Hooker Furnishings Corporation Stock Price, News & Analysis

Hooker Furnishings Corporation (NASDAQ-GS: HOFT) reported fiscal year 2023 results, with consolidated net sales of $583.1 million, down 1.8% year-over-year. A significant decline of 22.4% in the Home Meridian segment was partially offset by 46.7% growth in Domestic Upholstery. The company incurred a non-cash charge of $24.4 million due to exiting the low-margin Accentrics Home line, contributing to an operating loss of $6.0 million and a net loss of $4.3 million or ($0.37) per diluted share. Despite challenges, the CEO expressed confidence in future profitability, particularly in the Home Meridian segment. With cash reserves of $19 million, the company is focused on improving inventory levels and enriching shareholder returns through dividends and share repurchases.

Hooker Furnishings Corporation (Nasdaq-GS: HOFT) has announced a new date for its fiscal 2023 fourth quarter and full year financial results presentation, now set for April 19, 2023, at 9:00 AM ET. This delay from the original date of April 13 is due to the need for additional time to finalize non-cash charges linked to the restructuring of specific business units within the Home Meridian segment. The live webcast will be accessible on the Company’s Investor Relations page, with replay options available afterward. Hooker Furnishings, marking its 99th year, specializes in designing, marketing, and importing a variety of furniture products across multiple market segments.

Hooker Furnishings Corporation (NASDAQ: HOFT) has postponed its fiscal 2023 financial results release and conference call that was scheduled for April 13, 2023, due to an announcement made in its Current Report on Form 8-K. The specific date for the future announcement of financial results remains undisclosed.

With nearly a century of experience, Hooker Furnishings designs, markets, and imports a wide array of furniture products, ranging from casegoods to upholstered items. Their diverse portfolio serves multiple markets, including residential and hospitality sectors, through brands like Bradington-Young, Sam Moore Furniture, and Home Meridian.

Hooker Furnishings operates from several locations, including Virginia, North Carolina, California, and Vietnam, and maintains distribution centers to support its extensive product lines.

Hooker Furnishings Corporation (Nasdaq-GS: HOFT) will report its fiscal 2023 fourth quarter and full year financial results on April 13, 2023, at 9:00 AM ET via teleconference and live webcast. The fiscal year 2023 commenced on January 31, 2022, and the fourth quarter ran from October 31, 2022, to January 29, 2023. Hooker Furnishings, now in its 99th operational year, specializes in designing, marketing, and importing various furniture products across residential, hospitality, and contract markets. Key product lines include wooden, metal, leather, and upholstered furniture, targeting upper-medium price points.

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.