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
HNI Corporation (NYSE: HNI)
Reviewing 2Q22 Results and Updating Estimates; Strong Sales and Improved Profits versus 2Q21; Softening Macroeconomy Catalyzes More Cautious Outlook
· Update Note · 01 Aug 2022

Highlights from 2Q22. HNI reported strong sales and improving profits as price increases began recapturing margin lost to inflation. 2Q22 adjusted EPS of $0.52 compared with $0.40 in 2Q21 and beat our $0.35 estimate. Consolidated 2Q22 revenues of $621.8 million beat our $615.1 million estimate an...

CONSUMER
MillerKnoll, Inc. (NASDAQ: MLKN)
Updating Estimates and Reflecting on the Outlook for MillerKnoll Business through FY23 as Firm Completes Integration of Herman Miller and Knoll
· Update Note · 27 Jul 2022

MillerKnoll reported 4Q22 and full-year results on June 29. Consolidated 4Q22 revenues were $1.1 billion, up 77% Y/Y, nearly meeting our estimate. The company posted non-GAAP diluted EPS of $0,58, $0.12 above our $0.46 estimate due primarily to the adjusted gross margin of 34.8%, 92 basis points ...

CONSUMER
Steelcase Inc. (NYSE: SCS)
Updating Earnings Estimates for 2QFY23 and FY23; Review of Strengths and Challenges Facing Steelcase in the Near and Intermediate Term
· Update Note · 27 Jul 2022

Steelcase reported results for its 1QFY23 quarter ending May 27 in June. Quarterly results were better than expected, ending a string of three consecutive quarters that were just in line or disappointing.

CONSUMER
Culp, Inc. (NYSE: CULP)
Updating Estimates after 4Q22 Report
· Update Note · 11 Jul 2022

With this note, we are updating and refreshing our forward estimates for Culp following its 4Q22 results and management conference call.

CONSUMER
Culp, Inc. (NYSE: CULP)
4Q22 Earnings Results; Modestly Better than the Pre-Release; Still Not Pretty; Dividend Suspension Weighs Heavily
· Update Note · 30 Jun 2022

After market close Wednesday, Culp reported a 4Q22 loss of $0.49 per share, roughly in line with consensus of a loss of $0.50 per share as reported by YCharts, and well below the prior year’s non-GAAP profit of $0.11 per share. Culp pre-released results in late April. The operating loss was less ...

CONSUMER
MillerKnoll, Inc. (NASDAQ: MLKN)
Initiating Coverage: Two Storied Companies Combine – An In-Depth Examination of Herman Miller and Knoll, Together as MillerKnoll
· Initiation Of Coverage Report · 27 Jun 2022

Herein, we introduce coverage of MillerKnoll, Inc. (MLKN), the resulting corporate entity (and stock ticker) after Herman Miller acquired Knoll, effective July 19, 2021. MillerKnoll is a collective of design brands. MillerKnoll leaders want “to remake modern for the 21st century.” With its “unpar...

CONSUMER
Steelcase Inc. (NYSE: SCS)
1Q23 Sales and Operating Results Beat; 2Q23 Guidance Below Estimates; Energy Costs the Culprit
· Update Note · 23 Jun 2022

After market close on June 22, Steelcase reported 1Q23 results, which ended May 27. In its earnings release, management also provided its outlook for 2Q23. Management will host its earnings conference call June 23 at 8:30 am EDT. We will refresh estimates following the call.

CONSUMER
Culp, Inc. (NYSE: CULP)
Fireside Chat: What’s New at Culp Upholstery Fabrics, May 12, 2022
· Management Series · 24 May 2022

On May 12, we hosted Culp in the second of two fireside chats (FSC), each aimed to highlight Culp’s impressive and ongoing innovation in its two business segments: Culp Home Fashions (CHF), the company’s mattress fabrics division, and Culp Upholstery Fabrics (CUF), the company’s upholstery fabric...

CONSUMER
Culp, Inc. (NYSE: CULP)
Fireside Chat: Innovations at Culp Home Fashions, March 16, 2022
· Management Series · 24 May 2022

On March 16, we hosted Culp in the first of two fireside chats (FSC), each aimed to highlight Culp’s impressive and ongoing innovation in its two business segments: Culp Home Fashions (CHF), the company’s mattress fabrics division, and Culp Upholstery Fabrics (CUF), the company’s upholstery fabri...

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