Tariff Refunds Lift Furniture Results as Port Talks Continue

Bob's Discount Furniture and Havertys book IEEPA tariff refunds in third-quarter results. LA and Long Beach terminal security talks run through Friday, and Ethan Allen's preliminary shareholder election puts 3 DGB nominees on the board pending certification.

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Bob's Discount Furniture said it has been approved for $46.4 million in IEEPA tariff refunds. Approval is not the same as how much has already been recognized in earnings. Havertys separately showed smaller IEEPA refunds inside third-quarter gross margin. The contrast that matters for operators is what happens when those refunds are stripped out.

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The short version

Refunds. Bob's Discount Furniture cites $46.4 million in approved IEEPA refunds and says most of that total has already been recognized year to date as a cut to cost of goods sold. Excluding refunds, Bob's Discount Furniture third-quarter gross margin fell from a year earlier, while Havertys' rose.
Ports. The Pacific Maritime Association and ILWU Local 26 extended the LA and Long Beach watchmen contract through midnight Pacific on Friday, Nov 6. Mediated talks continue Friday.
Ethan Allen. Preliminary results show stockholders appear to have elected 3 DGB nominees and 2 company nominees. Certification is still pending.
Also. Broad River completed an Oregon Ashley-store purchase and says systems conversion was finished before its first day of operations, tripling its Northwest store count. Wayfair's U.S. revenue rose while companywide average order value fell. Arhaus raised its revenue outlook but held its profit outlook as net income fell.

Tariff refund approvals show up in furniture results

Bob's Discount Furniture reported third-quarter results on Nov 5 in an SEC filing. Through the third quarter it said it received approval for $46.4 million in IEEPA tariff refunds. Of that approved total, it said it has recognized most year to date as a reduction in the cost of goods sold on inventory already sold, plus some interest income. Adjusted results strip the refunds out. Its net-income outlook, the company said, reflects the tariff refund received year to date.

Havertys, a day earlier, said about $3.2 million of IEEPA tariff refunds are included in third-quarter gross margin and raised its full-year margin outlook on that receipt. Its 2026 guidance leaves out future IEEPA refunds for indirectly sourced products. Comp-store sales rose, and the company plans fourth-quarter openings, including its first Pittsburgh furniture showroom.

Refunds lifted reported gross margins at both retailers. Excluding refunds, Bob's Discount Furniture third-quarter adjusted gross margin declined from a year earlier, while Havertys' gross margin excluding refunds improved.

LA and Long Beach watchmen talks run through Friday

The Pacific Maritime Association said Nov 4 that it and ILWU Local 26 extended their contract through midnight Pacific on Friday, Nov 6. Negotiations continue Friday with the Federal Mediation and Conciliation Service.

PMA says a walkout by Local 26 would put at risk terminals that handle more than half of the ports' cargo, including most of Long Beach's volume and about a third of Los Angeles. Local 26 represents about 250 watchmen, terminal security workers who are roughly 2% of the ILWU workforce at the ports.

Ethan Allen stockholders elect 3 DGB nominees, preliminary count shows

Ethan Allen said Nov 4 that, based on a preliminary vote count from its proxy solicitor, the company believes stockholders have elected 2 company nominees, Maria Eugenia Casar and Tara I. Stacom, and that stockholders appear to have elected 3 nominees proposed by DGB Investment, Inc., Douglas G. Bergeron, Kristine Miller and Stephen Oblak. The company says the count is preliminary and subject to certification by the independent inspector of elections. Final results will appear in an SEC filing.

Quick hits

Broad River. The Ashley licensee said Nov 5 it completed the purchase of 6 Oregon Ashley stores and a Salem distribution center from CTR Associates, tripling its Northwest store count from 3 to 9 and entering its seventh state. The company says data integration, software conversion, systems training and onboarding were finished before its first day of operations.
Wayfair. In its Nov 4 release, Wayfair reported double-digit growth in U.S. net revenue, which CEO Niraj Shah set against what he called a roughly flat U.S. category. Companywide orders delivered also rose, while average order value declined.
Arhaus. The premium furniture retailer said Nov 5 net income fell. It raised its full-year revenue outlook but held its profit outlook, citing fuel and transportation costs and marketing investment.
At Home. The décor and furnishings retailer said Nov 3 that Judd Nystrom became CEO effective Nov 1. Nystrom previously served as the company's chief financial officer and succeeds Brad Weston, who retired July 2.
Housing. Freddie Mac said the 30-year fixed rate eased as of Nov 5 from the week before. Redfin said for the four weeks ending Nov 1 that seasonally adjusted pending home sales hit the lowest level in its weekly records dating to 2021, while the median sale price fell year over year for a third straight week.
Diesel. EIA said U.S. on-highway diesel eased for the week of Nov 2 and remains well above a year earlier.

Dates to watch

Friday, Nov 6. LA and Long Beach watchmen contract extension runs to midnight Pacific. Mediated talks continue Friday.
Pending. Ethan Allen certified vote results in a later SEC filing.

Bottom line

Bob's Discount Furniture now cites $46.4 million in approved IEEPA tariff refunds and has recognized most of that year to date, while excluding refunds its margin softened and Havertys' improved, West Coast port security talks run through Friday, and Ethan Allen says stockholders appear to have elected 3 DGB nominees pending certification.

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Tariff Refunds Lift Furniture Results as Port Talks Continue

Tariff Refunds Lift Furniture Results as Port Talks Continue

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