by Year to date, new orders total $19.5 billion, which Smith Leonard Furniture Insights report says is level with the same period last year
HIGH POINT — The latest Furniture Insights report from Smith Leonard shows that new orders and shipments of residential furniture were down in September from a year earlier, signaling continued challenges at retail as the marketplace seeks to regain footing in a still-tepid housing market.
The latest report issued Monday said that new orders in September totaled $2.3 billion, down 9% from $2.6 billion in September 2023, following a 7% year-over-year decline in August. Some 63% of those surveyed reported a decrease, the firm noted. However, it added that new orders were up 5% from $2.2 billion reported in August.
Year to date, new orders totaled $19.5 billion, which the report said is level with the same period last year.
Meanwhile, shipments for the month of September totaled $2.2 billion, down 7% from $2.3 billion in September 2023 and also down 7% from $2.3 billion in August. Some 67% of survey respondents reported shipments being down. Year to date, shipments totaled $20 billion, down 8% from $21.6 billion the first nine months of 2023.
September backlogs totaled $2.45 billion, down 10% from $2.7 billion in September 2023 but up 1% from $2.4 billion in August “as new orders outpaced current shipments.”
Other highlights of the report are as follows:
+ Receivable levels were down 8% from September 2023 and down 1% from August. The report said both are materially in line with respective shipment trends.
+ Inventories were down 9% from September 2023 and up 1% from August, which the report said, “is in line with prior periods and current operational levels.”
+ The number of factory and warehouse employees was down 5% from September last year and level with August.
+ Payroll expenses were flat in September compared with August and year to date, through September, they were down 3% which the report said is materially consistent with the employee headcount and prior periods.
