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Home Furnishings

7:48 a.m. Jan. 14, 2021 - By Michael Ashbaugh
Charting a slow-motion breakout attempt: Nasdaq, Dow industrials press record highs Focus: Homebuilders break out even amid rising interest rates, XHB, ZBRA, KSS, WSM, JNPR, FATEU.S. stocks are higher early Thursday, rising amid renewed optimism over fiscal-stimulus prospects. Against this backdrop, each big three U.S. benchmark has challenged its prevailing range top — levels defining record highs — amid a slow-motion breakout attempt.
11:05 a.m. Nov. 11, 2020 - By Tonya Garcia
Bebe shares soar after $35 million acquisition adds 47 home furnishing franchise locationsBebe Stores Inc. stock soared more than 35% in Wednesday trading after the women's apparel and accessories brand purchased 47 Buddy's Home Furnishings franchised rent-to-own locations from Franchise Group Inc. for $35 million. The stores are located across the southeastern U.S. The purchase is "materially accretive to Bebe's cash flow over time" and "diversifies Bebe's profit stream over time," according to a statement from Manny Mashouf, chief executive of Bebe. The deal was funded by a 1.5 million primary share purchase by B. Riley Financial Inc. at $5 per share, cash on hand, and a $22 million secured loan. Bebe stock has dropped 17.2% over the year to date while the S&P 500 index is up 10.3% for the period.
10:48 a.m. Nov. 6, 2020 - By Tomi Kilgore
Haverty Furniture to pay special dividend of $2 a shareHaverty Furniture Companies Inc. said Friday it will pay a special cash dividend of $2.00 a share. The stock was down 1.9% in afternoon trading, but was down 2.9% prior to a trading halt for news. The home furnishings retailer said the special dividend, as well as the regular quarterly dividend of 20 cents a share, will be payable on Dec. 9 to shareholders of business on Nov. 23. "Our board of directors authorized several steps taken earlier this year to ensure our liquidity due to the uncertainty facing the economy. Our operating results since reopening our stores in May have been very good," said Chief Executive Clarence Smith. "The board's decision today to pay a special dividend, provides returns to Haverty's stockholders, maintains a safeguard against potential headwinds, and preserves capital for potential opportunities." Based on current stock prices, the stock's regular dividend yield is 3.11%, compared with the implied yield for the SPDR S&P Retail ETF of 1.14% and the implied yield for the S&P 500 of 1.63%. Haverty's stock has rallied 27.6% year to date, while the S&P 500 has gained 8.5%.
11:50 a.m. Sept. 29, 2020 - By Aisha Al-Muslim
U.S. retail bankruptcies, store closures hit record in first halfRetail bankruptcies, liquidations and store closings in the U.S. reached records in the first half of 2020 as the Covid-19 pandemic accelerated industry changes, particularly the shift to online shopping, according to according to a report by professional-services firm BDO USA LLP.
9:28 a.m. Sept. 24, 2020 - By Ed Yardeni
Why the U.S. economy will soon recover and get back to the good old days of 2019 Ed Yardeni: ‘Almost everyone in the U.S. last year was doing better than ever’ Ed Yardeni: ‘Almost everyone in the U.S. last year was doing better than ever.’
1:04 a.m. Sept. 24, 2020 - By Ben Stewart
What’s it like to own an Audi e-tron? The roomy electric crossover is the perfect size for this family, and makes a great road-trip car—here’s the pros and consUntil we got one, our family couldn’t find an EV that fit our needs. Here’s what life is like with this electric crossover.
6:22 a.m. Sept. 11, 2020 - By Jeffry Bartash
U.S. consumer prices surge for third month as cost of used cars soar, but inflation still low and expected to stay that way Consumer price index rises 0.4% in August; used car prices rev upThe cost of goods and services rose sharply in August for the third month in a row, but the increase mostly stems from a rebound in prices after a steep decline early in the coronavirus pandemic. Overall inflation is still quite low.
9:21 a.m. Sept. 4, 2020 - By Tomi Kilgore
Wayfair's stock sinks after Merrill Lynch downgrades, citing expected 'deceleration' in salesShares of Wayfair Inc. sank 8.0% in afternoon trading Friday, after BofA Securities analyst Justin Post downgraded the home furnishings online retailer, citing evidence of a deceleration in sales trends. The stock, which has pared earlier intraday loss of a much as 14.9%, has still shed 25.9% since closing at a record $342.40 on Aug. 26. Post cut his rating to neutral, after being at buy since April 7. He kept his stock price target at $330, which is 30.1% above current levels. "Expectations and valuation are high vs. history, and we expect revenue deceleration ahead, which has been a historical valuation headwind for the stock," Post wrote in a note to clients. "We think [quarter-to-date] stock appreciation has been fueled by expectations for upside, but given recent data points, we see less upside to Street estimates for 58% growth in 3Q." The stock has gained 28.4% so far this quarter, compared with a 20.5% rise in the Amplify Online Retail ETF over the same time and the S&P 500's 9.4% advance.
6:26 a.m. Aug. 29, 2020 - By Philip van Doorn
These ‘Dividend Aristocrat’ stocks have been raising their dividends for decades, and there have been no dividend cuts during the pandemic Dozens of other S&P 500 companies, in contrast, have reduced their payoutsDozens of other S&P 500 companies, in contrast, have reduced their payouts.
12:44 p.m. Aug. 27, 2020 - By William Watts
Stocks pare gains but end mostly higher as Fed outlines policy shift U.S. weekly jobless benefit claims little changed at a million as expected Stocks ended a choppy session mostly higher Thursday, with the S&P 500 notching another record finish, after Federal Reserve Chairman Jerome Powell said policy makers would no longer preemptively hike interest rates to stave off inflation.
12:48 p.m. Aug. 18, 2020 - By Claudia Assis
La-Z-Boy reports surprise fiscal Q1 profit on 'strong' demandShares of La-Z-Boy Inc. fell about 1% in the extended session Tuesday after the furniture maker reported a surprise fiscal first-quarter profit and said it has seen "strong demand" for its recliners and other pieces. The company said it earned $4.8 million, or 10 cents a share, in the quarter, compared with 38 cents a share a year ago. Adjusted for one-time items, La-Z-Boy earned 18 cents a share, compared with 42 cents a share a year ago. Sales fell 31% to $285.5 million due to the impact of COVID-19, the company said. Analysts polled by FactSet had expected an adjusted loss of 13 cents a share on sales of $290 million. "Our first quarter began in May with most of our customers still closed due to COVID-19. However, as retailers re-opened, written orders rapidly accelerated in June and July, with consumers spending a higher percentage of discretionary dollars on home furnishings," Chief Executive Kurt L. Darrow said in a statement. La-Z-Boy has re-opened all its operations across its retail, distribution and manufacturing businesses, and plants have increased production to meet demand. The company is "cautiously optimistic" about the fall, it said. Shares ended the regular trading session down nearly 2%.
8:18 a.m. Aug. 18, 2020 - By Tonya Garcia
Wayfair is on S&P’s ‘most vulnerable’ list despite soaring stock, new customer numbers Blue Apron and J.Jill are also on the S&P Global Market Intelligence listWayfair shares have soared more than tripled for the year to date, but S&P Global Market Intelligence has the online home retailer on its “most vulnerable” list.
3:05 a.m. Aug. 7, 2020 - By Tonya Garcia
Wayfair served almost 5 million new customers in the second quarter but analysts question whether they’ll return Wayfair stock has more than tripled in 2020Wayfair says millions of new customers, as well as a million lapsed customers, shopped the home goods site during the most recent quarter.
12:40 p.m. Aug. 5, 2020 - By Joy Wiltermuth
S&P 500, Dow book 4th days of gains, Nasdaq adds 6th, as market awaits more pandemic aid Disney shares rose 8.8%, led Dow’s gains WednesdayU.S. stocks closed higher Wednesday, handing the Nasdaq Composite Index its 31st record close this year, as investors took heart in corporate earnings and service-sector data that surprised to the upside.
9:56 a.m. Aug. 5, 2020 - By Ciara Linnane
Coronavirus update: Global death toll tops 700,000 with 18.5 million confirmed cases and U.S. accounts for more than a quarter Disney posts an almost $5 billion loss as parks, film and cruise business hammered by pandemic, leaving only streaming to shineThe number of confirmed deaths across the globe from the coronavirus illness COVID-19 climbed above 700,000 on Wednesday, according to data aggregated by Johns Hopkins University, as the case tally climbed above 18.5 million, with the U.S. accounting for 4.77 million of that total, or more than a quarter.
3:38 a.m. Aug. 5, 2020 - By Tomi Kilgore
Wayfair's stock surges toward a record after swinging to big profit beat, as orders delivered more than doubledShares of Wayfair Inc. shot up 3.0% toward a record high in premarket trading Wednesday, after the online seller of home furnishings and housewares swung to a big profit beat in the second quarter, as orders delivered more than doubled. Net income was $273.9 million, or $2.54 a share, after a loss of $181.9 million, or $!.98 a share, in the year-ago period. Excluding non-recurring items, Wayfair swung to adjusted earnings per share of $3.13 from a per-share loss of $1.35, well above the FactSet consensus for EPS of 97 cents. Revenue soared 83.7% to $4.30 billion, beating the FactSet consensus of $4.07 billion. Orders delivered increased 106.2% to 18.9 million, while the average order value declined to $227 from $255. The number of active customers in the Direct Retail business grew 46.0% to 26.0 million. "We experienced unprecedented demand in Q2 and saw record numbers of new and repeat customers choose Wayfair," said Chief Executive Niraj Shah. The stock has more than tripled (up 221.8%) year to date through Tuesday, while the S&P 500 has gained 2.3%.
5:27 a.m. July 16, 2020 - By Jeffry Bartash
U.S. retail sales jump 7.5% in June, but fresh coronavirus outbreak poses new hurdle Rebound in retail sales could fizzle out if coronavirus isn’t containedSales at U.S. retailers posted a big increase in June for the second month in a row, but a surge in coronavirus cases that’s led to more restrictions on business threatens to sap the momentum of the economic recovery. Retail sales climbed 7.5% last month.
8:33 a.m. July 10, 2020 - By Ellis Henican
While politicians squabble, New York schools make their own plans Not waiting around for Washington, Albany or City Hall to decideParents, teachers and local officials are tuning out the divisive rhetoric and tackling thousands of crucial details.
11:22 a.m. July 4, 2020 - By Paul Brandus
Why your first five years of retirement are critical Don’t get forced into a cornerDon’t get forced into a corner
6:53 a.m. June 17, 2020 - By Quentin Fottrell
‘It’s alarming to look at how many Americans used these funds to keep a roof over their head’ U.S. retail sales jumped by 17.7% in May. Economists polled by MarketWatch had forecast an 8.5% increaseU.S. retail sales jumped by 17.7% in May. Economists polled by MarketWatch had forecast an 8.5% increase.
4:00 a.m. June 13, 2020 - By Jeffry Bartash
The coronavirus recession may already be over, but it’s a long uphill climb to ‘normal’ U.S. retail sales seen rebounding from record drop as states reopenThe U.S. economy appears to be climbing out of a short though historically steep recession, but a return to normalcy? That’s not in the cards anytime soon.
5:17 a.m. June 9, 2020 - By Tonya Garcia
RH is planning to open hotels and sell houses, but analysts ask whether it can pull it off The home retailer is also launching international locations in Paris and London, and offers a chartered yachtRH has a strategy to expand its lifestyle brand beyond home furnishing stores and into travel and even real estate.
10:06 a.m. June 4, 2020 - By Ciara Linnane
Coronavirus update: Global case tally climbs above 6.6 million and California reports a rise in infections amid protests and reopening Amazon is adding to its fleet of cargo jets at a time when aircraft values are depressed; Michaels Cos. earnings fall way shortThe number of confirmed cases of the coronavirus that causes COVID-19 rose past 6.6 million on Thursday, and California reported a rise in infections after weeks of slowing, raising concerns that the protests at the death of George Floyd, and the reopening of certain counties, are helping spread the illness.
8:07 a.m. June 4, 2020 - By Howard Gold
New York City has come back from every crippling blow — but coronavirus could land a knockout punch America’s premier global city is reeling from COVID-19 and a deep recessionAmerica’s premier global city is reeling from COVID-19 and a deep recession.
4:42 a.m. June 4, 2020 - By Ciara Linnane
Tuesday Morning secures $25 million DIP loan from B. Riley unit as part of Chapter 11 proceedingsTuesday Morning Corp. said Thursday it has obtained a commitment from a B. Riley Financial unit for $25 million of debtor-in-possession funding to support operations during Chapter 11 bankruptcy. The Dallas-based home furnishings retailer said the funding is part of its $100 million DIP agreement with existing lenders. The company is seeking to restructure under Chapter 11 after COVID-19-related store closures slammed its business. "This additional capital is an important milestone as it provides significant liquidity for us to continue operations throughout the reorganization process," Chief Executive Steve Becker said in a statement.
3:25 a.m. June 1, 2020 - By Tonya Garcia
Parents flocked to Pottery Barn Kids and Teen during the lockdowns, driving Williams-Sonoma results Williams-Sonoma stock soars more than 14% in Friday trading after resultsWilliams-Sonoma credited its e-commerce capabilities and its Pottery Barn Kids and Teen business for better-than-expected results.
2:15 p.m. May 27, 2020 - By Ciara Linnane
Coronavirus update: Global death toll climbs above 353,000; U.S. deaths surpass 100,000 Domino’s Pizza and Papa John’s enjoy strong sales bump, while Ralph Lauren’s sales falter with stores closedThe number of deaths from the coronavirus that causes COVID-19 rose above 353,000 on Wednesday, as the World Health Organization said the Americas are at the center of the pandemic following surges in infections in Brazil, Peru, Chile and others in the past few days.
2:40 a.m. May 27, 2020 - By Tomi Kilgore
Tuesday Morning declares bankruptcy, to close 33% of its stores in the reorganizationShares of Tuesday Morning Corp. plunged 39% toward a record low in premarket trading Wednesday, after the discount home furnishings retailer said it has filed for bankruptcy, as the prolonged closure of its stores amid the COVID-19 pandemic created an "insurmountable financial hurdle." The company said it has obtained $100 million in debtor-in-possession financing so it can continue operations during the bankruptcy. The company said plans to permanently close about 230 of its 687 total stores, or 33%, as part of the reorganization. Tuesday Morning said it had initially closed all of its stores due to the pandemic, but has reopened about 80% of the stores, and over 7,300 employees have returned to work. The bankruptcy comes a little over a week after fellow retailer . The stock has plummeted 86.7% year to date through Tuesday, while the SPDR S&P Retail ETF has dropped 12.5% and the S&P 500 has shed 7.4%.
5:22 a.m. May 21, 2020 - By Tonya Garcia
Lowe’s benefited from delayed DIY projects done during coronavirus lockdowns, while Home Depot saw professional jobs put on hold Lowe’s beat profit expectations while Home Depot fell shortLowe’s reported earnings and sales that beat expectations. Home Depot sales beat expectations, but profit fell short.
9:35 a.m. May 19, 2020 - By Andrew Keshner
This is how fast Americans are spending their stimulus checks — and here’s a breakdown of what they’re buying Economists looked at the spending and saving habits of more than 1,600 people who received their stimulus check by April 21 Economists looked at the spending and saving habits of more than 1,600 people who received their stimulus check by April 21.
1:26 p.m. May 14, 2020 - By Jon Swartz
Dillard's shares rise 6% on news of reopened stores, smaller quarterly lossDillard's Inc. shares were up 6% in after-hours trading Thursday after the seller of fashion apparel, cosmetics, and home furnishings reported a smaller fiscal first-quarter loss than expected, as well as the reopening of stores. Dillard's reported a net loss of $162 million, or $6.94 a share, compared with net income of $78.6 million, or $2.99 a share, in the year-ago quarter. Net sales plunged 46% to $786.7 million from $1.46 billion a year ago. The good news is that Dillard's says it plans to reopen 116 stores and five clearance centers next week. Once they are open, the company will have 241 stores and 29 clearance centers in service. "COVID-19 has impacted every aspect of our business. The mall business in general and department stores, specifically, have been particularly hard hit," Dillard's Chief Executive William T. Dillard II said in a announcing the results. Analysts surveyed by FactSet had expected a loss of $7.16 a share on sales of $822 million. Dillard's shares are down 59% in the last year. The broader S&P 500 index is down 0.8% in the last year.
8:57 a.m. May 7, 2020 - By Tonya Garcia
Wayfair stock is soaring, but analyst says growth will ‘hit a wall’ Wayfair shares, which were up 9% on Wednesday, have skyrocketed 131% over the past monthWayfair shares have jumped but GlobalData Retail says the numbers show that growth will decelerate.
3:34 a.m. May 4, 2020 - By Tonya Garcia
Neiman Marcus is likely just the start: Analysts expect 100,000 stores to close by 2025 Executives at Keds and K-Swiss think their sneaker brands will get a boost from coronavirus-related trendsUBS analysts think permanent store closures will jump as the coronavirus pandemic speeds e-commerce adoption.
10:14 a.m. April 29, 2020 - By Ariel Maidansky
The future of commercial real estate — the weak get shaken out and the strong take over whole new markets Once the pain subsides, well-heeled companies will be kings of the cityOnce the pain subsides, well-heeled companies will be kings of the city.
12:08 p.m. April 27, 2020 - By Tomi Kilgore
Coronavirus update: Optimism over phased reopenings only slightly tempered by continued concerns over inadequate testing for COVID-19 virus Worldwide cases tops 3 million; General Motors suspends its dividend and stock repurchases, Regis’ stock sees a boost as some states allow beauty salons to reopenThe growing optimism over the phased reopening of businesses in some states and other countries, as evidenced by the rallies in the U.S. and some international stock markets on Monday, has been only slightly tempered by continued concerns over the lack of adequate testing for the COVID-19 virus.
9:32 a.m. April 27, 2020 - By Tomi Kilgore
Haverty Furniture to reopen all stores by mid-May, but will reduce workforce by 34%Haverty Furniture Companies Inc. said Monday that while it expects to reopen all of its stores by mid-May, it was reducing its workforce by 34%, given the "dramatic shock" from the coronavirus pandemic and the uncertainty over the ongoing impact. The home furnishings retailer, with stores in 16 states in the Southern and Midwestern regions, said it was reducing its workforce of 3,495 by about 1,200. The stock rallied 5.3% in afternoon trading. The company said it was extending the furlough of about 730 employees for another 30 days. On April 1, the company said it was extending its core closures for another 30 days, from the original expectation of April 2, and furloughed 3,033 employees, or 87% of its workforce. Haverty expects to reopen 108, or 90% of its 120 stores, on May 1, and the remaining stores by mid-May. The stock has dropped 35.8% over the past three months, while the S&P 500 has lost 11.5%.
4:44 a.m. April 27, 2020 - By Tonya Garcia
Target’s soaring online growth suggests scared shoppers may not return when malls and department stores reopen Target’s latest update suggests the consumers are trying to balance what they need versus what they want as lockdown wears onShoppers are concerned about staying safe from COVID-19 and their financial health, which will affect their willingness to go back to department stores and malls.
4:07 a.m. April 24, 2020 - By Michael Brush
Stock winners and losers in the post-Covid 19 work-from-home world Arranging your home for work and play will benefit many companies, from consumer-electronics makers to home-furnishings purveyorsArranging your home for work and play will benefit many companies, from consumer-electronics makers to home-furnishings purveyors.
10:54 a.m. April 22, 2020 - By Tomi Kilgore
Online home furnishings seller 1847 Goedeker files for IPOOnline home furnishings seller 1847 Goedeker Inc. has filed Wednesday for an initial public offering of common stock. The Missouri-based company did not yet provide details for how many shares it planned to offer, or what exchange it will apply to for its listing, just that the ticker symbol would be "GOED." Fordman Financial Management's ThinkEquity will be the underwriter. The company said it recorded total net losses of $2.5 million on total sales of $47.6 million in 2019, after recording net income of $2.0 million on sales of $56.3 million in 2018. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 4.8% year to date and the S&P 500 has dropped 13.1%.
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