Hooker Furnishings Corporation - HOFT STOCK NEWS

Hooker Furnishings (NASDAQ-GS: HOFT) reported its fiscal 2025 Q2 results for the period April 29 to July 28, 2024. Despite weak market conditions, the company showed improved sequential performance. Sales decreased by 2.8% YoY to $95.1 million, improving from Q1's double-digit decline. Operating and net losses also improved, standing at $3.1 million and $2.0 million, respectively. Cash and cash equivalents increased to $42 million. The company expects to save $10 million in fixed costs by fiscal year-end through operational consolidations and workforce reductions, despite a $3 million severance expense in Q3. The Home Meridian segment saw a 5.6% sales increase, marking its first YoY growth in two years. However, the Hooker Branded and Domestic Upholstery segments experienced sales decreases. The company maintains a strong balance sheet and expects potential interest rate cuts to boost housing activity. The outlook remains cautious but optimistic, focusing on cost-reduction and strategic growth initiatives.

Hooker Furnishings (Nasdaq-GS: HOFT) has declared a quarterly cash dividend of $0.23 per share, payable on September 30, 2024, to shareholders of record on September 13, 2024. The dividend was announced on September 3, 2024, by the company's board of directors.

Hooker Furnishings, celebrating its 100th year in business, is a prominent player in the furniture industry. The company designs, markets, and imports a wide range of furniture products for residential, hospitality, and contract markets. Its portfolio includes well-known brands such as Hooker Furniture, Bradington-Young, HF Custom, and Sunset West, catering to various price points and market segments.

Hooker Furnishings (Nasdaq-GS: HOFT) will present its fiscal 2025 second quarter financial results on September 5, 2024, at 9:00 AM Eastern Time via teleconference and live internet webcast. The fiscal quarter began on April 29, 2024, and ended on July 28, 2024. Hooker Furnishings, celebrating its 100th year in business, is a designer, marketer, and importer of various furniture types for residential, hospitality, and contract markets.

The company operates multiple brands across different price points and market segments, including Hooker Furniture, Bradington-Young, HF Custom, Hooker Upholstery, Shenandoah Furniture, H Contract, Home Meridian, Pulaski Furniture, Samuel Lawrence Furniture, Prime Resources, and Sunset West. Hooker Furnishings has corporate offices and manufacturing facilities in Virginia, North Carolina, and California, with showrooms in various locations and distribution centers in Virginia, Georgia, and Vietnam.

Stonegate Capital Partners has updated its coverage on Hooker Furniture (NASDAQ: HOFT) as of June 7, 2024. Key highlights include the company's strong financial performance with margins remaining above 20% and a robust dividend yield of 5.4%. Additionally, the company reported an 18.4% sequential increase in its backlog.

Hooker Furnishings (NASDAQ-GS: HOFT) reported its fiscal 2025 first-quarter results, showing a 23.2% decrease in consolidated net sales to $93.6 million. The company recorded a net loss of $4.1 million, shifting from a $1.5 million profit in the previous year's quarter. All three segments saw sales declines, primarily due to weak demand in the home furnishings market, including a 37% drop in Home Meridian sales. Gross profit decreased, driven by lower sales and an unfavorable mix in Home Meridian. Despite this, the company maintains a strong cash position of $41 million and plans a 10% reduction in fixed costs starting in the second half of fiscal 2025. Hooker Furnishings is focusing on organic growth initiatives and strategic long-term plans to navigate the industry downturn.

On June 4, 2024, Hooker Furnishings (Nasdaq-GS: HOFT) declared a quarterly cash dividend of $0.23 per share, payable on June 28, 2024, to shareholders of record on June 14, 2024. Celebrating its 100th year, the company designs, markets, and imports various types of furniture and home décor for residential, hospitality, and contract markets. Hooker Furnishings also manufactures premium custom leather and fabric-upholstered furniture domestically. Key product lines include wooden and metal furniture, leather upholstery, fabric-upholstered furniture, lighting, and accessories. Their brands span across medium to upscale price points, catering to a wide range of market needs.

Hooker Furnishings (Nasdaq: HOFT) will announce its fiscal 2025 first quarter financial results on June 6, 2024, at 9:00 AM ET through a teleconference and live webcast. The quarter spanned from January 29 to April 28, 2024. The webcast will be accessible on the company's Investor Relations website and available for replay. Participants are advised to register for dial-in details and join 15 minutes prior to the call. Hooker Furnishings, celebrating its 100th year, designs, markets, and imports a wide range of casegoods, leather, and fabric-upholstered furniture, and home décor for various markets. The company also manufactures premium residential and outdoor furniture in the U.S., and serves different price points and distribution channels through its diverse brands.