by However, orders post a slight gain from January, according to latest Smith Leonard Furniture Insights report
HIGH POINT — New orders for residential furniture in February were down 5% from January 2024 but were up 2% from January, according to the latest industry survey by Smith Leonard.
Meanwhile, shipments also were down 5% from February 2024 and down 8% from January.
According to the monthly Furniture Insights report, new orders totaled $2.08 billion in February, down from $2.19 billion in February 2024 and up from $2.05 billion in January.
February shipments totaled $2.15 billion, compared with $2.27 billion in February 2024 and $2.23 billion in January, which the report noted could be related to the short month.
February backlogs totaled $2.37 billion, compared with $2.54 billion in February 2024, a 6% decline. However, they were up 2% from $2.32 billion in January, which the report attributed to new orders outpacing shipments during the month.
It also noted that receivable levels were down 1% from February 2024 but up 1% from January, which it said could be related to normal timing differences with collections.
It went on to note that inventories were down 1% from January 2025 and down 2% from February 2024, which it said “are in line with prior periods and current operational levels.”
Other highlights of the February report are as follows:
+ The number of factory and warehouse employees was down 3% from February 2024, but relatively level with the prior month (down 1%).
+ Payroll expense was down 2% from February 2024, but was down 7% in February 2025 compared to January 2025, which it attributed to the shorter month.
+ However, it noted that year to date through February 2025, payroll expense was up 4%, which the report also said “would seemingly be a bit of an anomaly that will straighten itself out as the year continues.”
