Business
Hooker Furnishings Achieves Sales, Income Gains in Third Quarter
MARTINSVILLE, Va., Dec. 08, 2022 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT), a global leader in the design, production and marketing
About this update from Hooker Furnishings Corporation
[{"type":"text","content":"MARTINSVILLE, Va., Dec. 08, 2022 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT), a global leader in the design, production and marketing of home furnishings for nearly a century, today reported results for its fiscal-year 2023 third quarter ended October 30, 2022. Fiscal 2023 Third Quarter Highlights: Net sales for the quarter were $151.6 million, an increase of $18.2 million, or 13.6%, compared to the prior-year quarter. Higher sales were driven by revenue growth across all divisions of the Domestic Upholstery segment, higher net sales at Home Meridian and recovery in the H Contract business. Gross profit and margin improved in all three segments. Consolidated operating income was $6.4 million, and consolidated net income was $4.8 million or $0.42 per diluted share for the fiscal third quarter compared to a net loss of $1.2 million or ($0.10) per share for the comparable prior year quarter. Global supply chain dynamics are stabilizing. Product flow and lead times have improved, production levels are at full capacity and ocean freight costs have lowered significantly. The lower freight costs have not positively impacted our profitability due to most of our warehouse inventory still carrying the higher costs. Attendance at the recent Fall High Point Market was up substantially, even above 2019 levels. HMI debuted a remodeled 100,000-square-foot showroom including a 10,000-square-foot area showcasing its new Portfolio in-stock warehouse program of bestsellers across brands. Portfolio aims to help HMI diversify and expand its customer base. The Domestic Upholstery segment marked the seventh consecutive quarter of double-digit sales increases with growth of $14.1 million, or 48%. Along with the addition of sales from recently acquired Sunset West, the domestically produced upholstery companies Bradington-Young, Sam Moore and Shenandoah collectively grew 18%. For the fiscal 2023 nine-month period, consolidated net sales were $451.8 million, a decrease of $7.0 million or 1.5%, as compared to a year ago. Consolidated net income was $13.6 million, or $1.14 per diluted share, as compared to $15.7 million, or $1.30 per diluted share in the prior year nine-month period. Management Commentary “Steady fulfillment of backlogs, full production capacity, healthier inventory levels, and operational improvements positively i...