by New orders were down 3% during the same year-over-year period
HIGH POINT — January residential furniture shipments rose 4% from January last year and also were up 8% from December, according to the latest Furniture Insights report from industry accounting firm Smith Leonard.
However, new orders were down 3% from January 2024 but up 2% from December.
According to the monthly survey, shipments totaled $2.22 billion, up from $2.15 billion in January 2024. They also were up from $2.05 billion in December. Year-over-year shipments were up for two-thirds of survey participants.
By comparison, new orders totaled $2.05 billion in January, down from $2.11 billion in January 2024 and up 2% from $2 billion in December, which the report said would indicate some seasonality from the December holiday break. The report also said that two-thirds of the survey participants reported increases in orders from January 2024.
Other highlights were as follows:
+ Backlogs totaled $2.3 billion in January, compared with $2.46 billion in January 2024, a 5.5% decrease. They were also down about 3.2% from $2.4 billion in December.
+ Receivables were level with January 2024, but up 6% from December. In both instances, the report said they were “materially in line with the respective shipment trends, given normal timing differences between collections.”
+ Inventories, the report said, were down 3% from January 2024, and up 3% from December, which it noted “are in line with prior periods and current operational levels including the December holiday break.”
+ The number of factory and warehouse workers was down 3% from January, but up 1% from December.
+ Payroll expenses were up 9% from January 2024 and up 15% from December, primarily because of the holiday break. It noted that some of the fluctuation in the year-over-year increase “may relate to the timing of the new year holiday shutdowns as payroll expense was down 7% in the prior year compared to January 2023.”
