UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
_______________________________
(Exact name of registrant as specified in its charter)
_______________________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
(
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On June 8, 2023, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| 99.1 | Press Release dated June 8, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Hooker Furnishings Corporation | ||
| Date: June 8, 2023 | By: | /s/ Paul A. Huckfeldt |
| Paul A. Huckfeldt | ||
| Chief Financial Officer and Senior Vice-President - Finance and Accounting | ||
EXHIBIT 99.1
Hooker Furnishings Reports First Quarter Sales and Earnings; Additional Share Repurchase Authorization
MARTINSVILLE, Va., June 08, 2023 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT), a global leader in the design, production, and marketing of home furnishings for nearly a century, today reported operating results for its fiscal 2024 first quarter ended April 30, 2023.
Fiscal 2024 First Quarter overview:
Management Commentary
“Considering the softer retail environment, economic uncertainties and our recent exit from the Accentrics Home (ACH) line, we’re pleased to have exceeded internal and external expectations for sales and earnings this quarter,” said Jeremy Hoff, chief executive officer and director of Hooker Furnishings. “Our liquidation of ACH inventories and other obsolete inventories at HMI is about 80% complete as of May end, which is helping us reduce our domestic warehousing footprint and make progress towards getting profitability back on track at HMI. We generated $22.4 million in cash during the quarter, and we are continuing to build cash currently as we further reduce inventories. Recent cash levels have increased by about $15 million since the end of our first quarter.”
“Our new Hooker Legacy Showroom Grand Opening at the April High Point Market achieved what we intended, as we nearly doubled our attendance from a year ago and attracted new customers,” Hoff said. “Many of our strategic organic growth initiatives that will enable us to broaden our total addressable market and visibility are tied to the new showroom and the Hooker Legacy Brands,” he added. One of those strategic growth initiatives, the High Point Market launch of the ‘M’ domestically produced upholstery and imported occasional furniture brand, “surpassed our expectations,” Hoff said. “This new brand, combining the unique capabilities of HF Custom, Shenandoah, Bradington-Young and Hooker Casegoods, will enable us to compete in a modern lifestyle aesthetic without disrupting any of those core businesses. Retailers affirmed to us that the new M brand is very much on-point with the up-and-coming casual modern lifestyle that today’s younger consumer is gravitating towards.”
Segment Reporting: Hooker Branded
Segment Reporting: Home Meridian (HMI)
“The sales decrease at HMI was better than our expectations,” said Hoff. “While disappointing, the operating loss of $2.1 million was a $1 million improvement compared to the prior-year first quarter, and also was better than we expected,” he said.
“Our transition to a new business model at HMI will continue into this year as we move away from higher-risk businesses to focus on our core strengths and core businesses – Pulaski, Samuel Lawrence Furniture (SLF), Samuel Lawrence Hospitality (SLH) and Prime Resources International (PRI, which is transitioning to a container-direct-only model). We believe we are on track to achieve profitability in this segment by the end of the fiscal year,” Hoff added.
Segment Reporting: Domestic Upholstery
“Much of the Domestic Upholstery sales dip was driven by the fact that we worked through our large backlogs in the divisions, and then experienced softer demand. We do not think it is a long-term situation,” Hoff said. “The temporary slowdown at Sunset West occurred due to transitioning to a new ERP system and bi-coastal distribution. Now that this transition is largely complete, Sunset West is expanding to a nationally distributed brand, which we believe offers a double-digit organic growth opportunity over multiple years,” Hoff added.
Cash, Debt, and Inventory
Cash and cash equivalents stood at $31 million at fiscal 2024 first quarter-end, an increase of $12 million from the prior year-end. During the first quarter, the Company used a portion of the $22.4 million cash generated from operating activities to fund $4.3 million of share repurchases, $3.2 million in capital expenditures including investments in its new showroom, $2.4 million in cash dividends to shareholders, and $1.3 million for development of its cloud-based ERP system. “In addition to our cash balance, we have an aggregate of $27.2 million available under our existing revolver at quarter-end to fund working capital needs. We believe that our liquidity and capital requirements will be further improved through the liquidation sales of remaining excess inventories at HMI,” said Huckfeldt.
Capital Allocation
“We’re pleased with the progress we’ve made reducing inventories, which was a large part of the cash we generated during the quarter. Since the repurchase program’s announcement around this time last year, we have returned approximately $20 million to our shareholders and retired 1.2 million shares. Our board recently approved an additional $5 million authorization as part of our capital allocation plan for this year. In addition to continuing to execute the share repurchase plan, our capital allocation priorities include building cash reserves, funding the organic growth initiatives noted earlier, continuing our dividend, and funding typical capital expenditures,” Huckfeldt concluded.
Outlook
“While retail conditions remain mixed along with some economic uncertainties, we saw increases in consolidated incoming orders in May ,” said Hoff, adding that “We believe the industry is getting through some of the elevated inventory challenges and we may be seeing some breakthrough in that area.”
Following its successful new showroom grand opening at the Spring High Point Market, Hooker Furnishings will continue initiatives to enhance visibility and addressable market reach this summer, debuting a new showroom at the Atlanta Market for Hooker Legacy brands. “In addition to opening the new showroom for Legacy brands, Sunset West will also debut a new showroom at the Atlanta Market, which is the new sponsor of the Casual Market for outdoor furniture, relocating from Chicago,” Hoff said. “Hooker Legacy brands will show at its fourth Las Vegas Market this summer as well. At HMI, we expect the previously announced inventory liquidations to be substantially completed by the end of the fiscal 2024 second quarter. While we expect some short-term volatility in sales and earnings at HMI, we continue to expect the segment to achieve profitability by the end of the 2024 fiscal year. The HMI team has rallied around the new level of focus on our core competencies, as we direct our support and resources behind our key businesses while reducing costs.”
“The Hooker Furnishings team continues to focus on organic growth opportunities through expanded visibility, strategic product development, operational improvements and cost reductions,” Hoff said. “By focusing on these controllables, we will be in the strongest possible position when the demand environment improves,” he concluded.
Conference Call Details
Hooker Furnishings will present its fiscal 2024 first quarter financial results via teleconference and live internet webcast on Thursday morning, June 8th, 2023 at 9:00 AM Eastern Time. A live webcast of the call will be available on the Investor Relations page of the Company’s website at https://investors.hookerfurnishings.com/events and archived for replay. To access the call by phone, participants should go to this link (registration link) and you will be provided with dial in details. To avoid delays, participants are encouraged to dial into the conference call fifteen minutes ahead of the scheduled start time.
Hooker Furnishings Corporation, in its 99th year of business, is a designer, marketer and importer of casegoods (wooden and metal furniture), leather furniture, and fabric-upholstered furniture for the residential, hospitality and contract markets. The Company also domestically manufactures premium residential custom leather and custom fabric-upholstered furniture and outdoor furniture. Major casegoods product categories include home entertainment, home office, accent, dining, and bedroom furniture in the upper-medium price points sold under the Hooker Furniture brand. Hooker’s residential upholstered seating product lines include Bradington-Young, a specialist in upscale motion and stationary leather furniture, HF Custom (formerly Sam Moore Furniture), a specialist in fashion forward custom upholstery offering a selection of chairs, sofas, sectionals, recliners and a variety of accent upholstery pieces, Hooker Upholstery, imported upholstered furniture targeted at the upper-medium price-range and Shenandoah Furniture, an upscale upholstered furniture company specializing in private label sectionals, modulars, sofas, chairs, ottomans, benches, beds and dining chairs in the upper-medium price points for lifestyle specialty retailers. The H Contract product line supplies upholstered seating and casegoods to upscale senior living facilities. The Home Meridian division addresses more moderate price points and channels of distribution not currently served by other Hooker Furnishings divisions or brands. Home Meridian’s brands include Pulaski Furniture, casegoods covering the complete design spectrum in a wide range of bedroom, dining room, accent and display cabinets at medium price points, Pulaski Upholstery, stationary and motion upholstery collections available in fabric and leather covering the complete design spectrum at medium price points, Samuel Lawrence Furniture, value-conscious offerings in bedroom, dining room, home office and youth furnishings, Prime Resources International, value-conscious imported leather upholstered furniture, and Samuel Lawrence Hospitality, a designer and supplier of hotel furnishings. The Sunset West division is a designer and manufacturer of comfortable, stylish and high-quality outdoor furniture. Hooker Furnishings Corporation’s corporate offices and upholstery manufacturing facilities are located in Virginia, North Carolina and California, with showrooms in High Point, N.C., Las Vegas, N.V., Atlanta, G.A. and Ho Chi Minh City, Vietnam. The company operates distribution centers in Virginia, Georgia, and Vietnam. Please visit our websites hookerfurnishings.com, hookerfurniture.com, bradington-young.com, hfcustomfurniture.com, hcontractfurniture.com, homemeridian.com, pulaskifurniture.com, slh-co.com, and sunsetwestusa.com.
Certain statements made in this release, other than those based on historical facts, may be forward-looking statements. Forward-looking statements reflect our reasonable judgment with respect to future events and typically can be identified by the use of forward-looking terminology such as “believes,” “expects,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “would,” “could” or “anticipates,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Those risks and uncertainties include but are not limited to: (1) general economic or business conditions, both domestically and internationally, including the current macro-economic uncertainties and challenges to the retail environment for home furnishings along with instability in the financial and credit markets, in part due to rising interest rates, including their potential impact on (i) our sales and operating costs and access to financing or (ii) customers and suppliers and their ability to obtain financing or generate the cash necessary to conduct their respective businesses; (2) difficulties in forecasting demand for our imported products and raw materials used in our domestic operations; (3) risks associated with our reliance on offshore sourcing and the cost of imported goods, including fluctuation in the prices of purchased finished goods, customs issues, freight costs, including the price and availability of shipping containers, ocean vessels, ocean and domestic trucking, and warehousing costs and the risk that a disruption in our offshore suppliers or the transportation and handling industries, including labor stoppages, strikes, or slowdowns, could adversely affect our ability to timely fill customer orders; (4) risks associated with HMI segment restructuring and cost-savings efforts, including our ability to timely dispose of excess inventories, reduce expenses and return the segment to profitability; (5) the impairment of our long-lived assets, which can result in reduced earnings and net worth; (6) adverse political acts or developments in, or affecting, the international markets from which we import products, including duties or tariffs imposed on those products by foreign governments or the U.S. government and possible future U.S. conflict with China; (7) the direct and indirect costs and time spent by our associates associated with the implementation of our Enterprise Resource Planning system, including costs resulting from unanticipated disruptions to our business; (8) the interruption, inadequacy, security breaches or integration failure of our information systems or information technology infrastructure, related service providers or the internet or other related issues including unauthorized disclosures of confidential information, hacking or other cyber-security threats or inadequate levels of cyber-insurance or risks not covered by cyber- insurance; (9) risks associated with our Georgia warehouse including the inability to realize anticipated cost savings and subleasing excess space on favorable terms; (10) risks associated with domestic manufacturing operations, including fluctuations in capacity utilization and the prices and availability of key raw materials, as well as changes in transportation, warehousing and domestic labor costs, availability of skilled labor, and environmental compliance and remediation costs; (11) the risks related to the Sunset Acquisition including integration costs, maintaining Sunset West’s existing customer relationships, debt service costs, interest rate volatility, the use of operating cash flows to service debt to the detriment of other corporate initiatives or strategic opportunities, the loss of key employees from Sunset West, the disruption of ongoing businesses or inconsistencies in standards, controls, procedures and policies across the business which could adversely affect our internal control or information systems and the costs of bringing them into compliance and failure to realize benefits anticipated from the Sunset Acquisition; (12) changes in U.S. and foreign government regulations and in the political, social and economic climates of the countries from which we source our products; (13) risks associated with product defects, including higher than expected costs associated with product quality and safety, regulatory compliance costs (such as the costs associated with the US Consumer Product Safety Commission’s new mandatory furniture tip-over standard, STURDY) related to the sale of consumer products and costs related to defective or non-compliant products, product liability claims and costs to recall defective products and the adverse effects of negative media coverage; (14) disruptions and damage (including those due to weather) affecting our Virginia or Georgia warehouses, our Virginia, North Carolina or California administrative facilities, our High Point, Las Vegas, and Atlanta showrooms or our representative offices or warehouses in Vietnam and China; (15) the risks specifically related to the concentrations of a material part of our sales and accounts receivable in only a few customers, including the loss of several large customers through business consolidations, failures or other reasons, or the loss of significant sales programs with major customers; (16) our inability to collect amounts owed to us or significant delays in collecting such amounts; (17) achieving and managing growth and change, and the risks associated with new business lines, acquisitions, including the selection of suitable acquisition targets, restructurings, strategic alliances and international operations; (18) capital requirements and costs; (19) risks associated with distribution through third-party retailers, such as non-binding dealership arrangements; (20) the cost and difficulty of marketing and selling our products in foreign markets; (21) changes in domestic and international monetary policies and fluctuations in foreign currency exchange rates affecting the price of our imported products and raw materials; (22) the cyclical nature of the furniture industry, which is particularly sensitive to changes in consumer confidence, the amount of consumers’ income available for discretionary purchases, and the availability and terms of consumer credit; (23) price competition in the furniture industry; (24) competition from non-traditional outlets, such as internet and catalog retailers; (25) changes in consumer preferences, including increased demand for lower-priced furniture; and (26) other risks and uncertainties described under Part I, Item 1A. "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2023. Any forward-looking statement that we make speaks only as of the date of that statement, and we undertake no obligation, except as required by law, to update any forward-looking statements whether as a result of new information, future events or otherwise and you should not expect us to do so.
| Table I | ||||||||
| HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (In thousands, except per share data) | ||||||||
| (Unaudited) | ||||||||
| For the | ||||||||
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| 2023 | 2022 | |||||||
| Net sales | $ | 121,815 | $ | 147,314 | ||||
| Cost of sales | 93,909 | 117,855 | ||||||
| Gross profit | 27,906 | 29,459 | ||||||
| Selling and administrative expenses | 25,048 | 24,658 | ||||||
| Intangible asset amortization | 883 | 878 | ||||||
| Operating income | 1,975 | 3,923 | ||||||
| Other income, net | 56 | 278 | ||||||
| Interest expense, net | 179 | 28 | ||||||
| Income before income taxes | 1,852 | 4,173 | ||||||
| Income tax expense | 402 | 991 | ||||||
| Net income | $ | 1,450 | $ | 3,182 | ||||
| Earnings per share | ||||||||
| Basic | $ | 0.13 | $ | 0.27 | ||||
| Diluted | $ | 0.13 | $ | 0.26 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 10,976 | 11,866 | ||||||
| Diluted | 11,077 | 11,949 | ||||||
| Cash dividends declared per share | $ | 0.22 | $ | 0.20 | ||||
| Table II | ||||||||
| HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| For the | ||||||||
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| 2023 | 2022 | |||||||
| Net income | $ | 1,450 | $ | 3,182 | ||||
| Other comprehensive income: | ||||||||
| Amortization of actuarial gain/(loss) | (70 | ) | (18 | ) | ||||
| Income tax effect on amortization | 17 | 4 | ||||||
| Adjustments to net periodic benefit cost | (53 | ) | (14 | ) | ||||
| Total comprehensive income | $ | 1,397 | $ | 3,168 | ||||
| Table III | ||||||||
| HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands) | ||||||||
| As of | April 30, | January 29, | ||||||
| 2023 | 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 30,976 | $ | 19,002 | ||||
| Trade accounts receivable, net | 54,528 | 62,129 | ||||||
| Inventories | 73,188 | 96,675 | ||||||
| Income tax recoverable | 2,985 | 3,079 | ||||||
| Prepaid expenses and other current assets | 7,551 | 6,418 | ||||||
| Total current assets | 169,228 | 187,303 | ||||||
| Property, plant and equipment, net | 29,070 | 27,010 | ||||||
| Cash surrender value of life insurance policies | 27,899 | 27,576 | ||||||
| Deferred taxes | 14,208 | 14,484 | ||||||
| Operating leases right-of-use assets | 66,806 | 68,949 | ||||||
| Intangible assets, net | 30,895 | 31,779 | ||||||
| Goodwill | 14,952 | 14,952 | ||||||
| Other assets | 11,010 | 9,663 | ||||||
| Total non-current assets | 194,840 | 194,413 | ||||||
| Total assets | $ | 364,068 | $ | 381,716 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Current portion of long-term debt | $ | 1,393 | $ | 1,393 | ||||
| Trade accounts payable | 15,991 | 16,090 | ||||||
| Accrued salaries, wages and benefits | 5,743 | 9,290 | ||||||
| Customer deposits | 6,582 | 8,511 | ||||||
| Current portion of lease liabilities | 7,363 | 7,316 | ||||||
| Other accrued expenses | 2,685 | 7,438 | ||||||
| Total current liabilities | 39,757 | 50,038 | ||||||
| Long term debt | 22,526 | 22,874 | ||||||
| Deferred compensation | 8,022 | 8,178 | ||||||
| Operating lease liabilities | 61,877 | 63,762 | ||||||
| Other long-term liabilities | 855 | 843 | ||||||
| Total long-term liabilities | 93,280 | 95,657 | ||||||
| Total liabilities | 133,037 | 145,695 | ||||||
| Shareholders’ equity | ||||||||
| Common stock, no par value, 20,000 shares authorized, | ||||||||
| 11,029 and 11,197 shares issued and outstanding on each date | 50,067 | 50,770 | ||||||
| Retained earnings | 180,152 | 184,386 | ||||||
| Accumulated other comprehensive income | 812 | 865 | ||||||
| Total shareholders’ equity | 231,031 | 236,021 | ||||||
| Total liabilities and shareholders’ equity | $ | 364,068 | $ | 381,716 | ||||
| Table IV | ||||||||
| HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| For the | ||||||||
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| 2023 | 2022 | |||||||
| Operating Activities: | ||||||||
| Net income | $ | 1,450 | $ | 3,182 | ||||
| Adjustments to reconcile net income to net cash | ||||||||
| provided by/(used in) operating activities: | ||||||||
| Depreciation and amortization | 2,147 | 2,287 | ||||||
| Deferred income tax expense | 293 | 1,838 | ||||||
| Noncash restricted stock and performance awards | 371 | 354 | ||||||
| Provision for doubtful accounts and sales allowances | 37 | (349 | ) | |||||
| Gain on life insurance policies | (634 | ) | (568 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Trade accounts receivable | 7,564 | (7,386 | ) | |||||
| Inventories | 23,487 | (30,082 | ) | |||||
| Income tax recoverable | 93 | (762 | ) | |||||
| Prepaid expenses and other assets | (2,080 | ) | (4,145 | ) | ||||
| Trade accounts payable | (240 | ) | 10,493 | |||||
| Accrued salaries, wages, and benefits | (3,547 | ) | (1,827 | ) | ||||
| Customer deposits | (1,928 | ) | (906 | ) | ||||
| Operating lease assets and liabilities | 305 | (168 | ) | |||||
| Other accrued expenses | (4,743 | ) | (1,830 | ) | ||||
| Deferred compensation | (225 | ) | (149 | ) | ||||
| Net cash provided by/(used in) operating activities | $ | 22,350 | $ | (30,018 | ) | |||
| Investing Activities: | ||||||||
| Acquisitions | - | (25,912 | ) | |||||
| Purchases of property and equipment | (3,158 | ) | (830 | ) | ||||
| Premiums paid on life insurance policies | (107 | ) | (118 | ) | ||||
| Net cash used in investing activities | (3,265 | ) | (26,860 | ) | ||||
| Financing Activities: | ||||||||
| Purchase and retirement of common stock | (4,317 | ) | - | |||||
| Payments for long-term loans | (350 | ) | - | |||||
| Cash dividends paid | (2,444 | ) | (2,388 | ) | ||||
| Cash used in financing activities | (7,111 | ) | (2,388 | ) | ||||
| Net increase/(decrease) in cash and cash equivalents | 11,974 | (59,266 | ) | |||||
| Cash and cash equivalents – beginning of year | 19,002 | 69,366 | ||||||
| Cash and cash equivalents – end of quarter | $ | 30,976 | $ | 10,100 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid/(refund) for income taxes | $ | 16 | $ | (85 | ) | |||
| Cash paid for interest, net | 202 | - | ||||||
| Non-cash transactions: | ||||||||
| Increase in lease liabilities arising from changes in right-of-use assets | $ | - | $ | 3,689 | ||||
| Increase in property and equipment through accrued purchases | 145 | 47 | ||||||
| Table V | ||||||||||||
| HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||||||
| NET SALES AND OPERATING INCOME/(LOSS) BY SEGMENT | ||||||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| Thirteen Weeks Ended | ||||||||||||
| April 30, 2023 | May 1, 2022 | |||||||||||
| % Net | % Net | |||||||||||
| Net sales | Sales | Sales | ||||||||||
| Hooker Branded | $ | 41,891 | 34.4 | % | $ | 42,230 | 28.7 | % | ||||
| Home Meridian | 41,921 | 34.4 | % | 62,085 | 42.1 | % | ||||||
| Domestic Upholstery | 35,104 | 28.8 | % | 41,220 | 28.0 | % | ||||||
| All Other | 2,899 | 2.4 | % | 1,779 | 1.2 | % | ||||||
| Consolidated | $ | 121,815 | 100 | % | $ | 147,314 | 100 | % | ||||
| Operating income/(loss) | ||||||||||||
| Hooker Branded | $ | 2,300 | 5.5 | % | $ | 4,142 | 9.8 | % | ||||
| Home Meridian | (2,119 | ) | -5.1 | % | (3,095 | ) | -5.0 | % | ||||
| Domestic Upholstery | 1,328 | 3.8 | % | 2,752 | 6.7 | % | ||||||
| All Other | 466 | 16.1 | % | 124 | 7.0 | % | ||||||
| Consolidated | $ | 1,975 | 1.6 | % | $ | 3,923 | 2.7 | % | ||||
For more information, contact:
Paul A. Huckfeldt, Senior Vice President & Chief Financial Officer, Phone: (276) 666-3949
Cover |
Jun. 08, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Jun. 08, 2023 |
| Entity File Number | 000-25349 |
| Entity Registrant Name | Hooker Furnishings Corporation |
| Entity Central Index Key | 0001077688 |
| Entity Tax Identification Number | 54-0251350 |
| Entity Incorporation, State or Country Code | VA |
| Entity Address, Address Line One | 440 East Commonwealth Boulevard |
| Entity Address, City or Town | Martinsville |
| Entity Address, State or Province | VA |
| Entity Address, Postal Zip Code | 24112 |
| City Area Code | 276 |
| Local Phone Number | 632-2133 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, no par value |
| Trading Symbol | HOFT |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
-8?20$3;8T.P6BP^0"X99K>]9!:G