Our consumer hardline platform focuses on companies that supply manufacturers and individuals with products they use every day. Exacerbated by the global pandemic, these products – for home use and for office use – are bought in stores, sourced from dedicated dealers, and transacted for online. The distinctions between channel and sellers have now blurred more than ever before, a phenomenon that seems likely continue. Moreover, the methods for serving these diverse interests, as well as buyer expectations, have and continue to change. Successful companies are, and will be, those that that will continue to adapt and innovate to new conditions, opportunities, and unexpected events. Our work will attempt to explore those issues and initiatives.

Recent Sector Insights

CONSUMER
Mattress Imports November 2021: Units/$ Fall from Duty-Affected Countries; Imports from Other Countries Surge
· Industry Report · 10 Jan 2022

This note addresses the November 2021 mattress import data reported on the Department of Commerce, U.S. International Trade Commission dataweb site, https://dataweb.usitc.gov. We track that data for three specific Harmonized Tariff System ten-digit codes (HTS-10) that define adult mattresses. Det...

CONSUMER
Steelcase Inc. (NYSC: SCS)
3Q22 Sales and Earnings Miss; Incoming Orders +40% Y/Y; Backlog ~$800 million Forward Estimates Moderated
· Update Note · 03 Jan 2022

3Q22 Results: On December 16 2021 Steelcase reported consolidated 3Q22 revenues of $738.2 million thereby missing our $778.8 million estimate by $40.6 million, and the lower end-point of management’s $755-$785 million guidance. The miss versus our estimate was a drag to EPS of ~$0.01, by our math...

CONSUMER
Steelcase Inc. (NYSC: SCS)
3Q22 Earnings Update Sales Miss Due to Americas Shortfall Other Segments in Line Cost/Price/Supply Chain Pressures Persist Incoming Orders Up 40%, Exceeding Expectations Consolidated Ending Backlog $800 Million
· Update Note · 17 Dec 2021

After the market close Thursday, December 16, 2021, Steelcase reported its 3Q22 sales and earnings. It also issued its outlook for its 4Q22. Management will host its 3Q22 earnings conference call today, Friday, at 8:30 am eastern.

CONSUMER
Consumer Hardlines Industry News: October 2021 Mattress Imports -- Imports Fall from 8 Countries Subject to Antidumping; Mattress Imports from Other Countries Rise
· Industry Report · 10 Dec 2021

This note addresses the October 2021 mattress import data reported on the Department of Commerce, US International Trade Commission dataweb site, https://dataweb.usitc.gov. We track that data for three specific Harmonized Tariff System ten-digit codes (HTS-10) that we believe define adult mattres...

CONSUMER
Commercial/Contract Furniture Industry News: October Orders & Sales Compare Positively Y/Y
· Industry Report · 09 Dec 2021

The Business Institutional Furniture Manufacturers Association (BIFMA) posted its Monthly Market Pulse (MMP) of net incoming orders booked and sales for October 2021. This data is collected, aggregated, and reported by a national accounting firm. Neither BIFMA nor any of its members ever have acc...

CONSUMER
Culp, Inc. (NYSC: CULP)
Updating Estimates on Culp, Inc. after 2Q22 Report
· Update Note · 06 Dec 2021

With this note, we are updating and refreshing our forward estimates for Culp – following its 2Q22 earnings report, issued Wednesday, December 1st after the market close, and management’s conference call, conducted the next morning.

CONSUMER
Culp, Inc. (NYSC: CULP)
Culp Reports Challenging 2Q22 Results In Line With Early-November Pre-Release
· Update Note · 02 Dec 2021

Culp issued its 2Q22 earnings press release Wednesday, December 1, 2021, after the market close. Recall that about a month ago, management pre-released results, revising expectations for 2Q22. In its commentary at that time, Culp pointed to a significant shortfall in sales versus expectations (pr...

CONSUMER
Commercial/Contract Furniture Industry News: September Orders & Sales Compare Positively Y/Y
· Industry Report · 16 Nov 2021

In late October, Business Institutional Furniture Manufacturers Association (BIFMA) released its Monthly Market Pulse of net incoming orders booked and sales for the month of September. This data is collected, aggregated, and reported by a national accounting firm. Neither BIFMA nor any of its me...

CONSUMER
Consumer Hardlines Industry News: September 2021 Mattress Imports; Imports from Targeted AD countries Fall; Imports from some Other Geographies Rise
· Industry Report · 12 Nov 2021

This note addresses the September 2021 import data reported on the Department of Commerce, US International Trade Commission dataweb site, https://dataweb.usitc.gov. We track that data for three specific Harmonized Tariff System ten-digit codes (HTS-10) that we believe define adult mattresses. Ba...

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