to nearly $9 billion. How did it hold up in Q1?

In late February, TJX Cos. predicted that a comp sales increase of 2% to 3% for the full fiscal year. Will it bump up that number?

Williams-Sonoma, reports May 22

Williams-Sonoma Inc. outperformed in 2023 with a focus on full-price selling, supply chain efficiencies and customer service, despite the impacts of the slow housing market on its high-margin furniture business.

Still, the company hedged its bets on guidance for the current fiscal year. It forecast annual net revenue growth in the range of -3% to +3%, with comps in the range of -4.5% to +1.5%. Has anything changed?

See also: Home Sense, Costco & TJMaxx lead volume retailers in Q1 traffic gains

The post Heavy hitters in home teed up to report Q1 results this week appeared first on Furniture Today.