Business
Hooker Furnishings Posts Double-Digit Income Gains in Third Quarter
MARTINSVILLE, Va., Dec. 07, 2023 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT), a global leader in the design, production, and
About this update from Hooker Furnishings Corporation
[{"type":"text","content":"MARTINSVILLE, Va., Dec. 07, 2023 (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 operating results for its fiscal 2024 third quarter and nine-month period ended October 29, 2023. Fiscal 2024 Third Quarter overview: Consolidated net income for the quarter increased 45.4% to $7 million or $0.65 per diluted share, compared to $4.8 million or $0.42 per diluted share a year ago. Consolidated operating income increased 36.6% compared to the prior year quarter. Operating income and margin were $8.8 million and 7.5% as compared to $6.4 million and 4.2% in the prior-year third quarter, due to improved profitability in the Hooker Branded and Home Meridian (HMI) segments.Consolidated net sales for the fiscal 2024 third quarter decreased by $34.7 million, or 22.9%, compared to a year ago, driven by continued soft demand for home furnishings, as well as the Company's exit from the Accentrics Home product line. Net sales declined in each of the three segments versus the prior year period. However, HMI segment’s sales increased compared to the first and second quarters of the current fiscal year, sparked by a large volume of shipments for new product placements. Hooker Branded sales also increased compared to the previous quarter in the current fiscal year.The Company’s strategy to reposition the Home Meridian Segment from a volatile, high-risk model with unpredictable profitability to a lower risk, more sustainable revenue and profit model is beginning to yield tangible results. As the Company forecasted, the Home Meridian segment achieved a quarterly operating income for the first time since calendar year 2021. The segment contributed $0.9 million to income in the current-year third quarter compared to a $3.2 million loss in the prior-year third quarter.For the fiscal 2024 nine-month period, consolidated net sales decreased by $115.4 million, or 25.5%, as compared to the same period last year. The nine-month results were driven by decreased net sales in all three segments, attributable to industry-wide soft demand, as well as the exit from the Accentrics Home product line which accounted for about $10 million of the decrease. Consolidated operating income and margin were $12 million, or 3.6%, as compared to ...