Boston-based Wayfair at last check climbed 9.5% while Overstock.com (OSTK) - Get Overstock.com, Inc. Report was up 11%, Bassett Furniture (BSET) - Get Bassett Furniture Industries, Inc. Report also rose 11%, and Bed Bath & Beyond (BBBY) - Get Bed Bath & Beyond Inc. Report, which appointed two new senior vice presidents in the marketing department, was leaping 18%.
Ethan Allen Interiors (ETH) - Get Ethan Allen Interiors Inc. Report was up 6.3% at last check. Chief Executive Farooq Kathwari said in a statement on Wednesday that "despite many challenges due to the ongoing covid-19 pandemic, we had a strong performance."
"The increased consumer focus on the home has continued a strong demand for our product offerings and design services," he said.
Retail-stock gains are likely driven by factors including strong holiday spending, expectations for further fiscal stimulus in the U.S., and a booming housing market, Gordon Haskett analyst Chuck Grom wrote in a research note on Thursday, Bloomberg reported.
Grom said that data checks show visits to Wayfair’s checkout domain have well more than doubled (up 141%) this month through Jan. 11 compared with roughly 93% in December and 70% in November.
This data point has shown a “good directional correlation” with Wayfair’s U.S. direct revenue trends, he said.
Analysts have said the home-furnishings group has been bolstered by longer-term work-from-home trends after the pandemic.
A study by Global Workplace Analytics in December estimated that 25% to 30% of the workforce will work from home on multiple days per week by the end of 2021.
"While the experience of working at home during the crisis may not have been ideal as whole families sheltered in place, it will give people a taste of what could be," the report said.
"The genie is out of the bottle and it’s not likely to go back in."