Hooker Furnishings Corporation Stock Price, News & Analysis

Hooker Furnishings Corporation (Nasdaq-GS: HOFT) announced a quarterly cash dividend of $0.22 per share on March 3, 2023, to be paid on March 31, 2023. Shareholders of record by March 17, 2023 will receive this dividend, demonstrating the company's ongoing commitment to returning value to its investors. With nearly a century in the furniture industry, Hooker Furnishings specializes in various furniture markets, including residential and hospitality, encompassing a range of brands and products. The company operates manufacturing facilities and distribution centers across multiple states and countries, ensuring a robust supply chain and product availability.

Hooker Furnishings Corporation (NASDAQ-GS: HOFT) reported a 13.6% increase in net sales for Q3 FY2023, totaling $151.6 million. Growth was driven by the Domestic Upholstery segment's 48% sales rise and recovery in Home Meridian. Consolidated net income reached $4.8 million, a significant turnaround from the prior year's loss. Gross profit and margins improved across all segments, supported by stabilizing supply chains and reduced freight costs. However, year-to-date sales decreased 1.5% compared to last year. The company anticipates ongoing operational improvements despite economic uncertainties.

Hooker Furnishings Corporation (Nasdaq-GS: HOFT) has declared a quarterly cash dividend of $0.22 per share, representing a 10% increase over the previous dividend. This marks the seventh consecutive annual dividend increase. The dividend will be payable on December 30, 2022, to shareholders of record as of December 16, 2022. Founded nearly a century ago, Hooker Furnishings specializes in designing, marketing, and importing various furniture products for residential and commercial markets, with a strong emphasis on quality and customization.

Hooker Furnishings Corporation (Nasdaq-GS: HOFT) will present its fiscal 2023 third quarter financial results on December 8, 2022, at 9:00 AM Eastern Time via teleconference and live webcast. The quarter covers the period from August 1 to October 30, 2022. Hooker Furnishings has a long history in the furniture industry, offering a variety of products including casegoods, upholstered, and outdoor furniture under several brands. Interested participants can access the live webcast on the company’s Investor Relations page.

On October 17, 2022, Chris Henson, a former executive at BB&T Corp, has joined the Board of Directors of Hooker Furnishings Corp (NASDAQ: HOFT). With over 35 years of experience at BB&T, Henson played a key role in its transformation into the 8th largest U.S. bank. His leadership style is recognized for building a values-based culture and fostering employee development. Henson aims to leverage his expertise to drive growth at Hooker Furnishings, a company renowned for high-quality furniture and a strong customer focus, in its nearly century-long history.

Hooker Furnishings Corporation (HOFT) reported consolidated net sales of $152.9 million for Q2 FY2023, down 5.9% year-over-year. Despite a 62% increase in the Domestic Upholstery segment, overall sales decreased due to $28.3 million decline in Home Meridian segment, attributed to inventory rationalization by customers. Net income was $5.5 million ($0.46 per share), down from $7.5 million in the prior year. The company anticipates growth in upcoming quarters, driven by improved inventory and strong demand in the fall season. A quarterly cash dividend of $0.20 per share was also declared.

Hooker Furnishings Corporation (HOFT) will announce its fiscal 2023 second quarter financial results on September 8, 2022, at 9:00 AM ET via teleconference and live webcast. This period, spanning from May 2 to July 31, 2022, marks a significant point in the company's nearly 100-year history in the furniture industry. Hooker Furnishings specializes in various furniture types, including casegoods and upholstered options, catering to residential and contract markets. The results will be accessible through the Investor Relations page on their website.

Hooker Furnishings Corporation (NASDAQ: HOFT) reported a fiscal Q1 2023 net sales of $147.3 million, a 9.5% decline year-over-year. Net income dropped to $3.2 million ($0.26 per diluted share), compared to $9.4 million ($0.78) in the prior period. The decrease was attributed to COVID-related factory shutdowns in Asia and supply chain disruptions. However, sales rose 9% from Q4 2022. The company expects improved conditions as Asian production capacity returns to full strength. A $20 million share repurchase program was authorized, and a quarterly cash dividend of $0.20 was declared.

On June 1, 2022, Hooker Furnishings Corporation (HOFT) announced a quarterly cash dividend of $0.20 per share, payable on June 30, 2022, to shareholders recorded by June 17, 2022. This long-standing company is in its 98th year, focusing on various furniture segments including residential and hospitality markets, and operates across multiple brands. It manufactures premium leather and upholstered furniture and has distribution centers in several U.S. states and abroad.