Bob's Discount Furniture Mgmt Meeting Highlights: Optimism Continues with Competitive Dislocation Driving Increased Share

Research evidence excerpt

Bob's Discount Furniture Mgmt Meeting Highlights: Optimism Continues with Competitive Dislocation Driving Increased Share

J P M O R G A N North America Equity Research

15 May 2026

Bob's Discount Furniture Overweight

BOBS, BOBS US

Mgmt Meeting Highlights: Optimism Continues with Price (14 May 26):$11.82

Competitive Dislocation Driving Increased Share

Retailing – Broadlines & Hardlines /

Leisure

Christopher Horvers, CFA AC

(1-212) 622-1316

christopher.horvers@jpmorgan.com

Barath Rao, CFA

(1-212) 622-6547

We hosted meetings with BOBS management, including CEO/President Bill barath.rao@jpmorgan.com

Barton, CFO, EVP and Treasurer Carl Lukach, and Vice President of Christian Carlino, CFA

Investor Relations and Strategy Eddie Plank. Overall, management remains (1-212) 622-9145

confident in the business trajectory despite a challenging 1Q beset by numerous christian.carlino@jpmorgan.com

cross currents including weather (a ~170-bp headwind to SSS, see our 1Q review), Jolie Wasserman

the energy price surge in March, and potential tax stimulus tailwinds, with mgmt (1-212) 622-1961

reiterating that QTD stacks have broken to the positive and a relatively even jolie.wasserman@jpmchase.com

cadence in 2Q25 (so stacking ~12%). We believe BOBS is well positioned in the J.P. Morgan Securities LLC

broader home furnishings industry as value continues to win while they gain share,

with the near term benefitting from a 74% store overlap with now liquidated Value

City/American Signature (an $800MM pool to gain share from). The company

continues to double down on new store expansion (in both in-fill and greenfield

markets) with SC and TN opening this year while they in-fill Charlotte after a better

than pro-forma six-store launch in NC last year. On margins, BOBS additionally