US furniture retailers are seeing a slowdown in sales as Americans who are already struggling to afford homes in today’s market aren’t shelling out for a new dining table or couch.
Last week, high-end furniture retailer RH reported $800 million in revenue in the three months ended July 29 — a 19% drop from last year’s period, when revenues hit $992 million.
The company attributed the dip to the stalling housing market, where mortgage rates are sitting at the highest level since 2001, forcing many homeowners in major US cities to sell at a loss.
“We continue to expect the luxury housing market and broader economy to remain challenging throughout fiscal 2023 and into next year as mortgage rates continue to trend at 20-year highs,” the company said in its earnings report.
Williams-Sonoma, the San Francisco-based firm behind pricey interior stores Pottery Barn and West Elm, posted its second-quarter earnings late last month, which showed year-over-year decreases across the board.
Aside from net revenues falling 13% from last year, to $1.86 billion, Williams-Sonoma’s profits also fell to $757.56 million — down from $928.81 million in 2022 — while operating income, comparable brand revenue and merchandise inventories also decreased.
In addition, Williams-Sonoma reported a 20% revenue decline for West Elm, and a 10% dip in sales for Pottery Barn.
Virginia-based luxury furniture retailer Hooker Furnishings also reported losses for the quarter, when revenue slid to $97.8 million — down 36% from $152.91 million a year ago.
Net incomes at the manufacturer — which sells its home goods at Wayfair and Macy’s — also took a massive hit year over year, from $5.54 million to a dismal $785,000.
Hooker’s chief executive Jeremy Hoff also attributed the company’s losses to mortgage rates, which have “slowed down housing activity.”
“The continued rise in interest rates has suppressed customer — consumer confidence,” Hoff added during an earnings call with investors following the company’s earnings report.
Perhaps also because of sky-high benchmark 30-year home loans — which climbed to 7.23% from 7.09% last month, per mortgage buyer Freddie Mac — investors also appear insecure about the future of the furniture industry, as shares of RH fell nearly 18%, to $313.23, in the past five days — since the company reported its second-quarter earnings.
A year ago, the average 30-year home loan rate was 5.55%.
Hooker Furnishing’s share price, meanwhile, fell nearly 9%, to $19.16, while Williams-Sonoma’s stock slipped less than 1%, to $142.52, in the same five-day period
Representatives for RH, Williams-Sonoma and Hooker Furnishings did not immediately respond to The Post’s request for comment.
The shift in consumer spending on furniture makes sense, as home buyers face an ongoing affordability crisis and consumer spending is expected to shrink in early 2024 the first quarterly decline since the start of the pandemic, according to Bloomberg’s latest Markets Live Plussurvey.
More than half of 526 respondents, or 56%, believe that personal consumption in the US will turn negative in the new year, while another 21% said the reversal will happen even sooner, in the final quarter of 2023, Bloomberg found.
The outlet blamed the pessimism on high borrowing costs affecting household budgets and COVID-era savings drying out.
Thus, the “nepo baby” discussion has found its way from social media into the real estate market, where recent findings from the brokerage Redfin reveal that a significant portion of young homebuyers used family money to afford a down payment for a home.
According to Redfins survey of more than 500 buyers under 30 years old, 38% had financial assistance from relatives for their down payment.
The situation is significantly a result of the current crisis of housing unaffordability, especially as inflation keeps its grip tight on the American economy.
Marnie’s first serious relationship came when she was 16-years-old.
Warning: This article contains references to strangulation, coercive control and domestic abuse.
She was naturally excited when a former friend became her first boyfriend.
But after a whirlwind few months, everything changed with a slow, determined peeling away of her personality.
“There was isolation, then it was the phone checking,” says Marnie.
As a survivor of abuse, we are not using her real name.
“When I would go out with my friends or do something, I’d get constant phone calls and messages,” she says.
“I wouldn’t be left alone to sort of enjoy my time with my friends. Sometimes he might turn up there, because I just wasn’t trusted to just go and even do something minor like get my nails done.”
Image: The internet is said to be helping to fuel a rise in domestic abuse among teens. Pic: iStock
He eventually stopped her from seeing friends, shouted at her unnecessarily, and accused her of looking at other men when they would go out.
If she ever had any alone time, he would bombard her with calls and texts; she wasn’t allowed to do anything without him knowing where she was.
He monitored her phone constantly.
“Sometimes I didn’t even know someone had messaged me.
“My mum maybe messaged to ask me where I was. He would delete the message and put my phone away, so then I wouldn’t even have a clue my mum had tried to reach me.”
The toll of what Marnie experienced was only realised 10 years later when she sought help for frequent panic attacks.
She struggled to comprehend the damage her abuser had inflicted when she was diagnosed with PTSD.
This is what psychological abuse and coercive control looks like.
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2:56
‘His hands were on my throat – he didn’t stop’
Young women and girls in the UK are increasingly falling victim, with incidents of domestic abuse spiralling among under-25s.
Exclusive data shared with Sky News, gathered by domestic abuse charity Refuge, reveals a disturbing rise in incidents between April 2024 and March 2025.
Psychological abuse was the most commonly reported form of harm, affecting 73% of young women and girls.
Of those experiencing this form of manipulation, 49% said their perpetrator had threatened to harm them and a further 35% said their abuser had threatened to kill them.
Among the 62% of 16-25 year olds surveyed who had reported suffering from physical violence, half of them said they had been strangled or suffocated.
Earlier this year, Sky News reported that school children were asking for advice on strangulation, but Kate Lexen, director of services at charity Tender, says children as young as nine are asking about violent pornography and displaying misogynistic behaviour.
Image: Kate Lexen, director of services at charity Tender
“What we’re doing is preventing what those misogynistic behaviours can then escalate onto,” Ms Lexen says.
Tender has been running workshops and lessons on healthy relationships in primary and secondary schools and colleges for over 20 years.
Children as young as nine ‘talking about strangulation’
Speaking to Sky News, Ms Lexen says new topics are being brought up in sessions, which practitioners and teachers are adapting to.
“We’re finding those Year 5 and Year 6 students, so ages 9, 10 and 11, are talking about strangulation, they’re talking about attitudes that they’ve read online and starting to bring in some of those attitudes from some of those misogynistic influencers.
“There are ways that they’re talking about and to their female teachers.
“We’re finding that from talking to teachers as well that they are really struggling to work out how to broach these topics with the students that they are working with and how to make that a really safe space and open space to have those conversations in an age-appropriate way, which can be very challenging.”
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Hidden domestic abuse deaths
Charities like Tender exist to prevent domestic abuse and sexual violence.
Ms Lexen says without tackling misogynistic behaviours “early on with effective prevention education” then the repercussions, as the data for under 25s proves, will be “astronomical”.
At Refuge, it is already evident. Elaha Walizadeh, senior programme manager for children and young people, says the charity has seen a rise in referrals since last year.
Image: Elaha Walizadeh, senior programme manager for children and young people at Refuge
“We have also seen the dynamics of abuse changing,” she adds. “So with psychological abuse being reported, we’ve seen a rise in that and non-fatal strangulation cases, we’ve seen a rise in as well.
“Our frontline workers are telling us that the young people are telling them usually abuse starts from smaller signs. So things like coercive control, where the perpetrators are stopping them from seeing friends and family. It then builds.”
Misogyny to violent behaviour might seem like a leap.
But experts and survivors are testament to the fact that it is happening.
HOUSTON — Astros All-Star closer Josh Hader was placed on the 15-day injured list Tuesday with a strained left shoulder.
The move, retroactive to Monday, comes after the left-hander reported shoulder discomfort before Monday’s game against the Boston Red Sox.
“It’s (a) punch in the gut,” manager Joe Espada said. “But … he’s seeing doctors right now. We’re getting more tests done and hopefully this is not going to be a long-term thing.”
Espada added that the Astros don’t yet know the severity of the injury and should know more after additional testing.
Espada said he would not name a closer to fill in while Hader is out but would use his relievers based on matchups.
“I feel good about all those guys,” Espada said.
Hader, who is in his second season in Houston, is 6-2 with a 2.05 ERA and is tied for third in the majors with 28 saves in 48 appearances this season.
To take his spot on the roster, the AL West-leading Astros reinstated right-hander Shawn Dubin from the 15-day injured list. They also designated right-hander Hector Neris for assignment and recalled left-hander Colton Gordon from Triple-A Sugar Land.
Dan Hajducky is a staff writer for ESPN. He has an MFA in creative writing from Fairfield University and played on the men’s soccer teams at Fordham and Southern Connecticut State universities.
Heritage Auctions and the Atlanta Braves have informed a Georgia court that they have agreed to settle their legal dispute over a memorabilia auction involving items Hank Aaron touched after hitting his 715th career home run April 8, 1974.
According to an order issued Monday by Judge Steven D. Grimberg in the U.S. District Court for the Northern District of Georgia, Heritage Vintage Sports Auctions Inc. and the Atlanta National League Baseball Club LLC notified the court via email of the accord and anticipate moving for dismissal of the case when the settlement is final.
A Heritage spokesperson told ESPN via email Tuesday that the two parties were “working toward a resolution.”
“Currently that resolution it is not yet finalized,” the spokesperson said, “but we expect it to be soon, at which point a joint statement will be made.”
A message to the Braves seeking comment was not immediately returned.
Heritage’s lawsuit, filed in August 2024, came in the wake of a cease-and-desist letter the Braves had sent questioning the provenance and authenticity of the Aaron items — including the three bases and home plate Aaron touched — and how some of the memorabilia was acquired.
The lawsuit originally was filed in the U.S. District Court for the Northern District of Texas just days before Heritage’s scheduled auction. The Texas court transferred the case to the Georgia court in June for jurisdiction reasons.
The Georgia judge ordered both sides to file documents within 60 days and directed the court clerk to administratively close the case for purposes of docket management.