Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Residential furniture stocks had a tough week over concerns about demand, though commercial furniture stocks fared better.</li><li>The Water Tower Research Commercial/Contract Furniture Index declined 0.5%, the Residential Manufacturers &amp; Suppliers Index fell 3.2%, and Home Goods Retailers declined 5.7%.</li><li>All three trailed the broader indexes (+0.2 to +0.5%) and the Mass Retailers Index (+1.7%). </li></ul>

Residential furniture stocks had a tough week over concerns about demand, though commercial furniture stocks fared better.The Water Tower Research Commercial/Contract Furniture Index declined 0.5%, the Residential Manufacturers &amp; Suppliers Index fell 3.2%, and Home Goods Retailers declined 5.7%.All three trailed the broader indexes (+0.2 to +0.5%) and the Mass Retailers Index (+1.7%). 

Furniture/Furnishings Weekly - July 1, 2024

<ul><li>The DJ30 closed above 40,000 for the first time ever.</li><li>Our Commercial/Contract Furniture Index (+2.3%) outperformed the broader market indexes (all three up +1.6%) and our Mass Retailers Index (+0.6%) last week.</li><li>Residential Manufacturers &amp; Suppliers (-3.8%) and Home Goods Retailers (-2.8%) trailed.</li></ul>

The DJ30 closed above 40,000 for the first time ever.Our Commercial/Contract Furniture Index (+2.3%) outperformed the broader market indexes (all three up +1.6%) and our Mass Retailers Index (+0.6%) last week.Residential Manufacturers &amp; Suppliers (-3.8%) and Home Goods Retailers (-2.8%) trailed.

Furniture/Furnishings Weekly - May 20, 2024

<ul><li>Furniture/furnishings stocks trailed the broader market.</li><li>The Water Tower Research Commercial/Contract Index (-1.7%), Residential Manufacturers &amp; Suppliers Index (-2.0%), and Home Goods Retailers Index (-2.0%) trailed the broader market indexes and the Mass Retailers Index (-1.3% to +1.3%) last week.</li><li>LOVE 1Q25 paints a picture of continued weakness in residential furniture even as the company appears to be continuing to gain share. </li></ul>

Furniture/furnishings stocks trailed the broader market.The Water Tower Research Commercial/Contract Index (-1.7%), Residential Manufacturers &amp; Suppliers Index (-2.0%), and Home Goods Retailers Index (-2.0%) trailed the broader market indexes and the Mass Retailers Index (-1.3% to +1.3%) last week.LOVE 1Q25 paints a picture of continued weakness in residential furniture even as the company appears to be continuing to gain share. 

INDUSTRY REPORT - Furniture/Furnishings Weekly

<ul><li>A rough week for smaller-cap stocks without AI exposure.</li><li>The WTR Commercial/Contract Furniture Index (-6.9%), Residential Manufacturers &amp; Suppliers Index (-1.4%), and Home Goods Retailers Index (-1.3%) underperformed the Dow (+1.2%), S&amp;P 500 (+1.2%), and Mass Retailers Index (+1.9%), all of which benefited from the growing AI hype this week.</li><li>This performance seems to be partly due to the overall weakness of small caps, with the Russell 2000 clocking in (-1.7%).</li></ul>

A rough week for smaller-cap stocks without AI exposure.The WTR Commercial/Contract Furniture Index (-6.9%), Residential Manufacturers &amp; Suppliers Index (-1.4%), and Home Goods Retailers Index (-1.3%) underperformed the Dow (+1.2%), S&amp;P 500 (+1.2%), and Mass Retailers Index (+1.9%), all of which benefited from the growing AI hype this week.This performance seems to be partly due to the overall weakness of small caps, with the Russell 2000 clocking in (-1.7%).

Furniture/Furnishings Weekly - June 10, 2024

<ul><li>A good week for furniture and furnishings stocks. The Water Tower Research Commercial/Contract Index (+3.5%) and Home Goods Retailers Index (+2.5%) posted strong returns relative to the market (-0.5% to +0.1%) and the Mass Retailers Index (-0.6%).</li><li>Our Residential Manufacturers &amp; Suppliers Index (-0.5%) was in line with the broader market.</li><li>The China price is now the highest in Asia. According to Science Is Strategic (citing Haver Analytics), unit labor rates in China are now ~2.5x to 4x higher than other Asian countries (see Figure 1). </li></ul>

A good week for furniture and furnishings stocks. The Water Tower Research Commercial/Contract Index (+3.5%) and Home Goods Retailers Index (+2.5%) posted strong returns relative to the market (-0.5% to +0.1%) and the Mass Retailers Index (-0.6%).Our Residential Manufacturers &amp; Suppliers Index (-0.5%) was in line with the broader market.The China price is now the highest in Asia. According to Science Is Strategic (citing Haver Analytics), unit labor rates in China are now ~2.5x to 4x higher than other Asian countries (see Figure 1). 

Furniture/Furnishings Weekly - June 3, 2024

United States

Hooker Furniture Corporation manufactures and imports residential furniture, primarily targeted at the upper-medium price range.  The Company's products include home office furniture, entertainment centers, imported occasional furniture, and bedroom and wall systems.  Hooker sells its products to furniture retailers, catalog merchandisers, and national and regional chain stores.

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Hooker Furniture (HOFT US)

Furniture/Furnishings Weekly - July 1, 2024

Residential furniture stocks had a tough week over concerns about demand, though commercial furniture stocks fared better.

Water Tower Research

Furniture/Furnishings Weekly - May 20, 2024

Our Commercial/Contract Furniture Index (+2.3%) outperformed the broader market indexes (all three up +1.6%) and our Mass Retailers Index (+0.6%)...

Water Tower Research

INDUSTRY REPORT - Furniture/Furnishings Weekly

The Water Tower Research Commercial/Contract Index (-1.7%), Residential Manufacturers & Suppliers Index (-2.0%), and Home Goods Retailers Index (...

Water Tower Research

Furniture/Furnishings Weekly - June 10, 2024

The WTR Commercial/Contract Furniture Index (-6.9%), Residential Manufacturers & Suppliers Index (-1.4%), and Home Goods Retailers Index (-1.3%)...

Water Tower Research

Furniture/Furnishings Weekly - June 3, 2024

The Water Tower Research Commercial/Contract Index (+3.5%) and Home Goods Retailers Index (+2.5%) posted strong returns relative to the market (...

Water Tower Research

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