Business
Hooker Furnishings Reports Fiscal 2026 Fourth Quarter Net Income and Full Year Results
MARTINSVILLE, Va., April 16, 2026 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT) (“Hooker” or the “Company”), a global leader in home
About this update from Hooker Furnishings Corporation
[{"type":"text","content":"MARTINSVILLE, Va., April 16, 2026 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT) (“Hooker” or the “Company”), a global leader in home furnishings, today reported its operating results for its fiscal 2026 fourth quarter and full-year ended February 1, 2026. The fiscal 2026 fourth quarter and full year comprised 13 weeks and 52 weeks, respectively, in contrast to 14 weeks and 53 weeks in the corresponding periods of the previous year. Key Results for the Fourth Quarter Fiscal 2026: Continuing operations returned to profitability with operating income of $0.6 million despite lower sales volume.Net sales of $67.0 million, down 20.5% year-over-year, primarily due to lower hospitality project shipments and a one-week shorter quarter.Hooker Branded delivered operating income, supported by margin improvement and disciplined cost control.Domestic Upholstery operating loss reduced by more than 50%, reflecting cost reduction initiatives and operational improvements.Completed divestiture of Pulaski Furniture and Samuel Lawrence Furniture, advancing portfolio simplification and strategic focus. Key Results for the Fiscal 2026 Full-Year: Net sales of $278.1 million, down 12.4% year-over-year, driven by lower hospitality sales and a shorter fiscal year.Gross margin increased 180 basis points and SG&A decreased by $11.9 million, reflecting structural cost improvements.Operating loss of $16.5 million, primarily due to $15.6 million in non-cash impairment charges.Hooker Branded returned to profitability, while Domestic Upholstery gross margin improved significantly.Divested Pulaski Furniture and Samuel Lawrence Furniture, simplifying the portfolio and exiting lower-margin businesses. Executive Commentary “We are encouraged to report net income of $536,000 for the quarter,” said Jeremy Hoff, Chief Executive Officer. “Fiscal 2026 was incredibly transformative as we successfully navigated significant, disruptive tariffs on our imports, opened a successful fulfillment warehouse in Asia and exited two unprofitable divisions, all while reducing fixed costs by about $26.3 million, or 25%, of which approximately $17.5 million in fixed cost savings is related to the continuing operations. At the same time, we delivered slight market share growth, with strength in key businesses offsetting isolated softness, and launched our Margarita...