Hooker Furnishings Corporation Stock Price, News & Analysis

Hooker Furniture Corporation (HOFT) reported Q3 fiscal 2021 net sales of $149.7 million, down 5.4% year-over-year, but net income surged 157.5% to $10 million ($0.84 per diluted share).

Despite supply chain disruptions from COVID-19, incoming orders rose 33.8%, and backlog increased by 87.5%. Operating income rose 161.1% to $13 million. Though there were challenges due to raw material scarcity and shipping issues, the company anticipates improvements in Q4 and is actively hiring to meet demand.

The board declared a 12.5% dividend increase to $0.18 per share, continuing a trend of annual dividend growth.

Hooker Furniture Corporation (NASDAQ-GS: HOFT) declared a quarterly cash dividend of $0.18 per share on December 2, 2020, representing a 12.5% increase from the previous quarter. The dividend is payable on December 31, 2020, to shareholders of record as of December 16, 2020. This marks the fifth consecutive annual dividend increase for the company, which has been in business for 97 years. Hooker Furniture is a major player in the furniture market, specializing in casegoods and upholstered furniture across various price points.

Hooker Furniture Corporation (Nasdaq-GS:HOFT) will release its fiscal 2021 third quarter financial results on December 10, 2020, at 9:00 AM ET via teleconference and live web cast. The financial period ran from August 3 to November 1, 2020. As a leading designer and importer of various furniture types, Hooker Furniture ranks among the largest publicly traded furniture sources in the U.S. The company operates multiple distribution centers and offers a wide range of products across different price points through various brands.

Home Meridian International (HMI), a division of Hooker Furniture Corporation, will consolidate its East Coast operations in an 800,000-square-foot distribution center in Liberty County, Georgia, near the Port of Savannah. Expected to be operational by Fall 2021, this facility aims to enhance efficiency and support growing demand, handling over 8,000 cargo container units yearly. HMI will vacate older warehouses in North Carolina while maintaining its West Coast operations. CEO Paul B. Toms Jr. emphasizes the move's strategic importance in improving customer service and accommodating robust product demand.

Hooker Furniture Corporation (HOFT) reported consolidated net sales of $130.5 million and net income of $5.8 million for Q2 fiscal 2021, despite a 14.3% decline in sales year-over-year. Earnings per diluted share rose to $0.48, up 37.1%. Orders surged 34% in July, and backlogs increased 35%, indicating strong demand driven by a robust housing market. The operating income increased 30.2% from the previous year, reflecting effective cost-cutting measures. However, first-half net loss reached $29 million due to a significant non-cash impairment charge.

Hooker Furniture Corporation (HOFT) will present its fiscal 2021 second quarter financial results on September 3, 2020, at 9:00 AM ET, via teleconference and web cast. The second quarter spanned from May 4, 2020, to August 2, 2020. Hooker Furniture is a leading designer and marketer of various furniture types, including casegoods and upholstered furniture, with significant operations in Virginia and North Carolina, and additional facilities in Vietnam. The company ranks among the largest publicly traded furniture sources in the U.S., based on its 2019 shipments to retailers.

Hooker Furniture Corporation (NASDAQ-GS: HOFT) reported Q1 fiscal 2021 results, showing a net loss of $34.8 million, including $44.3 million in non-cash impairment charges related to goodwill and tradenames. The COVID-19 crisis significantly impacted performance, with orders down over 70% in March and 65% in April. However, recovery began in May, improving in June and July due to pent-up demand. The company ended the quarter with $51.2 million in cash, despite operating challenges, and expects gradual business improvement through the year.

Hooker Furniture Corporation (NASDAQ-GS:HOFT) has appointed Jeremy Hoff as the new CEO, effective January 31, 2021, succeeding Paul Toms, who will retire but remain as Chairman. Hoff, with the company since 2017 and currently President of Hooker Legacy Brands, will be the fourth CEO in the company's 96-year history. Under Toms' leadership since 2000, the company expanded significantly, generating approximately $611 million in annual sales. Hoff aims to maintain the company culture while strategically positioning Hooker in a competitive market.

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.