HIGH POINT — A round of first quarter earnings have been reported since the first of this month, and while some companies are still mired in the challenges that plagued the furniture industry through 2023, others are seeing their numbers moving in a better direction.

Retailers – brick-and-mortar & e-comm

• 1stdibs.com reports modest profit rise in Q1 2024 – Online marketplace for luxury design products 1stdibs.com reported financial results for the first quarter ending March 31, with revenues slightly down …
• Aaron’s takes a hit in Q1, although in line with guidance – Releasing its first quarter earnings report, The Aaron’s Co. posts a loss in revenues and earnings year-over-year for the period ended March 31.
• Arhaus off 2023 marks in Q1 but ahead of 2024 outlook – The Top 100 retailer reaffirmed its 2024 projections and anticipates opening nine to 11 stores over the course of the year.
• Beyond Inc. nudges Q1 revenue into positive territory – A big boost in transaction volume lifted Beyond Inc.’s first quarter revenue, although the gain was slight.
• Dividends up for Havertys even as Q1 sales slip – The Top 100 retailer’s gross profit margins were up in the three-month period, and it revealed plans to enter a new market.
• JCPenney’s sales slip and profit plunges – Home category sales still ring in above $1 billion. Co-owner Simon Property Group says there is “no pressure” to cut back store count.
• Leon’s sees plus signs and black ink in Q1 earnings report – In its first quarter earnings report, Leon’s Furniture Ltd. reported increases in system-wide sales, revenue, same-store sales and net income for the period ended March 31.
• Macy’s beats Q1 expectations, touts ‘Bold New Chapter’ progress – Just 90 days into its “Bold New Chapter” strategy, Macy’s is encouraged by sales at a group of pilot stores serving as laboratories for its new initiatives.
• Mattress Firm Q2 income takes deep dive on 4.6% sales slide – Mattress Firm’s most recent financial results show that the industry’s largest sleep retailer Mattress Firm isn’t immune to the mattress segment’s slowdown.
• Sleep Country Canada Q1 sales edge up 1.6% while income drops 22.9% – Canada’s largest sleep retailer Sleep Country Canada reported an increase in net sales and a slight dip in its income for the first quarter, a period that continued to see consumer volatility.
• Target CEO: ‘We are firmly on track’ – Target saw continuing improvement in discretionary business during the first quarter, especially in apparel.
• Home sweet home: Category outperforms at TJX during Q1 – Transactions drove comp increases at each of TJX Cos.’s divisions during the first quarter.
• Furniture sales surged on Walmart Marketplace in Q1 – Furniture seems to have found its footing at Walmart U.S., especially online, where the retailer generates more margin-rich business from higher income households than stores do.
• Customer count rises for Wayfair in Q1 while losses moderate – Wayfair ended its first quarter “on an upswing,” with active customers numbers up and revenue losses moderating to 1.6% vs. the same quarter in 2023.
• Profits leap ahead in Q1 for Williams Sonoma – The president and CEO says the company’s three priorities are returning to growth, elevating customer service and driving margin.

Suppliers & manufacturers

• Dorel Inds. revenues improve, moving losses in the right direction – Dorel sees improvements in both Home and Juvenile segments, with decreasing net losses year over year.
• GigaCloud revenues nearly double in Q1 2024 – In addition to record-high top line growth, the company’s Marketplace saw marked expansion.
• Katapult beats expectations with 18% Q1 revenue increase – The e-commerce-focused financial technology provider saw its revenue increase 18% year over year for the first quarter ended March 31.
• Leggett & Platt Q1 income plummets as sales drop – The industry supplier saw its first quarter net income slide, as sales in the bedding and home furnishings categories continue to struggle.
• Despite 12.5% Q1 sales increase, Purple still posts loss – Purple Innovation reported a net loss for the first quarter ended March 31, a 93.8% decline compared with a net loss in the same quarter last year.
• Tempur Sealy sees a 10.6% drop in Q1 income on lower sales – Tempur Sealy International’s net income dropped 10.6% to $76.3 million in the first quarter ended March 31, compared to net income of $85.3 million in the same quarter last year.
• Higher yield drives gains at XPO as it reports strong Q1 – Less than truckload giant XPO reported a strong first quarter, with sales rising to just over $2 billion.

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