38
38
SUPPLY CHAINS TO ADMIRE | 2023
Furniture
Leggett & Platt and Tempur Sealy place into the Winner’s Circle. Sleep Number, a four-time award winner, struggles to drive improvement and falls out of the Winner's Circle. Chasing the lower labor cost, furniture manufacturers outsourced manufacturing and secured global sourcing relationships. As labor prices shifted, margins flattened, and inventory turnover declined 36%.
Table 24. Furniture Sector Evaluation for the Period of 2013-2022
INDUSTRY: Furniture
IMPROVE- MENT
COMPANY INFORMATION
PERFORMANCE
VALUE
RETURN ON INVESTED CAPITAL
2022 REVENUE (MS)
SUPPLY CHAIN INDEX
GROWTH (Year Over Year Revenue)
FUNDAMENTAL AVERAGE SCORE
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAP
NAME
2013 - 2022
Bassett Furniture Industry
$486
2
7.2%
2.97
4%
8.3%
7
1.29
227
Ethan Allen Interiors Inc
$818
1
1.7%
2.17
9%
10.9%
8
0.90
718
Flexsteel Industries
$544
11
5.2%
3.61
4%
4.7%
8
1.30
248
HNI Corp
$2,362
5
1.9%
10.20
6%
11.7%
9
3.39
1,738
Hooker Furniture
$594
10
16.0%
5.03
6%
7.7%
9
1.48
306
Howden Joinery Group
$2,872
8
8.2%
2.61
17%
41.6%
NA
3.45
2,453
MillerKnoll Inc
$3,946
3
7.7%
5.34
8%
12.9%
8
2.32
1,441
La-Z-Boy
$2,357
6
4.5%
5.33
11%
11.1%
9
4.42
5,572
Leggett & Platt
$5,147
7
9.8%
9.91
7%
9.9%
9
3.15
2,044
NACCO Industry
$242
9
-1.1%
2.85
-18%
8.9%
6
0.72
196
Natuzzi
$494
12
-1.2%
3.00
-3%
-9.1%
3
0.75
99
Sleep Number
$2,114
14
8.7%
7.53
7%
62.5%
6
3.57
1,313
Steelcase
$2,773
13
0.8%
10.75
5%
8.5%
9
2.25
1,764
Tempur Sealy
$4,921
4
15.5%
7.48
12%
11.2%
8
19.25
4,552
MEAN WITH OUTLIERS
$2,119
6.1%
5.63
5%
14.4%
7.6
3.45
1,619
MEAN WITHOUT OUTLIERS
6.1%
5.63
7%
7.9%
7.6
2.23
1,619
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