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  • INDUSTRY NEWS

    • On February 23, 2024, it was reported, while its sales for the fourth quarter and full year weren't on 2022 levels, Top 100 retailer Havertys recorded greater profit over both in its most recent earnings report. For the three months ended Dec. 31, the Atlanta-based retailer totaled $210.7 million in sales, down 24.91% from $280.6 million for the same quarter in 2022, but its gross profits as a percentage of sales in the quarter was 62.4% compared with 57% in the fourth quarter of 2022. Net income in the quarter totaled $15 milllion, or 90 cents per diluted share, a decrease of 36.71% vs. net income of $23.7 million, or $1.42 per diluted share, in the same quarter of 2022. For the entire fiscal year, Havertys recorded $862.1 million in sales, down 17.68% compared with $1.047 billion over the course of 2022. However, its gross profit as a percentage of sales for 2023 stood at 60.7% vs. 57.7% in 2022. Havertys' net income for FY2023 totaled $56.3 million, or $3.36 per diluted share, a decrease of 37.02% compared with $89.4 million in net income, or $5.24 per diluted share, in FY2022. For 2024, Havertys expects planned capital expenditures of approximately $32 million and for retail square footage to grow 2.8% as it opens five stores and closes one. Smith said officials remain resolved and see opportunities ahead.
    • On February 23, 2024, it was reported, Sleep Number Corp. reported a fourth quarter net loss of $25.2 million for the period ended Dec. 30, a deeper trough than the net loss of $5.4 million in the same quarter last year. In its announcement, the company attributed much of the declines to a challenging "consumer environment" and said cost-cutting initiated late last year helped the quarter. Net sales for the quarter slid 13.7% to $429.5 million compared with $497.5 million in the same period last year. The company said it had a loss of $1.12 per share in the quarter. Quarterly losses, adjusted for restructuring costs, came to 58 cents per share. For the full year, Sleep Number reported a net loss of $15.3 million for the quarter, a downward swing from net income of $36.6 million last year. Net sales for the year slid 107% to $1.89 billion compared with $2.11 billion last year. Last quarter, the vertically integrated retailer announced a restructuring plan that included reducing its employment to 4,100 at the end of last year and called for store closures. The company said its cost cutting plan is progressing and operating expenses were reduced by $85 million last year, with $40 million to $45 million of additional operating expense cuts planned for 2024. Looking ahead to next year, the company said it expects adjusted EBITDA of $125 million to $145 million for the year, with net sales down mid-single digits compared to the prior year.
    • On February 22, 2024, it was reported, newly appointed CEO of Overstock Dave Nielsen said during a Wednesday earnings call the brand plans to relaunch its online store in about five weeks in collaboration with Shopify. Parent company Beyond Inc., whose portfolio includes Bed Bath & Beyond, reported Q4 revenue of $384.4 million, down 5% from $404.8 million a year ago. The retailer posted a gross profit of $60 million but a net loss of $161 million, compared to a loss of $15.5 million in the year-ago quarter, and an operating loss of $65 million, compared to a loss of $2.6 million year over year. Beyond's full-year net revenue fell 19% year over year to $1.6 billion from nearly $2 billion. Gross profit was $314 million 20% of revenue with a net loss of $307.8 million, compared to a $35.2 million loss year over year, and an operating loss of $118 million compared to an operating income of $27 million. Looking back, shutting down Overstock.com "was a fatal mistake," Lemonis said during the call. The company also wants to reach $2 billion in revenue this year, a $3 billion run rate by the end of 2025. Beyond previously committed to cutting $25 million in costs and said this week it's raising that goal to $45 million. Beyond posted a negative adjusted EBITDA of $61 million for the year. But "with $3 billion in revenue in 2026 and at 5% margin, Beyond could reach EBITDA of $150 million by 2026," Wedbush's analysts said. Bed Bath & Beyond also reintroduced its gift registry last month. The retailer said it's partnering with MyRegistry.com to offer a digitally-driven registry experience.
    • On February 22, 2024, it was reported, online home goods seller Wayfair showed signs of improvement in its fourth quarter as total net revenue inched up by $13 million for a 0.4% year-over-year gain to reach $3.1 billion. The company, which does business under the Wayfair, Joss & Main, AllModern, Birch Lane, Perigold and Wayfair Professional nameplates, also saw its active customer numbers jump by 1.4% to reach 22.4 million as of Dec. 31. Orders per customer rose to 1.84 in Q4 2023 vs. 1.81 in the same quarter in 2022, and there were more repeat customers ordering in the fourth quarter: 79.4% vs. 77.4% in Q4 2023. However, net revenue per active customer decreased by 3% vs. last year to $537 for the fourth quarter, and average order value per customer fell to $276 in Q4 from $283 a year ago. Total revenue for the quarter was made up by $2.7 billion in U.S. net revenue, which rose by 0.9% over last year for the quarter ended Dec. 31. International remained down, however, falling by 2.7% vs. last year to account for $404 million in net revenue. Gross profit for the quarter was $944 million, or 30.3% of total net revenue, while net loss was $174 million. Non-GAAP adjusted EBITDA was $92 million. For the year, Wayfair's total net revenue of $12 billion was down $215 million, or 1.8%, year-over-year; U.S. net revenue gained $18 million to end up at $10.5 billion for a 0.2% increase. Gross profit for the year was $3.7 billion, or 30.6% of total net revenue, while net loss was $738 million and non-GAAP adjusted EBITDA was $306 million. The diluted loss per share was $6.47; non-GAAP adjusted diluted loss per share was $1.13.