Hooker Furnishings Clocks 5.9% Revenue Decline In Q2

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  • Hooker Furnishings Corp HOFT reported a second-quarter FY23 sales decline of 5.9% year-on-year to $152.91 million, missing the consensus of $159.09 million.
  • Net sales from Hooker Branded segment increased by 5.8% Y/Y, Home Meridian declined 32.4%, and Domestic Upholstery gained 62%.
  • The gross profit fell 2.1% Y/Y to $31.1 million, and the margin expanded 80 basis points to 20.3%.
  • The operating margin was 4.8%, and operating income for the quarter declined 24.5% to $7.3 million.
  • The company held $11.7 million in cash and equivalents as of July 31, 2022. Inventories at Q2 end stood at $131.1 million.
  • EPS of $0.46 beat the analyst consensus of $0.44.
  • "Strong backlogs, full production capacity, and optimum inventory levels position us to grow sales across all three segments as the second half progresses," said CEO Jeremy Hoff.
  • The company's quarterly cash dividend of $0.20 per share is payable on September 30, 2022, to shareholders of record on September 19, 2022.
  • Price Action: HOFT shares are trading lower by 0.06% at $15.39 in premarket on the last check Thursday.
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Posted In: EarningsNewsGuidanceDividendsBriefs
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