Hooker Furnishings Corporation Stock Price, News & Analysis

Hooker Furnishings Corporation (NASDAQ-GS: HOFT) achieved net sales of $593.6 million in the fiscal year ending January 30, 2022, marking a 9.9% increase. The company reported a net income of $11.7 million or $0.97 per diluted share compared to a loss of $10.4 million in the previous year. Despite challenges from rising freight costs and factory shutdowns, segments like Hooker Branded and Domestic Upholstery showed strong sales growth, with increases of 23.5% and 22.2%, respectively. However, the fourth quarter saw a 13.2% sales decline due to ongoing supply chain issues.

Hooker Furnishings Corporation (HOFT) will release its fiscal 2022 fourth quarter financial results on April 13, 2022, at 9:00 AM ET. The earnings call can be accessed via teleconference or through a live webcast, which will also be archived for future viewing. The fourth quarter period lasted from November 1, 2021, to January 30, 2022. Hooker Furnishings, a major player in the U.S. furniture industry, specializes in various furniture types, including casegoods and upholstered pieces, catering to residential and hospitality markets.

Hooker Furnishings Corporation (Nasdaq-GS: HOFT) has declared a quarterly cash dividend of $0.20 per share, which will be paid on March 31, 2022 to shareholders recorded by March 17, 2022. This announcement marks a significant milestone as the company celebrates its 98th year in business. Hooker Furnishings is known for its diverse product range, including casegoods, leather, and upholstered furniture, and ranks among the largest publicly traded furniture sources based on 2020 U.S. retail shipments.

Hooker Furnishings (NASDAQ: HOFT) has completed the all-cash acquisition of Sunset West, a prominent outdoor furniture manufacturer. This strategic move positions Hooker Furnishings to enhance its market share in the growing outdoor furniture sector. Sunset West retains its management and workforce, continuing operations from Vista, California. The partnership allows Hooker to leverage Sunset West's expertise and existing distribution channels, promising a stronger product offering and credibility in the outdoor segment. The acquisition reflects consumer trends favoring quality outdoor furniture.

Hooker Furnishings Corporation (NASDAQ-GS: HOFT) reported a 11% decline in consolidated net sales for Q3 2022, totaling $133.4 million, driven by diminished shipments in the Home Meridian segment due to COVID-related factory closures in Vietnam and Malaysia. The company faced an operating loss of $1.7 million, in contrast to a $13 million operating income last year. Despite challenges, strong demand remains with backlogs tripling compared to pre-pandemic levels. The board declared a $0.20 quarterly dividend, up 11% from the previous one.

Hooker Furnishings Corporation (Nasdaq-GS:HOFT) declared a quarterly cash dividend of $0.20 per share on December 7, 2021, payable on December 31, 2021 to shareholders of record by December 17, 2021. This marks an 11.1% increase over the previous dividend and the sixth consecutive annual increase in dividends paid. Founded in its 98th year of business, Hooker Furnishings designs, markets, and imports a variety of furniture for residential and contractual markets, ranking among the largest publicly traded furniture sources in the U.S. based on 2020 shipments.

Hooker Furnishings Corporation (HOFT) will announce its fiscal 2022 third-quarter financial results on December 9, 2021, at 9:00 AM ET through a teleconference. The third quarter spans from August 2, 2021, to October 31, 2021. The live web cast will be available on the company's website for later replay. Established for 98 years, Hooker Furnishings is a significant designer and importer of various furniture types, catering to residential and commercial markets.

Hooker Furnishings Corp. (NASDAQ: HOFT) announces the immediate retirement of Paul B. Toms Jr. as Chairman of the Board. Toms, who has been with the company since 1983 and served as Chairman and CEO since 2000, steps down after 28 years on the Board. Henry G. Williamson Jr., a director since 2004, will succeed Toms as Chairman. Toms stated that Hooker Furnishings is in excellent financial condition with a capable management team focused on strategic goals, risk mitigation, and stakeholder interests.

Hooker Furniture Corporation (NASDAQ-GS: HOFT) reported strong financial results for its fiscal 2022 second quarter, achieving consolidated net sales of $162.5 million, a 25% increase year-over-year. Net income rose to $7.5 million or $0.62 per diluted share, marking a 29% increase. Despite higher freight and raw material costs, operating income improved to $9.7 million. All reportable segments experienced significant sales growth, with backlogs nearly doubling. However, factory shutdowns due to the Delta variant present challenges for the supply chain.