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Segment Information
 3 Months Ended
Apr. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

13.        Segment Information

 

As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments (“ASC 280”), which are to allow the users of our financial statements to:

 

 

■

better understand our performance;
 

■

better assess our prospects for future net cash flows; and
 

■

make more informed judgments about us as a whole.

 

We define our segments as those operations our chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income, as determined by the information regularly reviewed by the CODM.

 

For financial reporting purposes, we are organized into three reportable segments and “All Other”, which includes the remainder of our businesses:

 

 

■

Hooker Branded, consisting of the operations of our imported Hooker Casegoods and Hooker Upholstery businesses;  
 

■

Home Meridian, a business acquired at the beginning of fiscal 2017, is a stand-alone, mostly autonomous business that serves a different type or class of customer than do our other operating segments and at much lower margins;
 

■

Domestic Upholstery, which includes the domestic upholstery manufacturing operations of Bradington-Young, HF Custom (formerly Sam Moore Furniture), Shenandoah Furniture and Sunset West, a business acquired at the beginning of fiscal 2023; and
 

■

All Other, consisting of H Contract and Lifestyle Brands. Neither of these operating segments were individually reportable; therefore, we combined them in “All Other” in accordance with ASC 280.

 

The following table presents segment information for the periods, and as of the dates, indicated.

 

   

Thirteen Weeks Ended

  
   

April 30,

            

May 1,

          
   

2023

            

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       100.0 %
                                 

Gross Profit

                                

   Hooker Branded

   $ 13,091       31.3 %   $ 13,240       31.4 %

   Home Meridian

     6,713       16.0 %     6,305       10.2 %

   Domestic Upholstery

     7,023       20.0 %     9,354       22.7 %

   All Other

     1,079       37.2 %     560       31.5 %

Consolidated

   $ 27,906       22.9 %   $ 29,459       20.0 %
                                 

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 %
                                 

Capital Expenditures

                                

   Hooker Branded

   $ 2,787             $ 468          

   Home Meridian

     227               40          

   Domestic Upholstery

     116               322          

   All Other

     28               -          

Consolidated

   $ 3,158             $ 830          
                                 

Depreciation & Amortization

                                

   Hooker Branded

   $ 491             $ 684          

   Home Meridian

     687               662          

   Domestic Upholstery

     947               938          

   All Other

     22               3          

Consolidated

   $ 2,147             $ 2,287          

 

   

As of April 30,

            

As of

January 29,

          
   

2023

    

%Total

    

2023

    

%Total

  

Identifiable Assets

          

Assets

            

Assets

  

   Hooker Branded

   $ 172,499       54.2 %   $ 174,523       52.1 %

   Home Meridian

     80,709       25.4 %     92,469       27.6 %

   Domestic Upholstery

     63,307       19.9 %     66,435       19.8 %

   All Other

     1,706       0.5 %     1,558       0.5 %

Consolidated

   $ 318,221       100 %   $ 334,985       100 %

   Consolidated Goodwill and Intangibles

     45,847               46,731          

Total Consolidated Assets

   $ 364,068             $ 381,716          

 

Sales by product type are as follows:

 

   

Net Sales (in thousands)

  
   

Thirteen Weeks Ended

  
   

April 30, 2023

    

 %Total

    

May 1, 2022

    

%Total

  

Casegoods

   $ 67,975       56 %   $ 74,192       50 %

Upholstery

     53,840       44 %     73,122       50 %
    $ 121,815       100 %   $ 147,314       100 %