Top-Line Beat, Bottom-Line Miss, Inflationary Pressures: Hooker Furnishings' Mixed Q1 Results

  • Hooker Furnishings Corp HOFT reported a first-quarter FY23 sales decline of 9.5% year-on-year to $147.3 million, beating the consensus of $145.35 million.
  • Net sales from Hooker Branded segment decreased by 17.7% Y/Y, Home Meridian declined 26.4%, and Domestic Upholstery gained 62.2%.
  • The gross profit rose 12.3% Y/Y to $29.5 million, and the margin contracted 60 basis points to 20%.
  • The operating margin was 2.7%, and operating income for the quarter declined 67.9% to $3.9 million.
  • The company held $10.1 million in cash and equivalents as of May 1, 2022. Inventories at Q1 end stood at $107.7 million.
  • EPS of $0.26 missed the consensus of $0.28.
  • "We are watching inflationary pressures in the economy and believe those are affecting consumers more at the lower price points than at the upper-medium and upper price points," said CEO Jeremy Hoff.
  • The company's quarterly cash dividend of $0.20 per share is payable on June 30, 2022, to shareholders of record on June 17, 2022.
  • On June 6, 2022, Hooker Furnishings Board authorized the repurchase of up to $20 million of common shares.
  • Price Action: HOFT shares are trading higher by 2.05% at $17.88 on the last check Thursday.
  • Photo Via Company

Posted In: BriefsEarningsNewsGuidanceDividendsBuybacks

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.