Hooker Furnishings Corporation reports news on its home furnishings business, including operating results, segment performance and product categories sold into residential, hospitality and contract markets. The company designs, markets and imports casegoods, leather furniture, fabric-upholstered furniture, lighting, accessories and home décor, and it domestically manufactures premium custom leather, custom fabric-upholstered and outdoor furniture.
Recurring developments for HOFT include updates on Hooker Branded, Domestic Upholstery and the All Other category that includes Samuel Lawrence Hospitality. Company news also covers dividends, shareholder-return actions, board and governance matters, cost and margin initiatives, and portfolio changes, including the completed divestiture of Pulaski Furniture and Samuel Lawrence Furniture.
Hooker Furniture Corporation (HOFT) reported its preliminary financial results for Q1 fiscal 2021, indicating significant impacts from COVID-19. Consolidated net sales dropped 22.8% to $104.6 million, with a preliminary net loss of $1.1 million or $0.09 per share. Gross profit also fell to $18.7 million, reflecting lower sales and operational inefficiencies. Although the company anticipates additional impairment charges, cash from operations was strong at $18.9 million. Hooker maintains a stable cash position with $51.2 million in cash and equivalents, expecting gradual improvement as the economy reopens.
Hooker Furniture (Nasdaq-GS: HOFT) declared a quarterly cash dividend of $0.16 per share on June 2, 2020, payable on June 30, 2020, to shareholders of record by June 16, 2020. CEO Paul B. Toms, Jr. reported steady improvement in orders and shipments post-fiscal Q1 2021, citing a strong cash position with an additional $26 million available under their revolving credit. However, he noted limited visibility into future economic conditions and emphasized ongoing evaluation of the dividend rate based on performance.
Hooker Furniture (Nasdaq-GS:HOFT) will host a remote telephonic access annual meeting on June 11, 2020, at 1 p.m. due to the COVID-19 pandemic. The company advises shareholders to avoid in-person attendance and utilize this option instead. Attendees will not be able to vote or change votes during the meeting and must submit proxies in advance. Standard agenda items will be discussed, but no questions will be taken from shareholders. The meeting ID is 859 3374 7442. Hooker Furniture, celebrating its 97th year, is a major player in the furniture market.