by Increase is the 10th in the past 11 months according to the latest Furniture Insights report from Smith Leonard
HIGH POINT — New orders for residential furniture were up 22% in April compared to April 2023, marking 10 out of the last 11 months when orders have risen, according to the latest Furniture Insights report from Smith Leonard.
Shipments meanwhile, were up 2% from April 2023, a slight increase that indicates a bright spot in where business could be headed as they catch up with the increase in orders.
The monthly survey of residential manufacturers and distributors showed that orders rose to $2.2 billion, from $1.82 billion in April 2023. Some 75% of the survey participants said that orders rose in April compared to last year. The report went on to note that new orders were about flat compared to the $2.19 billion reported in March 2024.
April residential furniture shipments totaled $2.2 billion, up 2% from the $2.17 billion reported in April 2023, and up for about half the survey participants. By comparison, shipments were down 1% from the $2.24 billion reported in March 2024, the report said.
April backlogs totaled $2.7 billion, down 12% from $3 billion in April 2023, but up 2% from $2.64 billion from March.
Other highlights of the report are as follows:
+ Receivable levels were down 3% from April 2023, but about level with March, which the report said is materially in line with shipments for both periods.
+ Inventories were down 20% from April 2023 and about level with March, which it said is in line with prior periods and current operational levels.
+ The number of factory and warehouse workers was down 6% from April 2023 and down 2% from March.
+ Payroll expenses also were down 5% year-to-date through April from the same period in 2023, which the report said is consistent with the employee headcount.
